​Government Data Transparency and Corporate Sustainable Governance: The Governance Effect of Public Data Openness on Corporate ESG Performance and Its Boundary Conditions

Government Data Transparency and Corporate Sustainable Governance: The

Governance Effect of Public Data Openness on Corporate ESG Performance and

Its Boundary Conditions

Wang Renhe¹ Ji Ranran¹ Liu Yongtong¹

(1. School of Politics and Public Administration, South China Normal University, Guangzhou, Guangdong, 510006)

Abstract: Whether govemnment data transparency can enhance corporate sustainable governance remains a critical issue at the intersection of digital government development and corporate ESG research. Focusing on local public data openness, this study investigates the governance effects of government-led digital transformation on corporate ESG performance, as well as the boundary conditions that shape these effects. Based on the staggered construction of public data open platformsacross prefecture-level cities in China, this study constructs a city-firm-year panel dataset andemploys a staggered difference-in-differences approach to identify the impact of public data opennesson corporate ESG performance. The findings show that local public data openness significantlyimproves corporate ESG performance, suggesting that government data transparency can promotecorporate sustainable governance by improving the external information environment andstrengthening market and social oversight. Further analysis indicates that the governance effect ofpublic data openness is conditional: its positive effect on corporate ESG performance is morepronounced when firms face stronger information supervision and reputational constraints, receivegreater policy incentives, and possess stronger internal governance capabilities. This studyincorporates local public data openness into the explanatory framework of corporate ESGperformance, reveals the spillover effect of digital government construction on corporate sustainablegovernance, extends research on the governance effects of public data openness, and providesempirical evidence for promoting the coordinated development of government data transparency andcorporate ESG governance.

Keywords: Public Data Openness; Govemment Data Transparency; Corporate ESG Performance;Sustainable Governance; Boundary Conditions

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