From data to decision: how does data assetization affect corporate risk-taking?

Data assets are the most competitive key strategic assets formed by firms during the process of digital transformation. It can play a role in value creation and conversion, which is of great significance to high-quality economic development. Using a sample of listed firms in China from 2011to 2022, we find that firms with data assetization have a higher level of risk-taking. Mechanism analysis shows that data assetization enhances corporate risk-taking by improving commercial credit financing and boosting innovation capability. Heterogeneity analysis shows that the positive effect of data assetization on corporate risk-taking is more pronounced when the type of data asset is private, when the firm is located in a region with a higher level of digital financial development, when the firm faces a higher degree of product market competition, and when the firm has a greater accumulation of technological capital. Our study enriches the research on the economic consequences of data assets and offers insights for how listed firms can better promote data assetization and manage data assets.