Data elements and corporate stock dividends: A quasi-natural experiment based on government data openness

Abstract

Based on data from Chinese A-share listed companies from 2000 to 2022, and using the launch of government public data openness platforms as a quasi-natural experiment, this study employs a difference-in-differences model to examine the impact of public data openness on stock dividend policies and its mechanisms. The study finds that public data openness platforms lead to a decrease in both the scale and willingness of companies to distribute stock dividends. The construction of government digital platforms increases financial regulatory levels and improves information disclosure quality, which suppresses the motivation to cater to stock dividend preferences, resulting in a reduction in stock dividends. Heterogeneity analysis shows that companies with higher debt financing costs experience a mitigated negative impact of digital platforms on stock dividends; meanwhile, companies with higher analyst and media attention see a more pronounced negative impact of public data openness platforms on their stock dividends. Compared to state-owned enterprises, the negative impact of public data openness platforms on the scale and willingness of non-state-owned enterprises to issue stock dividends is more pronounced.