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The impact of artificial intelligence on firms' financialization: The mediating effects of labor productivity

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  • Zhang, Jing
  • Piao, Ming

Abstract

This paper delves into the intrinsic connections and mechanisms between artificial intelligence, labor productivity, and corporate financialization based on data from Chinese listed companies from 2010 to 2023. The study finds that the application of artificial intelligence technology significantly enhances the level of financialization in enterprises, while improvements in labor productivity also play a positive role in promoting corporate financialization. Notably, there is a clear heterogeneity in the financialization effects of artificial intelligence technology across enterprises of different sizes. Furthermore, labor productivity serves as a mediating factor between artificial intelligence and corporate financialization, meaning that artificial intelligence technology boosts labor productivity, which in turn drives the increase in corporate financialization levels; this mediating effect also exhibits variability among enterprises of different sizes.

Suggested Citation

  • Zhang, Jing & Piao, Ming, 2025. "The impact of artificial intelligence on firms' financialization: The mediating effects of labor productivity," International Review of Economics & Finance, Elsevier, vol. 102(C).
    • Handle: RePEc:eee:reveco:v:102:y:2025:i:c:s105905602500485x
    DOI: 10.1016/j.iref.2025.104322
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