Public Data Openness, Patient Capital, and Corporate Disruptive Innovation

Public data openness, as a critical conduit for liberating data asset value, offers new pathways to catalyze corporate disruptive innovation. In order to clarify the important role of public data openness in enterprises, utilizing a sample of Chinese A-share listed companies from 2011 to 2023, this paper examines the impact of public data openness on corporate disruptive innovation. The results demonstrate that public data openness significantly promotes corporate disruptive innovation. This effect is primarily driven by the accumulation of patient capital. Furthermore, corporate social responsibility (CSR) positively moderates the relationship between public data openness and corporate disruptive innovation. Heterogeneity analysis indicates that the promotional effect of public data openness on corporate disruptive innovation is more pronounced in firms located in the east and south, non-high-tech firms, and firms in regulated industries. These findings provide support for government initiatives to advance data openness frameworks and offer strategic insights for enterprises seeking to transition their innovation paradigms and achieve high-quality development.