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Standardized testing plays a central yet contested role in global education governance, functioning as both an informational tool and a coercive accountability mechanism. Drawing on policy instrument theory, this study uses test frequency to capture its informational role and test-based accountability to represent coercive functions. Utilizing PISA data from multiple countries, a three-level hierarchical linear model estimates their effects on student achievement. Results show that moderate test frequency enhances academic performance, particularly benefiting students from low socioeconomic backgrounds. In contrast, high-stakes accountability tends to suppress performance, especially among high-SES students. These findings reveal the complex, unequal impacts of standardized testing and underscore the need for evaluation systems that balance informative feedback with equitable accountability pressures.