“Active imitation” and “passive response”

As a new source of corporate value creation, the disclosure of data assets has received widespread attention from society. This paper studies the existence, mechanisms, and economic consequences of peer effects on data assets disclosure using a sample of Chinese A-share listed companies from 2010 to 2023. We find that a firm’s disclosure about data assets is positively influenced by the peers. There are two mechanisms in the peer effects: active imitation and passive response. Active imitation is manifested by the tendency of followers in the same industry to learn from the leader firm. Passive response takes place when firms, under higher institutional legitimacy pressures, are compelled to imitate peer firms. Further analysis indicates that the peer effects of data assets disclosure can enhance capital allocation efficiency. These findings not only help clarify the underlying motivations behind corporate data assets disclosure but also offer implications for policy formulation by both industry regulators and government authorities.