Impact of artificial intelligence investment on firm value

被引：39

作者：

Lui, Ariel K. H. ^{[1
]}

Lee, Maggie C. M. ^{[1
]}

Ngai, Eric W. T. ^{[2
]}

机构：

[1] Swinburne Univ Technol, Swinburne Business Sch, Dept Business Technol & Entrepreneurship, Hawthorn, Vic, Australia

[2] Hong Kong Polytech Univ, Dept Management & Mkt, Hung Hum, Kowloon, Hong Kong, Peoples R China

来源：

ANNALS OF OPERATIONS RESEARCH | 2022年 / 308卷 / 1-2期

关键词：

Artificial intelligence; AI; Event study; Market value; Contextual factors; INFORMATION-TECHNOLOGY CAPABILITY; MARKET VALUE; AI; ANNOUNCEMENTS; PERFORMANCE; MANAGEMENT; OPERATIONS; RELEVANCE; ADOPTION; INDUSTRY;

D O I：

10.1007/s10479-020-03862-8

中图分类号：

C93 [管理学]; O22 [运筹学];

学科分类号：

070105 ; 12 ; 1201 ; 1202 ; 120202 ;

摘要：

As artificial intelligence (AI) has recently gained momentum and attention, the interest and investment in AI have also accelerated. However, the impact of AI on firm value is rarely discussed. On the basis of the 119 announcements of 62 listed firms who have invested in AI, this study finds that AI investment has a negative impact on the firms' market value. The stock prices of the firms decrease by 1.77% on the day of the announcement. Nonmanufacturing firms and firms with weak information technology capabilities or low credit ratings suffer a more negative impact compared with other firms. The findings suggest that investors perceive AI investment announcements to be unwelcome news for the majority of firms. Subsequently, the characteristics affecting the shareholders' reaction towards AI adoption are presented. This research offers one of the first empirical evidence about the market value of AI and provides a reference for firms interested in investing in AI.

引用

页码：373 / 388

页数：16

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