From data accessibility to ESG excellence: a quasi-natural experiment

Access to public data is essential for improving ESG performance, which has not been explored in previous literature. Using Chinese A-share listed firms from 2009 to 2023, we conduct a quasi-natural experiment to explore the impact of public data accessibility on corporate ESG performance. The study finds that the public data policy promotes corporate ESG performance directly. Mechanism analysis reveals that public data accessibility improves ESG performance by reducing information asymmetry, improving corporate innovation capacity, and enhancing firm value. Public data's quality, volume, and update frequency influence ESG performance. Heterogeneity analysis reveals that firms in regions with lower levels of economic development, less marketization, and weaker stakeholder orientation; those operating in competitive and polluting industries; and those with lower digitalization and unstable operations stand to benefit more from the public data accessibility. This study not only enriches our understanding of the positive effect of government intervention on ESG practices but also provides valuable insights for guiding corporations towards sustainable development and reducing inequality.