This study investigates the effect of disclosure level and quality of forward-looking on the stock return of the firm and ascertaining whether the ownership structure of the firm can play a moderating role to either weaken or strengthen the relationship between the disclosure quality of forward-looking information and stock return of the firm. The analysis uses abnormal return, modified earnings-return, and modified price models as empirical models to examine each disclosure effects of forward-looking information and its moderating factors on the stock return of the 168 Malaysian public listed firms. Based on the cross-sectional regression analysis, findings show that the disclosure level and disclosure quality of forward-looking information is positive and significantly related to the firm's stock return under the earnings-return model. Ownership structure also plays a significant role in moderating the relationship between disclosure quality of forward-looking information and the firm's stock return by strengthening the relationship. The findings may contribute to the accounting standard setters or regulatory bodies in improving and make some renewal on corporate disclosure guide by outlining specific criteria of information that can be considered as quality information in preparing a forward-looking statement to promote corporate transparency. In addition, this result can contribute to assisting the family-owned firms on how to entice back the attention of investors upon their perception towards information asymmetry issue caused by the agency problems that commonly exist in this type of ownership structure