A study of the peer effect of firms' data asset disclosure

Data assets have gradually emerged as the core production factor of new-quality productivity due to their remarkable multiplier effect. However, disclosure from a single enterprise falls short of providing a comprehensive view; consequently, this study adopts the peer effect perspective to empirically examine whether such a peer effect exists in data asset disclosure among firms, along with its driving mechanisms and economic consequences, utilizing data from listed companies spanning 2013–2022. The findings reveal that a statistically meaningful peer effect characterizes data asset disclosure, and the conclusion holds after accounting for endogeneity and performing robustness checks. Heterogeneity analysis demonstrates that the peer effect is more evident in non-state-owned enterprises, firms in more marketized regions, high-tech firms, and those with high institutional investor ownership. Moderating effect tests indicate that environmental uncertainty, R&D investment, and cash flow volatility weaken the peer effect mechanism, whereas a differentiated competitive strategy exhibits a positive moderating trend. Mechanism analysis identifies sector competition intensity as the primary driver of this peer effect. Furthermore, economic consequence tests demonstrate that the peer effect is capable of further enhancing a firm's market position. This study not only diversifies the theoretical research system on peer effects but also furnishes practical guidance for firms to reasonably disclose data asset information and standardize data asset development.