Robots and firm investment

• 成果类型: Article
• 署名作者: Benmelech, Efraim; Zator, Michal
• 署名单位: Northwestern University; National Bureau of Economic Research; University of Notre Dame
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2025.104183
• 发表日期: 2025-12
• 页码: 104183
• 关键词: automation; robots; technology adoption; labor scarcity; Corporate investment; information technology; GROWTH; LABOR

摘要

Using cross-country and German administrative data on robotization, we show that the impact of robots on firms and labor markets is limited. First, investment in robots is small and highly concentrated in a few industries, representing less than 0.3% of aggregate expenditures on equipment. Second, robotization does not grow as rapidly as Information Technology did in the past, and current growth is driven by gains in developing countries. Third, firms invest in robots when they face difficulties in finding workers and subsequently increase employment after the investment. The total employment effect in exposed industries and regions is negative but modest in magnitude. We discuss why the effects of robots are limited and demonstrate that other digital technologies have more potential for large economic impact.