Can data resource information disclosure reduce the stock price crash risk? Evidence from China

Daoqin Liu, Zhibin Chen and Guanhua Huang

Accounting Research Journal, 2026, vol. 39, issue 6, 1022-1041

Abstract: PurposeThe purpose of this paper is to examine the relationship between data resource information disclosure and stock price crash risk.Design/methodology/approachDrawing on information asymmetry and signaling theories, this study explores the relationship between data resource information disclosure and stock price crash risk. It further conducts a moderating effect analysis, mechanism testing and economic consequence analysis.FindingsThe findings reveal that data resource information disclosure reduces stock price crash risk. The moderating effect analysis indicates that positive media coverage strengthens the negative relationship between data resource information disclosure and stock price crash risk, whereas negative media coverage weakens it. Mechanism testing shows that data resource information disclosure mitigates stock price crash risk by reducing information asymmetry. The analysis of economic consequences suggests that such disclosure promotes high-quality corporate development by reducing stock price crash risk. Heterogeneity analysis reveals that the mitigating effect of data resource information disclosure on stock price crash risk is more pronounced in samples with less patient capital.Originality/valueThis paper reveals the guiding effect of corporate data resource information disclosure on investor behavior and expands the dual role of media coverage in the realm of data resources.

Keywords: Data resource disclosure; Stock price crash risk; Media coverage; High-quality development (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:eme:arjpps:arj-11-2025-0517

DOI: 10.1108/ARJ-11-2025-0517

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