Artificial intelligence innovation and stock price crash risk
研究了企业人工智能创新如何通过改善内部控制、增强财务透明度来降低未来股价崩盘风险，并分析了公司治理、分析师跟踪和信息不对称等中介渠道。
Abstract 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.