Research on the influence from chain shareholders on the peer effects in corporate data asset allocation

Purpose This study investigates the peer effects in corporate data asset allocation and examines how chain shareholders influence these effects and the underlying mechanisms through which such influence operates. Design/methodology/approach Utilizing data from listed companies in China's A-share market (2012–2023), this paper conducts empirical analyses, including moderating effect tests, endogeneity treatments, robustness checks, heterogeneity analyses, mechanism test and economic consequence tests. Findings The findings reveal that there are notable peer effects in corporate data asset allocation. Moderating effect tests indicate that chain shareholders strengthen the peer effects, especially in non-state-owned, non-manufacturing, technologically advanced and growth-stage firms. Mechanism test outcomes demonstrate that chain shareholders accelerate peer effects by elevating the positive role of digital transformation in the peer effects of data asset allocation. Furthermore, economic consequence tests suggest that the peer effects in corporate data asset allocation ultimately elevate market competitive position and propel high-quality corporate development. Originality/value This paper not only diversifies the theoretical research on data assets from a peer perspective but also furnishes practical guidance for firms on how to advance data asset allocation.