Open government data and firm value: A quasi-natural experiment from China

The Chinese government is actively promoting the utilisation of open government data (OGD) to unlock the intrinsic value of data assets. This study considers the establishment of local OGD platforms as a quasi-natural experiment. We conducted our research using a sample of China's A-share listed firms from 2007 to 2021 and employed the staggered difference-in-difference (DID) model to examine the impact of OGD on firm value. The empirical analysis reveals a significant positive effect of the establishment of OGD platforms on firm value, which is achieved by alleviating financing constraints, promoting corporate risk-taking, and enhancing resource allocation efficiency as well as talent agglomeration. Heterogeneity analysis shows that OGD has a more pronounced impact on the value of firms operating in highly competitive industries, firms with weak internal controls, and firms located in non-central cities. The findings presented in this paper provide valuable insights for promoting the deep integration of government data with enterprise management.