Data quality and firm performance: empirical evidence from the Korean financial industry

Authors:
Jun Yong Xiang;Sangho Lee;Jae Kyeong Kim
Affiliations:
School of Management, Kyung Hee University, Dongdaemun-gu, Seoul, South Korea 130-701;Department of IT Management, Sun Moon University, Tangjeong-myeon, Asan-si, South Korea 336-708;School of Management, Kyung Hee University, Dongdaemun-gu, Seoul, South Korea 130-701
Venue:
Information Technology and Management
Year:
2013

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Abstract

Despite popular belief that timely and precise data are important and indispensable to good decisions and that good decisions are related to better firm performance, empirical research that examines the effect of data quality on firm performance is still scarce. How great an impact does data quality have on firm performance? This study empirically investigates the effect of firm-level data quality on firm performance in the Korean financial industry during 2008---2010. The results show that commercial banks have high-quality data, while credit unions have comparatively low-quality data. They also show that better data quality has a positive influence on sales, operating profit, and value added. Improving the level of data quality management maturity by one can increase firm performance by 33.7 % in sales, 64.4 % in operating profit, and 26.2 % in value added.