It’s a common complaint of value investors that boards (especially in this post-Sarbox world) are solely focused on quarterly earnings reports, to the detriment of long term strategy. One way to talk about the added and persistent value of some companies is to note that many of them have powerful, recalcitrant, or somehow anti-quarterly-cadence founders: buffet, zuck, you could make a list.

When your decisions are driven by fear, anxiety and FOMO, knowing less can lead to fewer irrational reactions.

That’s why people hide information from bad bosses.

From a company perspective, compiling a quarterly report is a non-trivial amount of effort.

The company is employing additional resources (accountants) and distracting leadership (prepping talking points).

I'm not firmly in one camp or the other, but it is a substantial amount of effort to release on whatever cadence the SEC mandates.

For the company it doesnt work well, you’re leaking too much info to competitors

There are multiples examples that are easy to see once you realise presenting information has a cost.

For example having daily morning 2 hour long stand ups provide more information for everyone involved. It's also worse for productivity and work atmosphere.