 The impact of government open data platform construction on corporate capital market performance: Evidence from stock liquidityLin Zhang and Sinmyong Sok Pacific-Basin Finance Journal, 2025, vol. 90, issue C 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. Keywords: Open government data; Stock liquidity; Information asymmetry; Data utilization; Maturity mismatch (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:pacfin:v:90:y:2025:i:c:s0927538x25000046 DOI: 10.1016/j.pacfin.2025.102667 Access Statistics for this article Pacific-Basin Finance Journal is currently edited by K. Chan and S. Ghon Rhee More articles in Pacific-Basin Finance Journal from Elsevier |
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