The impact of Artificial Intelligence (AI) and blockchain adoption in corporate governance: ethical perspectives

Abstract

Purpose The purpose of this doctoral thesis sets out to explore and elaborate on the impact of artificial intelligence (AI) and blockchain adoption in corporate governance from ethical perspectives. Positioned within the corporate governance domain, this study adopts an explicit business perspective to study corporate governance change with emerging AI and blockchain technological tools in general and focuses on the ethical use of technologies specifically. As such, this empirical investigation aims to help organizations understand the ethical benefits and ethical dilemmas of using AI and blockchain in businesses and draw plans on how to govern these technologies ethically for the benefit of the business and society. Design/Methodology/Approach: This study adopts specific techniques and a pragmatic, step-by-step netnography approach to investigate online traces from social media sites and extends these online explorations with online semi-structured interviews. The research design of this investigation follows step-by-step procedures that are methodologically sound to ensure rigor in this investigation to enhance the trustworthiness of this study. In total, this research collects an abundance of data: 34 LinkedIn Posts with Comments; 12 Webinars; 22 YouTube Videos; 19 Videos; 10 Podcasts, and 17 semi-structured interview videos. The video, audio, and interview data have been transcribed into textual data total of 453065 words for thematic analysis using NVivo software. Enough time has been allocated to the iterative process of data collection and data analysis. The analysis moves back and forth to the point when theoretical saturation is achieved. The data structure extracts from data in this study illustrate the analytic claims that match the analysis and data together, to ensure a good fit between described method and reported analysis are consistent. Findings: This study develops a thematic framework that constitutes the corporate governance transformation with the ethical use of AI and blockchain technology. This framework provides a holistic understanding of why corporate governance needs to change, especially with the emergence of blockchain and AI technologies, what changes will corporate governance encounter, and how corporate governance can imperatively respond to the ethical use of these technologies. Specifically, it explicitly provides comprehensive understanding of the ethical benefits and ethical concerns of using AI and blockchain technologies in corporate governance, and reveals how companies can govern the use of these technologies ethically. In general terms, the findings of this study support the notion of corporate governance change to transform business models and processes to leverage the new capabilities of AI and blockchain technologies, to priories creativity, speed, and accountability, to replace the old business model, to foster agile or collaborative governance to deal with uncertainty, agility, adaptiveness, and cooperation in the digital world, to foster a network and platform strategies to drive success. This study goes beyond the extant corporate governance scholarship to assess the technological impact to capture values for companies in ethical ways to sustain future growth. Additionally, the notion of corporate governance is further specified and significantly expanded by this study to assess the adoption of AI and blockchain as new corporate governance tools or mechanisms, to enhance ethical benefits when used properly, and mitigate ethical dilemmas with proper checks and balances, safeguards in place, to help organizations stay relevant in this digital transformation and be ethical and sustainable. This study empirically corroborates that in theory, the use of blockchain and AI can enhance ethical practice by detecting fraud and anomaly activities, due to the unique capabilities of blockchain and AI technologies. Further, this research adds depth and specificity by identifying the ethical concerns of using blockchain and AI in corporate governance. The study empirically reveals the ethical concerns of privacy issues, unethical use of data, job transformation and replacement, and algorithm bias that companies will encounter when they use these technologies. In addition, the findings of this study suggest how companies can ethically govern the use of these technologies in socially responsible ways as they transform digitally. Originality/Value: The emergent thematic framework is constructed from the empirical and analytical procedures specifically and purposely designed for this study. This study makes theoretical contributions to knowledge and enriches the extant works of literature, and also provides practical contributions to the ethical use of disruptive technologies, future workforce, and regulations. However, the study was conducted within certain theoretical, methodological, empirical, and pragmatic conditions, which might constitute particular limitations and constraints. Therefore, the last section of this thesis elucidates and suggests the directions for future research.