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Issue № 94. October 2022

Artificial Intelligence in Corporate Governance: Perspectives and Boundaries of Use

Anatoly T. Zub, Kristina S. Petrova

Anatoly T. Zub
DSc (Philosophy), Professor, School of Public Administration, Lomonosov Moscow State University, Moscow, Russian Federation.
E-mail: zubat@spa.msu.ru
ORCID ID: 0000-0001-8794-2399

Kristina S. Petrova
Postgraduate student, School of Public Administration, Lomonosov Moscow State University, Moscow, Russian Federation.
E-mail: PetrovaKS@spa.msu.ru

The aim of this article is to identify the expected improvements in corporate governance using artificial intelligence (AI) technologies and to estimate perspectives of their application for strategic management. Currently, two paradigms have been formed that explore the prospects of using artificial intelligence in organizational research: a paradigm that considers artificial intelligence as a set of meta-algorithms capable of finding algorithms for solving specific corporate governance problems and a paradigm that considers artificial intelligence as a means of optimizing people’s behavior in an organization. As an area of application of artificial intelligence in corporate governance, the process of making managerial decisions at the level of the board of directors is singled out. As a result, the possibilities of artificial intelligence to improve the efficiency of managerial decision-making were identified. Among them are: providing the necessary volume and variety of information with less resource costs, rapid analysis of large data sets, development of reliable scenarios for the consequences of decisions made, impartiality of decisions, and others. AI technologies are useful tools for increasing decision-making efficiency which is demonstrated using Russian companies’ examples. The article analyzes as well problems that prevent AI technologies from a wide use: limits of legislation, which controls their use, intellectual property protection in this sphere, data privacy; uncertainty of responsibility for risk decision-making based on AI and its consequences. Thus, AI usage in corporate management is limited by a set of ethical issues related to consequences of decisions, low level of legislation and specific risks which require further researches.

Keywords

Corporate governance, artificial intelligence, managerial decision-making process, board of directors, competitive advantage.

DOI: 10.24412/2070-1381-2022-94-173-187

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