This study examines the relationship between corporate financial disclosure and investment decisions by shareholders and investors in capital markets. Using a comprehensive dataset of 486 publicly listed companies from multiple stock exchanges over a five-year period (2018-2022), we investigate how the quality, scope, and timing of financial disclosures influence investment behaviors, pricing efficiency, and capital allocation. Through multiple regression analysis, structural equation modeling, and panel data techniques, we find that higher disclosure quality is significantly associated with increased trading volumes (?=0.42, p<0.01), lower bid-ask spreads (?=-0.38, p<0.01), and reduced stock price volatility (?=-0.31, p<0.01). Our analysis reveals that voluntary disclosures beyond regulatory requirements have a stronger impact on institutional investor decisions compared to retail investors. Additionally, the study documents that forward-looking financial information and segment reporting have particularly strong effects on investment decisions during periods of market uncertainty. The findings contribute to disclosure theory and provide empirical evidence for regulators considering disclosure policy reforms, corporate executives formulating communication strategies, and investors developing investment frameworks that incorporate disclosure quality assessment. The study addresses the causality challenge through instrumental variable estimation and difference-in-differences analysis of regulatory changes, enhancing the robustness of the identified relationships.

This study employs a quantitative methodology to evaluate the impact of financial report quality on performance accountability within the Regional Financial Management Agency of Mamasa Regency. Data was collected through a structured questionnaire distributed to all agency employees, ensuring a comprehensive understanding of their perspectives. The analysis utilized hypothesis testing and basic linear regression to derive meaningful conclusions from the data collected. The sample for this investigation comprised all 52 employees from the Regional Financial Management Agency, allowing for an inclusive representation of the population. The results of the hypothesis test yielded a significance value (Sig.) of 0.001, which is less than the threshold of 0.05. This statistical finding leads to the conclusion that the quality of financial reports (variable X) significantly influences performance accountability (variable Y) in the agency. These findings underscore the importance of maintaining high standards in financial reporting, as it directly correlates with enhanced accountability in performance. The study highlights the need for continuous improvement in financial report quality to foster greater transparency and responsibility within public financial management practices.