The impact of government open data platform construction on corporate capital market performance: Evidence from stock liquidity

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2025-01-10 DOI:10.1016/j.pacfin.2025.102667

Lin Zhang, Sinmyong Sok

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引用次数: 0

Abstract

This paper employs a multi-period difference-in-differences (DID) approach based on the launch of public data platforms by local governments to examine the impact of open government data platform construction on corporate stock liquidity. The findings indicate that the establishment of open government data platforms significantly increases stock liquidity. Mechanism analysis reveals that this effect is primarily achieved by reducing information asymmetry between informed and uninformed traders, improving firms' utilization of data as a production factor, and mitigating corporate maturity mismatches. The heterogeneity analysis further reveals that firms with higher institutional ownership, better information environments, and those in highly competitive industries benefit more in terms of stock liquidity from the construction of government data platforms. These findings suggest that the development of open government data platforms plays a crucial role in enhancing the efficiency and transparency of capital markets.

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.