Data Governance and Financing Bias: The Influence of Government CDOs on Corporate Maturity Mismatch

This study examines how the introduction of government Chief Data Officers (CDOs) across Chinese cities impacts corporate behavior in investment-financing maturity matching. Using a staggered difference-in-differences approach, we find that CDO implementation significantly reduces maturity mismatch, with enhancing external supervision, mitigating agency conflicts, and curbing managerial short-termism being the potential mechanisms. The effect is more pronounced for non-state-owned enterprises, higher-risk firms, and firms facing stronger product market competition. Our findings offer fresh insights into how information governance shapes financing horizons.