Keywords
data elements
corporate ESG performance
difference-in-differences
How to Cite
Abstract
Purpose – This study examines how public data opening (PDO) affects corporate ESG performance.
Theoretical framework – The study combines the slack resources theory, corporate governance theory, and other economic theories to highlight the mechanisms through which PDO may affect corporate ESG performance.
Design/methodology/approach – Considering the launch of Chinese provincial PDO platforms as a quasi-natural experiment, this study uses a difference-in-differences (DID) model with panel data from Chinese A-share corporations from 2012 to 2022 to analyze the potential effects of PDO on corporate ESG performance.
Findings – The results show that PDO effectively improves corporate ESG performance, particularly in regions with low informatization and marketization levels, as well as among corporations with a strong perception of uncertainty and state-owned enterprises. Mechanism analyses reveal that PDO may improve corporate ESG performance by reducing corporate information asymmetry, promoting digital transformation, and enhancing green innovation.
Practical and social implications of the research – The findings provide fresh insights for policymakers to promote the marketization of data elements and enhance corporate ESG performance, while also offering a reference for future research.
Originality/value – The study constructs a theoretical framework for how PDO affects corporate ESG performance, which extends and enriches the literature on the impacts of PDO and the factors influencing corporate ESG performance.
References
Baker, A. C., Larcker, D. F., & Wang, C. C. (2022). How much should we trust staggered difference-in-differences estimates?. Journal of financial economics, 144(2), 370-395. doi: 10.1016/j.jfineco.2022.01.004
Barko, T., Cremers, M., & Renneboog, L. (2022). Shareholder Engagement on Environmental, Social, and Governance Performance. Journal of Business Ethics, 180(2), 777-812. doi: 10.1007/s10551-021-04850-z
Borusyak, K., Jaravel, X., & Spiess, J. (2024). Revisiting event-study designs: robust and efficient estimation. Review of Economic Studies, 91(6), 3253-3285. doi: 10.1093/restud/rdae007
Cengiz, D., Dube, A., Lindner, A., & Zipperer, B. (2019). The effect of minimum wages on low-wage jobs. The Quarterly Journal of Economics, 134(3), 1405-1454. doi: 10.1093/qje/qjz014
Chen, K., & Zhang, S. (2024). How does open public data impact enterprise digital transformation? Economic Analysis and Policy, 83, 178-190. doi: 10.1016/j.eap.2024.06.007
Chen, Y., & Ren, J. (2025). How does digital transformation improve ESG performance? Empirical research from 396 enterprises. International Entrepreneurship and Management Journal, 21(1), 27. doi: 10.1007/s11365-024-01011-2
Clarkson, G., Jacobsen, T. E., & Batcheller, A. L. (2007). Information asymmetry and information sharing. Government Information Quarterly, 24(4), 827-839. doi: 10.1016/j.giq.2007.08.001
Conradie, P., & Choenni, S. (2014). On the barriers for local government releasing open data. Government Information Quarterly, 31, S10-S17. doi: 10.1016/j.giq.2014.01.003
De Chaisemartin, C., & d’Haultfoeuille, X. (2020). Two-way fixed effects estimators with heterogeneous treatment effects. American economic review, 110(9), 2964-2996. doi: 10.1257/aer.20181169
Dong, Z., & Wang, J. (2024). Does public data access stimulate the efficiency of corporate green innovation?. Finance Research Letters, 65, 105560. doi: 10.1016/j.frl.2024.105560
Fang, M., Nie, H., & Shen, X. (2023). Can enterprise digitization improve ESG performance? Economic Modelling, 118, 106101. doi: 10.1016/j.econmod.2022.106101
Feng, Y., & Nie, C. (2024). Digital technology innovation and corporate environmental, social, and governance performance: Evidence from a sample of listed firms in China. Corporate Social Responsibility and Environmental Management, 31(5), 3836-3854. doi: 10.1002/csr.2781
Feng, Y., & Nie, C. (2026). Can place-based digital policy drive corporate digital technology innovation? Evidence from China. Economic Modelling, 155, 107459. doi: 10.1016/j.econmod.2025.107459
Goldfarb, A., & Tucker, C. (2019). Digital Economics. Journal of Economic Literature, 57(1), 3-43. doi: 10.1257/jel.20171452
