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Industrial robots and corporate risk-taking value

Author

Listed:
  • Pu, Guifang
  • Xie, Yanxiang
  • Wu, Lidong
  • Wang, Kai

Abstract

This paper empirically examines the impact of industrial robot application on corporate risk-taking value using data from Chinese A-share listed manufacturing companies, measured by the Sharpe ratio. The findings indicate that industrial robots significantly enhance corporate risk-taking value through information effects, innovation, and production optimisation. Heterogeneity tests reveal that firms with higher capital density, non-state ownership, lower financing constraints, and more government subsidies experience a more substantial increase in their risk-taking value. These insights contribute to understanding the evolution of enterprise risk decisions in industrial intelligence and provide theoretical references for policies promoting industrial development.

Suggested Citation

  • Pu, Guifang & Xie, Yanxiang & Wu, Lidong & Wang, Kai, 2024. "Industrial robots and corporate risk-taking value," Finance Research Letters, Elsevier, vol. 70(C).
    • Handle: RePEc:eee:finlet:v:70:y:2024:i:c:s1544612324012819
    DOI: 10.1016/j.frl.2024.106252
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    More about this item

    Keywords

    Industrial robotics applications; Risk-taking value; Mechanism testing; Scenario analysis; Spillover effects;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis

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