Research on the impact mechanism of data elements on the level of enterprise risk-taking

In the era of the digital economy, the strategic value of data elements is becoming increasingly prominent, but the intrinsic mechanism by which they influence corporate risk-taking behavior remains unclear. Based on the dynamic capabilities theory, this paper constructs the core logical chain of “data elements—dynamic capabilities—level of risk-taking” and empirically examines the impact mechanism of corporate data elements on the level of risk-taking using a sample of Chinese A-share listed companies from 2008 to 2022. The study finds that corporate data elements can significantly promote an increase in the level of risk-taking, and this conclusion remains robust even after addressing endogeneity issues using instrumental variables and propensity score matching methods. Mechanism analysis shows that data elements improve the level of risk-taking by enhancing an enterprise’s adaptability, absorptive capacity, and resource reconfiguration capability. Heterogeneity analysis indicates that the effect of data elements on enhancing the level of risk-taking is more pronounced in firms with high perceived uncertainty and those in competitive industries. This paper innovatively applies dynamic capability theory to the study of data elements’ economic consequences. It reveals the micro-mechanisms that convert data elements into corporate risk-taking advantages, offering policy insights for better data element governance and enhanced risk-taking among firms.