Public data openness, innovation boundaries, and firm value

Public data's non-rivalry and non-exclusivity provide new opportunities for firm development, yet research on whether and how public data openness (PDO) affects firm value (FV) is quite limited. Based on the data of Chinese A-share listed companies from 2011 to 2022, this study employs model derivation and empirical validation to elucidate the influence and underlying mechanisms between PDO and FV. The findings reveal that PDO significantly increases FV, with this effect being long-lasting. Mechanism analysis indicates that PDO improves FV by extending the innovation boundaries. Further analysis identifies economic and government data as key drivers of this enhancement, while expanding data scale, improving data quality, and increasing utilization efficiency also contribute to higher FV. Heterogeneity analysis shows that the positive effect of PDO is more pronounced in firms with stronger government governance capacity, higher information sensitivity, greater digital technology levels, and those in the growth stage. The research conclusions offer valuable insights for refining PDO policies and promoting firm development.