人工智能创新与股价暴跌风险

IF 1.5 3区经济学 Q3 BUSINESS, FINANCE

Journal of Financial Research Pub Date : 2024-07-17 DOI:10.1111/jfir.12424

Junru Zhang, Chen Cui, Chen Zheng, Grantley Taylor

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引用次数: 0

摘要

本研究探讨了人工智能创新（AII）与股价暴跌风险（SPCR）之间的关联。人工智能创新作为一种治理机制，可以加强内部控制，提高财务透明度，从而降低未来发生股价暴跌风险的可能性。此外，我们还发现，公司治理机制的监督、股票分析师的关注程度以及信息不对称程度的降低构成了 AII 与 SPCR 之间关系的重要中介渠道。此外，AII 与 SPCR 之间的关系因公司生命周期阶段和工作场所文化而异。

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Artificial intelligence innovation and stock price crash risk

This study examines the association between artificial intelligence innovation (AII) and stock price crash risk (SPCR). AII serves as a governance mechanism that can bolster strength in internal controls, leading to increased financial transparency and thereby reducing the likelihood of future SPCR. The results hold after accounting for possible endogeneity issues Further, we find that monitoring through corporate governance mechanisms, level of following by equity analysts, and the reduced information asymmetry constitute important channels that mediate the association between AII and SPCR. Additionally, the relationship between AII and SPCR varies across corporate life cycle stages and workplace culture.

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来源期刊

Journal of Financial Research BUSINESS, FINANCE-

CiteScore

1.70

自引率

0.00%

发文量

期刊介绍： The Journal of Financial Research(JFR) is a quarterly academic journal sponsored by the Southern Finance Association (SFA) and the Southwestern Finance Association (SWFA). It has been continuously published since 1978 and focuses on the publication of original scholarly research in various areas of finance such as investment and portfolio management, capital markets and institutions, corporate finance, corporate governance, and capital investment. The JFR, also known as the Journal of Financial Research, provides a platform for researchers to contribute to the advancement of knowledge in the field of finance.