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Robot adoption and firm risk-taking: Evidence from China

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  • Xu, Mingxue
  • Zhang, Xu

Abstract

The risks that firms have to face are the micro sources of macroeconomic fluctuations, and stabilizing the economy has become a top priority for most nations in recent years. This paper investigates the impact of intelligent transformation in industrial production on firm-level risks in China. Using robot data from IFR and firm-level data from 2011 to 2020, our analysis reveals that the intelligent transformation in industrial production, proxied by robot application significantly reduces the risks that firms have to take. This finding holds in robustness checks, involving alternative measures, and different fixed effects specifications. Regarding the underlying channel, eased financing constraints, enhanced internal management and stronger pricing power are three significant mechanisms. Additionally, the risk suppression effect of robot application is more pronounced among firms with lower market bargaining power and risk-averse firms.

Suggested Citation

  • Xu, Mingxue & Zhang, Xu, 2026. "Robot adoption and firm risk-taking: Evidence from China," Socio-Economic Planning Sciences, Elsevier, vol. 105(C).
    • Handle: RePEc:eee:soceps:v:105:y:2026:i:c:s0038012126000352
    DOI: 10.1016/j.seps.2026.102449
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    Keywords

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    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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