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Big data policy and corporate ESG

Author

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  • Li, Yiping
  • Zhang, Junlin

Abstract

This paper takes the launch of National Big Data Comprehensive Pilot Zones (NBDCPZs) as a quasi-natural experiment and, drawing on panel data of A-share listed companies on the Shanghai, Shenzhen, and ChiNext boards from 2008 to 2022, systematically investigates how big data policies could exert influence on firms’ environmental, social, and governance (ESG) performance. The outcomes indicate big data initiatives greatly boost firms’ ESG performance, and we also conduct various robust checks to better prove the conclusions. Further mechanism analysis manifests that big data policies promote ESG improvement primarily through two channels: fostering corporate green innovation and optimizing human capital structure. Heterogeneity analysis gives evidence that the policy effects are accentuated for non-state-owned enterprises and firms outside the information technology industry. Aside from advancing the academic discourse related to the digital economy and corporate sustainability, this study supplies empirical evidence for optimizing policy instruments and promoting corporate social responsibility.

Suggested Citation

  • Li, Yiping & Zhang, Junlin, 2026. "Big data policy and corporate ESG," Finance Research Letters, Elsevier, vol. 91(C).
    • Handle: RePEc:eee:finlet:v:91:y:2026:i:c:s1544612326000127
    DOI: 10.1016/j.frl.2026.109480
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