Artificial intelligence, firm growth, and product innovation

被引：42

作者：

Babina, Tania ^{[1
,2
]}

Fedyk, Anastassia ^{[3
,7
]}

He, Alex ^{[4
]}

Hodson, James ^{[5
,6
]}

机构：

[1] Columbia Univ, New York, NY USA

[2] NBER, Cambridge, MA USA

[3] Univ Calif Berkeley, Berkeley, CA USA

[4] Univ Maryland, College Pk, MD USA

[5] AI Good Fdn, Berkeley, CA USA

[6] Inst Jozef Stefan, Ljubljana, Slovenia

[7] 545 Student Serv Bldg 1900, Berkeley, CA 94720 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2024年 / 151卷

关键词：

Artificial intelligence; Intangible capital; Technological change; Product innovation; Superstar firms; Industry concentration; INFORMATION-TECHNOLOGY; MARKET; ORGANIZATION; INDUSTRIES; EFFICIENCY; SELECTION;

D O I：

10.1016/j.jfineco.2023.103745

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study the use and economic impact of AI technologies. We propose a new measure of firm-level AI investments using employee resumes. Our measure reveals a stark increase in AI investments across sectors. AI-investing firms experience higher growth in sales, employment, and market valuations. This growth comes primarily through increased product innovation. Our results are robust to instrumenting AI investments using firms' exposure to universities' supply of AI graduates. AI-powered growth concentrates among larger firms and is associated with higher industry concentration. Our results highlight that new technologies like AI can contribute to growth and superstar firms through product innovation.

引用

页数：26

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