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

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  • Zhang, Lin
  • Sok, Sinmyong

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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  • Zhang, Lin & Sok, Sinmyong, 2025. "The impact of government open data platform construction on corporate capital market performance: Evidence from stock liquidity," Pacific-Basin Finance Journal, Elsevier, vol. 90(C).
    • Handle: RePEc:eee:pacfin:v:90:y:2025:i:c:s0927538x25000046
    DOI: 10.1016/j.pacfin.2025.102667
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    1. Dai, Yufan & Kang, Suping & Liu, Wei, 2025. "Government open data and corporate supply chain concentration," International Review of Financial Analysis, Elsevier, vol. 102(C).

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    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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