Artificial intelligence, firm growth, and product innovation

• 成果类型: Article
• 署名作者: Babina, Tania; Fedyk, Anastassia; He, Alex; Hodson, James
• 署名单位: Columbia University; National Bureau of Economic Research; University of California System; University of California Berkeley; University System of Maryland; University of Maryland College Park; Slovenian Academy of Sciences & Arts (SASA); Jozef Stefan Institute
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2023.103745
• 发表日期: 2024
• 关键词: Artificial intelligence; Intangible capital; technological change; Product innovation; Superstar firms; Industry concentration

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.