Data governance, investment resilience, and corporate performance enhancement

Against the backdrop of the accelerating development of the digital economy, data has become a core strategic resource for enterprises, and data governance is gradually emerging as a critical factor influencing corporate performance. Based on panel data from Chinese listed companies spanning 2015 to 2023, this paper systematically examines the mechanisms and pathways through which data governance impacts firm performance. The study first verifies that data governance significantly enhances corporate performance, and further finds that this positive effect is more pronounced in non-state-owned enterprises and larger firms. In terms of mechanism analysis, the paper introduces investment resilience as a mediating variable, and empirical results show that data governance indirectly improves firm performance by enhancing investment resilience. Further heterogeneity tests indicate that this mediating effect is more significant in industries with a higher degree of digitalization and among large-scale enterprises, suggesting that the indirect pathway of data governance is more effective under certain conditions. This study reveals both the direct and indirect mechanisms through which data governance influences firm performance, providing theoretical foundations and empirical support for enterprises to strengthen data strategies, enhance investment resilience, and achieve high-quality development. © 2025 Elsevier Inc.