Artificial Intelligence in Corporate Governance: Perceptions and Challenges in Listed Companies

Artificial intelligence is changing the way companies make decisions and manage risks. Traditional corporate governance models, which have mainly relied on human judgment, are now facing important changes. Existing studies discuss both the benefits of AI, such as better monitoring and data analysis, and the risks related to accountability, ethics, and the “black box” nature of some algorithms. However, there is still limited empirical evidence, especially in emerging markets.

This paper examines how listed companies perceive the integration of artificial intelligence into corporate governance. It focuses on the main factors that encourage or hinder the adoption of AI. Using a qualitative pilot study, we conducted email interviews with board members and senior managers from companies listed on the Bucharest Stock Exchange. The study explores whether these business leaders consider artificial intelligence a reliable partner in strategic decision-making and how they balance technological automation with the fundamental principles of corporate governance. The results show that AI is increasingly appreciated for its ability to analyze large amounts of data and improve monitoring processes. At the same time, respondents clearly see AI as a tool that supports decision-making rather than replacing the experience and judgment of board members. Despite these advantages, several important barriers remain. The main concerns include cybersecurity risks, a shortage of specialized knowledge, and uncertainty about legal and regulatory issues. Overall, this paper provides an initial view of how companies in emerging markets are approaching this transition and highlights the need for stronger and more flexible governance frameworks to manage the use of algorithm-based tools.