Voluntary disclosure is viewed as an essential communication tool through which the company's ideas can be promoted to potential stakeholders, which contributes to achieving the company's growth and sustainability. This study came to reveal the reality of voluntary disclosure in the Jordanian industrial companies and its impact on its market value. The descriptive-analytical approach was adopted, where content analysis of the financial reports published by 72 industrial companies listed on the Amman Stock Exchange during the period (2016-2022). The study found that the level of disclosure of non-financial items included the aspects of the board of directors, social responsibility, and community policy were high, which reached 56%, compared to the level of disclosure of financial items, which reached 43%. This indicates that companies pay more attention to disclosing non-financial items than financial items. In addition, the study indicated that companies with a high level of voluntary disclosure have a better market value compared to those companies that have not disclosed or have a lower level of disclosure. Moreover, increasing voluntary disclosure of strategic information, financial information, and non-financial information increases the market-to-book value, because voluntary disclosure enhances the information available to investors about shares, which in turn improves the market value.

The palm oil industry has a strategic role in economic development in Indonesia, especially in alleviating poverty and creating other businesses that can support the industry. Operational activities in the palm oil industry are closely related to environmental issues (deforestation, land-use change, and air pollution) and social conflict. The certification program is an effort for the palm oil industry to implement sustainable development. The certified palm oil industry will increase industrial profitability in the long run to increase investor interest in the future. The decision to choose palm oil industry stocks that carry out sustainable practices and generate maximum returns is an exciting issue, but how investors can choose the right stocks and the minimum risk level. This study aims to apply the decision-making model to choose the optimal stock in the palm oil industry, which involves sustainable certification and risk criteria. The method used in this study was the Preference Ranking Organization Method for Enrichment Evaluation (PROMETHEE) based on the Indonesia Stock Exchange (IDX) data. Determinants of stock selection decisions from previous research are considered criteria for decision making. Through the PROMETHEE method, a list of the rankings of the oil palm industry shares can be generated. The sustainable certification and risk criteria can be used as a reference for relevant stakeholders such as investors. Further studies need to be developed by adding non-financial criteria in the firm and developing the criteria to differentiate each other.