Inside-Out Risk Absorption: The Resilience Realization Lag after Industrial Internet Platform Adoption

Industrial internet platforms are increasingly treated as resilience infrastructure, yet existing research usually assumes that their benefits become visible inside the firm and in capital markets at the same time. This study develops the concept of inside-out risk absorption to explain a temporally ordered process in which platform adoption first stabilizes internal operating processes and only later reduces externally observed market risk. We further define the resilience realization lag as the delay between those two outcomes and introduce a standardized resilience realization gap to identify it empirically. Using a 2010–2025 panel of 202 Chinese manufacturing firms, nine strictly verified external adoption events, and 17 platform-builder events as a separate control treatment, we estimate firm and year fixed-effects models and stacked event studies. Platform adoption increases one-year-ahead operating cash-flow stability by 0.0147 and the two-year average by 0.0141. The market response is later: stock-return volatility falls most clearly from the second post-adoption year onward, while the direct realization-gap estimate becomes positive and statistically distinguishable at that horizon. These results define the temporal ordering as one of the key characteristics of platform-based resilience and explain why operating stabilization can come before capital-market risk repricing.