The Challenge of Enterprise Artificial Intelligence Transformation: The Impact of Speculative Culture

ABSTRACT Against the backdrop of rapid advances in digital technologies, artificial intelligence (AI) transformation has emerged as a critical strategy for firms to enhance competitive advantage and adapt to technological change. However, how regional cultural differences influence firms' technological pathway choices, particularly how gambling culture—characterized by the dual attributes of risk‐taking propensity and speculative inclination—shapes firms' AI transformation decisions, remains insufficiently explored. Using data from Chinese listed companies, this study finds that the prevalence of gambling culture significantly inhibits corporate AI transformation, with the effect being more pronounced among firms characterized by weak perceptions of economic policy uncertainty, inadequate external oversight, and severe financing constraints. The underlying mechanisms lie in the gambling culture's reinforcement of managerial short‐termism and its intensification of corporate financialization, both of which hinder AI transformation. Moreover, we find that strengthening the rule of law and enhancing managers' digital literacy can mitigate the adverse effects of speculative culture. In sum, this study uncovers the relationship between regional culture and corporate AI transformation, offering a novel theoretical lens to understand how informal institutions shape firms' technological strategic choices.