diff --git a/lib/active_model/serializer.rb b/lib/active_model/serializer.rb
index c202610e7..ef47178bd 100644
--- a/lib/active_model/serializer.rb
+++ b/lib/active_model/serializer.rb
@@ -361,7 +361,7 @@ def serializable_hash
         _serializable_hash
       end
 
-      include_associations! if _embed
+      include_associations! if @object.present? && _embed
       @node
     end