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Artificial intelligence and servitization transformation of manufacturing enterprises

Author

Listed:
  • Hu, Huanhuan
  • Gong, Shenglong
  • Wang, Ning
  • Gao, Jiaxin

Abstract

This study applies text analysis to construct an artificial intelligence (AI) variable drawing on panel data from Chinese A-share listed manufacturing firms spanning 2012 to 2023. The empirical evidence reveals that AI significantly accelerates the servitization transformation of manufacturing enterprises. The results survive a battery of robustness tests, including constructing instrumental variables, replacing AI indicators, and altering sample periods. Mechanism analysis reveals that AI facilitates this transformation by enhancing innovation capabilities, increasing total factor productivity, and optimizing human capital structures. Furthermore, heterogeneity analysis reveals marked differences in AI’s servitization effects, conditional on firms’ ownership configurations, innovation capacity, and regional locations.

Suggested Citation

  • Hu, Huanhuan & Gong, Shenglong & Wang, Ning & Gao, Jiaxin, 2026. "Artificial intelligence and servitization transformation of manufacturing enterprises," Finance Research Letters, Elsevier, vol. 88(C).
    • Handle: RePEc:eee:finlet:v:88:y:2026:i:c:s1544612325025164
    DOI: 10.1016/j.frl.2025.109267
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    Keywords

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    JEL classification:

    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • M11 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Production Management
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology

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