Full article available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2922176
MARK FENWICK,* WULF A. KAAL,** AND ERIK P.M. VERMEULEN***
Recent corporate governance initiatives encourage a culture of long-term value creation and growth but cannot work as intended by policymakers. The current discussion about corporate governance ignores the transition from a centralized to a decentralized, unmediated, and interconnected world and from a world of vertical hierarchies to a world of horizontal, open, and autonomous networks. This transition process was initiated and is increasingly accelerated by rapid technological change, including developments in social media, blockchain-based smart contracts, decentralized autonomous organizations, big data, and artificial intelligence. This paper shows how policymakers, regulators, business people, consultants, and other corporate governance experts can re-conceptualize corporate governance in a technology-driven and interconnected world.
Keywords: Algorithms, Artificial intelligence, Big data, Blockchain, Board of directors, Communication, Corporate Culture, Corporate Governance, Decentralization, Decentralized autonomous organization, Dialogue, Platform company, Social media, Stewardship codes, Technology, Trust
JEL Classification: C88, D20, D23, F60, G30, K20, K22, L20, L25, L29, O10, O30, O40
Wulf Kaal 