The effect of industrial robot adoption on firm value: Evidence from China

被引：4
|
作者：
Li, Jianjun [1 ]
Wu, Zhouyi [1 ]
Yu, Kaijia [2 ]
Zhao, Wei [1 ]
机构：
[1] Southwestern Univ Finance & Econ, Sch Publ Finance & Taxat, Chengdu, Peoples R China
[2] Northeastern Univ Qinhuangdao, Sch Management, Qinhuangdao, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2024年 / 60卷
关键词：
Industrial robot adoption; Firm value; Agency cost; Effective tax rate; China; FREE CASH FLOW; AGENCY COSTS; BOARD INDEPENDENCE; INNOVATION; DIVERSIFICATION; AUTOMATION; OWNERSHIP;
D O I：
10.1016/j.frl.2023.104907
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study examines the effect of automated production technology on firm value. Examining evidence from listed Chinese manufacturing companies from 2012 to 2019, our findings show that industrial robot adoption increases firm value, and the effect is more pronounced in laborintensive industries, private companies, and firms with executive shareholding. Possible mechanisms include operating performance improvement, effective tax rate reduction, net profit margin increase, and agency cost mitigation. This study contributes to a comprehensive evaluation of the overall impact of automation on firms and deepens the understanding of the productivity innovation drivers of firm value.
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页数：9
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