Data Asset Information Disclosure and Corporate Governance in the Digital Economy

With the digital economy's rapid growth, data assets are crucial in corporate governance. This paper empirically studies how data asset disclosure affects corporate stock price crash risk using 2007 - 2023 data from A-share listed firms in Shanghai and Shenzhen. It finds that higher data asset disclosure is linked to lower stock price crash risks, and this holds after sensitivity and endogeneity tests. Mechanism tests show it reduces crash risk by improving internal governance and external monitoring. Heterogeneity analyses indicate the impact is more significant for state-owned firms, those in competitive industries, and those facing tight external financing. The paper offers theoretical and practical guidance for data asset disclosure policies, aiding the standardization and transparency of data asset management and the digital economy's healthy development.