?This research aims at figuring out the effects of size, leverage, liquidity, and corporate activities on sustainability reporting and, subsequently, sustainability reporting on financial performance with government regulations performing as a moderating variable. This research used a sample of 45 manufacturing and mining corporations listed in Indonesia and Thailand over the observation period 2013–2017. The analysis method used in this research was the Partial Least Square (PLS) method, aided with the application WarpPLS version 5.0. The results showed that size and corporate activities had a positive effect on sustainability reporting, while leverage and liquidity did not affect. Meanwhile, sustainability reporting had a significant, positive effect on financial performance. The results also showed that government regulations did not moderate the effect of sustainability reporting on financial performance.