This research contributes to developing a theory about the relationship between corporate social responsibility (CSR) and investment decisions. The acquisition of stock returns that exceed average predictions is highly dependent on the successful implementation of good corporate governance (GCG). This study aimed to determine investors’ reactions to information on CSR disclosure in several countries members of the Association of Southeast Asian Nations (ASEAN). Furthermore, this study examines the role of GCG implementation in strengthening the impact of CSR disclosure on investor relations as measured by abnormal stock returns. The sampling technique is purposive sampling. The research was conducted on manufacturing companies in countries that are members of ASEAN during 2017–2019. The estimation model to analyze the data was a multiple-regression model. Results showed that CSR information could increase positive investor reactions. GCG practice was also proven to strengthen the impact of CSR information on investment decisions. This study examines the role of audit quality as a moderator of the relationship between CSR and investor reactions. Results prove that audit quality does not support the absorption of CSR activities on rising stock prices. The main contribution of this research to business practice is to show that GCG is a prerequisite for investor confidence in CSR information disclosed in a company’s sustainability report.