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<p>We provide early evidence of corporate responses to generative artificial intelligence (GAI) through managerial discussions of GAI in conference calls after ChatGPT’s release in November 2022. Following the release, these managerial discussions increase substantially, and most discussions have positive tone and contain action initiatives. The increase is more pronounced for larger firms, growth firms, younger firms, and those in high-tech industries. The largest increase is observed in the industry of business equipment—computers, software, and electronic equipment—while the utilities, chemicals and allied products, and oil, gas, and coal extraction industries experience the smallest increases. Managers of firms with greater innovation intensity (reflected in patent filings), cybersecurity threats, labor exposure to AI, and customer operations are more likely to increase GAI discussions. The results are primarily driven by positive-tone discussions and those with action initiatives. Analyst discussions of GAI exhibit similar patterns, except for patent filings. Finally, managers’ GAI discussions inform investors.</p>

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Corporate responses to generative AI: early evidence from conference calls

  • 期刊论文

  • 发表日期：

    2025年10月11日

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  • Ning Jia,
  • Ningzhong Li,
  • Guang Ma,
  • Da Xu

摘要

We provide early evidence of corporate responses to generative artificial intelligence (GAI) through managerial discussions of GAI in conference calls after ChatGPT’s release in November 2022. Following the release, these managerial discussions increase substantially, and most discussions have positive tone and contain action initiatives. The increase is more pronounced for larger firms, growth firms, younger firms, and those in high-tech industries. The largest increase is observed in the industry of business equipment—computers, software, and electronic equipment—while the utilities, chemicals and allied products, and oil, gas, and coal extraction industries experience the smallest increases. Managers of firms with greater innovation intensity (reflected in patent filings), cybersecurity threats, labor exposure to AI, and customer operations are more likely to increase GAI discussions. The results are primarily driven by positive-tone discussions and those with action initiatives. Analyst discussions of GAI exhibit similar patterns, except for patent filings. Finally, managers’ GAI discussions inform investors.