Note(s): This table presents the results of pooled ordinary least squares (OLS) regressions analysing whether the relationship between EPU and mandatory reporting quality (proxied by the FSD Score) is conditional on the firm's voluntary disclosure strategy. Column (1) examines the interaction between Ln EPU and Forecaster_lag, while Column (2) focuses on the interaction between Ln EPU and Number of Forecasts_lag. Columns (3) and (4) present the robustness test results, which re-estimate the models by explicitly controlling for the lagged EPU index (LnEPU_lag) to address potential omitted variable bias related to past economic conditions. Control variables consist of firm-specific and market-related factors. Firm fixed effects (based on Gvkey) are included in all models, with the coefficients for firm fixed effects suppressed for brevity. The coefficients related to firm fixed effects are suppressed in the respective columns for brevity. All models include a constant term. Robust standard errors are presented in parentheses and are clustered at the establishment level. Symbols such as ∗∗∗, ∗∗, and ∗ denote statistical significance at the 1%, 5%, and 10% levels, respectively. All variables are defined in  Appendix 1