Gu, J. (2024). Investor attention and ESG performance: Lessons from China's manufacturing industry. Journal of Environmental Management, 355. doi: 10.1016/j.jenvman.2024.120483
Guo, P., Wang, X., Jiang, H., & Meng, X. (2025). Does Digital Transformation Improve Manufacturing ESG Performance: Evidence from China. Sustainability, 17(16), 7278. doi: 10.3390/su17167278
Huber, F., Ponce, A., Rentocchini, F., & Wainwright, T. (2022). The wealth of (Open Data) nations? Open government data, country-level institutions and entrepreneurial activity. Industry and Innovation, 29(8), 992-1023. doi: 10.1080/13662716.2022.2109455
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. doi: 10.1016/0304-405X(76)90026-X
Jiang, Y., Wang, C., Li, S., & Wan, J. (2022). Do institutional investors' corporate site visits improve ESG performance? Evidence from China. Pacific-Basin Finance Journal, 76, 101884. doi: 10.1016/j.pacfin.2022.101884
Lei, N., Miao, Q., & Yao, X. (2023b). Does the implementation of green credit policy improve the ESG performance of enterprises? Evidence from a quasi-natural experiment in China. Economic Modelling, 127. doi: 10.1016/j.econmod.2023.106478
Lei, Y., Yang, J., & Liu, Z. (2023a). The impact of open government data on entrepreneurial activity: a quasi-experiment with machine learning. Journal of Asian Public Policy, 1-32. doi: 10.1080/17516234.2023.2294620
Li, B. (2024). Does digital transformation promote corporate green innovation? Evidence from Integration of Informatization and Industrialization. Applied Economics Letters. doi: 10.1080/13504851.2024.2363297
Li, Y. P., Zheng, L. X., Xie, C., & Fang, J. M. (2024b). Big data development and enterprise ESG performance: Empirical evidence from China. International Review of Economics & Finance, 93, 742-755. doi: 10.1016/j.iref.2024.05.027
Li, Y., Wang, X., & Zheng, X. (2024a). Data assets and corporate sustainable development: evidence from ESG in China. Pacific-Basin Finance Journal, 85. doi: 10.1016/j.pacfin.2024.102378
Liu, L., Wang, Y., & Xu, Y. (2024). A Practical Guide to Counterfactual Estimators for Causal Inference with Time-Series Cross-Sectional Data. American Journal of Political Science, 68(1), 160-176. doi: 10.1111/ajps.12723
Liu, X., Huang, N., Su, W., & Zhou, H. (2024). Green innovation and corporate ESG performance: Evidence from Chinese listed companies. International Review of Economics & Finance, 95, 103461. doi: 10.1016/j.iref.2024.103461
Lu, Y., Xu, C., Zhu, B., & Sun, Y. (2024). Digitalization transformation and ESG performance: Evidence from China. Business Strategy and The Environment, 33(2), 352-368. doi: 10.1002/bse.3494
Luna-Reyes, L. F., Bertot, J. C., & Mellouli, S. (2014). Open Government, Open Data and Digital Government. Government Information Quarterly, 31(1), 4-5. doi: 10.1016/j.giq.2013.09.001
Luo, C., Wei, D., & He, F. (2023). Corporate ESG performance and trade credit financing-Evidence from China. International Review of Economics & Finance, 85, 337-351. doi: 10.1016/j.iref.2023.01.021
Lv, Y., & Wang, H. (2025). Can Public Data Opening Improve Green Total Factor Productivity?—A Quasi‐Natural Experiment Based on the Opening of Chinese Government Public Data Platforms. The Manchester School. doi: 10.1111/manc.70012
Ma, R., Guo, F., & Li, D. (2024). Can public data availability affect stock price crash risk? Evidence from China. International Review of Financial Analysis, 94. doi: 10.1016/j.irfa.2024.103270
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221. doi: 10.1016/0304-405X(84)90023-0
Nagaraj, A. (2022). The Private Impact of Public Data: Landsat Satellite Maps Increased Gold Discoveries and Encouraged Entry. Management Science, 68(1), 564-582. doi: 10.1287/mnsc.2020.3878
Nie, S., Wang, S., & Ji, Q. (2025a). Break down data silos: Does public data openness improve corporate ESG performance?. International Review of Financial Analysis, 104480. doi: 10.1016/j.irfa.2025.104480
Nie, C., Xie, L., & Feng, Y. (2025b). The digital path to carbon neutrality: Examining the carbon abatement effect of digital place-based policy in China. Energy Economics, 147, 108537.doi: 10.1016/j.eneco.2025.108537
Nie, H., Ruan, R., & Shen, J. (2020). Firm Perception of Uncertainty, Investment Decisions and Financial Asset Allocation. The Journal of World Economy, 43(6), 77-98. doi: 10.19985/j.cnki.cassjwe.2020.06.005
