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Big Data Governance Institutional Reform, Level of Financialization, and Corporate Innovation

Author

Listed:
  • Zhang, Yi
  • Zhang, Yingjie
  • Wang, Na
  • Li, Shuxian
  • Zhang, Xiaojie
  • Song, Yue
  • Wang, Menglu

Abstract

Using A-share listed companies in China from 2007 to 2023 as the research sample, this paper empirically investigates the impact and mechanisms of big data governance institutional reform, level of financialization, and corporate innovation. The findings are as follows: First, big data governance institutional reform significantly enhances the innovation level of local firms. Second, the level of financialization plays a significant positive moderating role in the relationship between big data governance institutional reform and local corporate innovation. Third, the promotion effect of big data governance institutional reform on corporate innovation is more pronounced in the eastern region. This study provides new empirical evidence for understanding the heterogeneous regional impacts of data governance policies. It also offers important decision-making references for policymakers to maximize reform dividends and empower high-quality corporate development by advancing the marketization of data as a production factor while optimizing the regional financial ecosystem.

Suggested Citation

  • Zhang, Yi & Zhang, Yingjie & Wang, Na & Li, Shuxian & Zhang, Xiaojie & Song, Yue & Wang, Menglu, 2026. "Big Data Governance Institutional Reform, Level of Financialization, and Corporate Innovation," Finance Research Letters, Elsevier, vol. 90(C).
    • Handle: RePEc:eee:finlet:v:90:y:2026:i:c:s1544612325024821
    DOI: 10.1016/j.frl.2025.109233
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