Jian, Wenze, Lu, Hang, Yang, Zimo and Zhong, Ziqi 
ORCID: 0000-0002-3919-9999
(2025)
The sustainability payoff of AI: revisiting TFP in corporate and societal performance.
International Review of Financial Analysis.
p. 104891.
ISSN 1057-5219
(In Press)
Abstract
Using data on Chinese A-share listed firms and regions from 2011–2023, this paper employs a difference-in-differences (DID) framework to evaluate the productivity returns to artificial intelligence (AI) application from both firm-level and societal perspectives. The findings are as follows: First, AI intensity significantly increases firms' total factor productivity (TFP). Second, AI intensity significantly increases social TFP. Third, green financial innovation exerts a significant positive mediating effect on the pathway from AI intensity to firm TFP. Fourth, green financial innovation also partially mediates the pathway from AI intensity to social TFP. Substantively, the paper links micro-level firm transformation with macro-level regional performance, providing empirical evidence and policy implications for understanding the transmission mechanism from digitalization to greening to high-quality growth.
| Item Type: | Article |
|---|---|
| Additional Information: | © 2025 The Author(s) |
| Divisions: | Management |
| Subjects: | Q Science > QA Mathematics > QA75 Electronic computers. Computer science H Social Sciences > HG Finance H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management |
| Date Deposited: | 08 Dec 2025 09:39 |
| Last Modified: | 08 Dec 2025 16:51 |
| URI: | http://eprints.lse.ac.uk/id/eprint/130473 |
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