How do data assets affect firm investment?

Shengpeng Xiao, Kedong Wu, Xiao Xiao and Changqing Lin

International Review of Financial Analysis, 2025, vol. 106, issue C

Abstract: This paper utilizes matched data from the Wind and CSMAR databases from 2010 to 2022 to examine the impact of data assets on firm investment at different levels, such as firm and industry. It is found that (1) we constructs an analytical framework based on financial data of data assets and firm investment; (2) we find that data assets help to significantly enhance firm investment, and the larger the scale of data assets, the more significant the enhancement effect on firm investment; (3) mechanism tests reveal that data assets can promote the expansion of the scale of firm investment by financing constraint alleviation and information asymmetry reduction; (4) moderating effect tests reveal that the level of firm management and executive incentives have a positive moderating effect on the impact of data assets on firm investment; (5) heterogeneity test indicate that data assets are more conducive to increasing the investment scale of large firms, private firms and information service firms. In addition, spillover analyses show that data assets at the industry level have a significant boosting effect on firm investment, but data assets at the city level inversely inhibit the expansion of firm investment scale.

Keywords: Data assets; Firm investment; Financing constraints; Information asymmetry; Spillover effects (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:106:y:2025:i:c:s1057521925006131

DOI: 10.1016/j.irfa.2025.104526

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