Nikiforova, A., & McBride, K. (2021). Open government data portal usability: A user-centred usability analysis of 41 open government data portals. Telematics and Informatics, 58. doi: 10.1016/j.tele.2020.101539
Ren, X., Zeng, G., & Zhao, Y. (2023). Digital finance and corporate ESG performance: Empirical evidence from listed companies in China. Pacific-Basin Finance Journal, 79, 102019. doi: 10.1016/j.pacfin.2023.102019
Shao, X., Ma, X., & Fan, F. (2025). Network infrastructure, digital technology innovation and enterprise performance: evidence from Chinese listed companies. Applied Economics, 1-15. doi: 10.1080/00036846.2025.2487715
Shu, H., & Tan, W. (2023). Does carbon control policy risk affect corporate ESG performance? Economic Modelling, 120. doi: 10.1016/j.econmod.2022.106148
Sun, L., & Abraham, S. (2021). Estimating dynamic treatment effects in event studies with heterogeneous treatment effects. Journal of econometrics, 225(2), 175-199. doi: 10.1016/j.jeconom.2020.09.006
Wainwright, T., Huber, F., Stöckmann, C., & Kraus, S. (2023). Open data platforms for transformational entrepreneurship: Inclusion and exclusion mechanisms. International Journal of Information Management, 72, 102664. doi: 10.1016/j.ijinfomgt.2023.102664
Wang, J., & Zhang, S. (2024). Environmental protection tax, green innovation, and environmental, social, and governance performance. Finance Research Letters, 65, 105592. doi: 10.1016/j.frl.2024.105592
Wu, D., & Li, H. (2025). Information Asymmetry in Tourism Market: The Bilateral Effects of ESG Practices on Firm Profitability. Journal of Travel Research, doi: 10.1177/00472875251332950
Xing, L., Han, D., & Hui, X. (2023). The impact of carbon policy on corporate risk-taking with a double/debiased machine learning based difference-in-differences approach. Finance Research Letters, 58. doi: 10.1016/j.frl.2023.104502
Xu, C., Chen, Y., & Dai, J. (2024). Open government data and resource allocation efficiency: evidence from China. Applied Economics, 1-18. doi: 10.1080/00036846.2024.2331430
Yang, P., Hao, X., Wang, L., Zhang, S., & Yang, L. (2024). Moving toward sustainable development: the influence of digital transformation on corporate ESG performance. Kybernetes, 53(2), 669-687. doi: 10.1108/K-03-2023-0521
Zhai, C., Ding, X., Zhang, X., Jiang, S., Zhang, Y.,... Li, C. (2023). Assessing the Effects of Urban Digital Infrastructure on Corporate Environmental, Social and Governance (ESG) Performance: Evidence from the Broadband China Policy. Systems, 11(10). doi: 10.3390/systems11100515
Zhao, H., He, Z., Banerjee, T., & Han, T. (2025). ESG rating divergence and firm value: evidence from China. Applied Economics Letters, 1-7. doi: 10.1080/13504851.2024.2449560
Zhao, Y., & Ma, F. (2025). Will fintech enhance financial regulation?. Research in International Business and Finance, 103005. doi: 10.1016/j.ribaf.2025.103005
Zhou, C., & Wu, Y. (2025). Geographic distance, information asymmetry, and ESG ratings. Applied Economics Letters, 1-5. doi: 10.1080/13504851.2025.2498620
Zhou, M., Wang, Y., Huang, X., & Li, G. (2023). Can open government data policy improve firm performance? Evidence from listed firms in China. Managerial and Decision Economics, 44(5), 2593-2603. doi: 10.1002/mde.3835
Zhu, C. (2019). Big Data as a Governance Mechanism. The Review of Financial Studies, 32(5), 2021-2061. doi: 10.1093/rfs/hhy081
Zhu, Z., & Tan, Y. (2022). Can green industrial policy promote green innovation in heavily polluting enterprises? Evidence from China. Economic Analysis and Policy, 74, 59-75. doi: 10.1016/j.eap.2022.01.012
If a paper is approved for publication, its copyright has to be transferred by the author(s) to the Review of Business Management – RBGN.
Accordingly, authors are REQUIRED to send RBGN a duly completed and signed Copyright Transfer Form. Please refer to the following template: [Copyright Transfer]
The conditions set out by the Copyright Transfer Form state that the Review of Business Management – RBGN owns, free of charge and permanently, the copyright of the papers it publishes. Although the authors are required to sign the Copyright Transfer Form, RBGN allows authors to hold and use their own copyright without restrictions.
The texts published by RBGN are the sole responsibility of their authors.
The review has adopted the CC-BY Creative Commons Attribution 4.0 allowing redistribution and reuse of papers on condition that the authorship is properly credited.