Business Realm Research Articles

Appraising the Determinants and Outcomes of Islamic Financial Literacy through the Lens of a Systematic Literature Review

This research illuminates the determinants and outcomes of Islamic financial literacy as scrutinized in prior investigations. A systematic literature review unfolded across the Scopus database from 2016 to 2023. This investigation encompasses 22 articles from the 40 scholarly works extracted from the Scopus database. The Journal of Islamic Accounting and Business Research emerges as the most prolific disseminator of insights into the determinants and outcomes of Islamic financial literacy, credited to its robust publication frequency throughout the year. The autonomous and reliant facets of Islamic financial literacy were predominantly studied, with emphasis not only on individual dynamics but also on business perspectives. The determinants instigating Islamic financial literacy congregate within the affective, conative, family influence, self-controlled, and demographic predictors. Conversely, the ramifications stemming from Islamic financial literacy manifest in cognitive, affective, and conative dimensions, leaving an indelible imprint on the business realm. Geographic focus reveals a concentration of prior investigation within Muslim-majority nations, predominantly Indonesia. Furthermore, the investigation discovers that past studies were mainly conducted in the context of Islamic banking. The evidence from the present study provides input to researchers in conducting further research on Islamic financial literacy.

Effects of conservative-militant defection strategies on the evolution of cooperation in social dilemma

Competition in the international arena and business realm offers avenues for individual growth and advancement. Individuals using different means of competition can obtain unequal rewards. This paper claims that when no consensus is reached in business activities, defectors will choose conservative or militant defection strategies during market competition. Conservative defectors, who are in a comparatively weak position, need to pay the costs brought by market share losses. However, their personal abilities cannot be ignored, which prompts them to bravely choose the conservative defection strategy. This brings rewards to conservative defectors. Militant defectors, typically in stronger positions, also receive greater rewards. Research results establish an evolutionary game model of three strategies, the cooperation strategy, the conservative defection strategy, and the militant defection strategy. After the system is stable, this model displays two stable states. Through numerical simulation, it can be found that the personal abilities of conservative defectors play a decisive role in promoting cooperation. However, the market share losses of conservative defectors have periodical impacts on cooperation. Moreover, the threats of militant defectors to cooperation should be comprehensively considered in combination with the personal abilities of conservative defectors.

Improving organizational agility through ethical leadership, employee job satisfaction and Islamic OCB

In the contemporary business realm, characterized by dynamic shifts and technological progress, agility has emerged as a vital concept to enable businesses to navigate and thrive amidst uncertainty and intensified competition. Key to fostering Agility is garnering comprehensive support from all stakeholders, notably organizational leaders and employees. This research aims to explore several factors contributing to Organizational Agility, including Ethical Leadership, Islamic OCB, and Employee Job Satisfaction. Adopting a quantitative methodology, the research focuses on employees and managers in the café and restaurant businesses in Yogyakarta, renowned for its dynamic nature and competitive environment. With a total sample of 179 managers and employees, participants were selected through purposive sampling criteria, targeting establishments operational for at least one year, employing a minimum of ten staff, and respondents with tenure exceeding six months in supervisory, managerial, or ownership capacities. Primary data collection utilized questionnaires, and structural equation modeling via AMOS software facilitated analysis. Results reveal a positive correlation between Ethical Leadership and Employee Job Satisfaction, Islamic OCB, and Organizational Agility. Additionally, Employee Job Satisfaction and Islamic OCB were found to impact Organizational Agility positively. Thus, integrating Islamic OCB into business practices offers a promising avenue for enhancing Agility, particularly in Muslim-majority regions.

How does organizational support for creativity affect research and development (R&D) employees’ innovative behavior?

Purpose: This study aimed to investigate the relationships among organizational support for creativity, employees’ creative self-efficacy, job satisfaction, and employees’ innovative behavior in the Chinese pharmaceutical manufacturing industry.Design/methodology/approach: A quota sample (n = 385) and a quantitative research methodology were employed in this study.Data from R&D staff at Chinese pharmaceutical manufacturing companies was gathered using an online survey. The study examined the validity and reliability of the measuring tools as well as the variables’ correlation analysis. Using structural equation modeling (SEM), hypotheses were investigated. The specific indirect impacts were quantified through the use of bootstrapping.Findings:The investigation indicates that organizational support is positively related to employees’ innovative behavior. Employee inventive behavior and organizational support for creativity are positively impacted by the twin mediation roles that creative self-efficacy and work satisfaction levels play. Job satisfaction was found to have a greater impact on inventive behavior among employees compared to creative self-efficacy in terms of size. Research, practical, and social implications: In addition to fostering the interdisciplinary application of psychology and organizational behavior, this study creates a dual-mediation model that bridges the gap in the mechanisms of individual cognitive and attitudinal roles between organizational support for creativity and employee innovative behavior. Furthermore, this research advances management strategies and fosters innovation in the pharmaceutical manufacturing sector.Originality/value: From the perspective of individual perceptions and attitudes, this study examined the mechanism of action between employees’ innovative behaviors and the organizational support for creativity among employees. This investigation offers a fresh viewpoint on the factors influencing employees’ innovative behaviors. The research enhances our comprehension of the correlation between employee job contentment, their belief in their creative abilities, and their capacity for innovative performance. The outcomes of the study can offer valuable perspectives for executives in the business realm.

Bridging business and human rights and business for peace: A case study of Microsoft’s multitrack diplomacy

Through the practice of corporate diplomacy—a subset of track-two diplomacy—multinational enterprises (MNEs) can help address issues of polycentric governance, including those in the realms of business and human rights (BHR) and business for peace (B4P). Despite growing interest in both fields of academia and practice, there remains scope for further empirical work at their intersection. This article, therefore, contributes to the extant literature on BHR and B4P by empirically exploring the case of Microsoft, an American MNE, and its corporate diplomacy activities on digital peace in cyberspace. Specifically, the case focuses on three purposefully selected initiatives: (1) the company’s corporate diplomacy efforts on the Digital Geneva Convention, (2) the Digital Peace Now campaign, and (3) its proactive engagement in response to the war in Ukraine. These initiatives highlight how responsibility, leadership, employee empowerment, and partnerships have contributed to Microsoft’s corporate culture and decision-making processes to create an environment that prioritizes digital peace and integrates both BHR and B4P perspectives. In doing so, this article argues for the importance of addressing B4P activities in tandem with BHR in a complementary manner within practitioner initiatives.

Geo-information systems in urban planning: A review of business and environmental implications

In an era where urban landscapes are rapidly evolving, the integration of Geographic Information Systems (GIS) in urban planning emerges as a pivotal tool for sustainable development. This paper delves into the multifaceted role of GIS, exploring its implications in the realms of business and environmental sustainability within urban contexts. The background of the study is rooted in the increasing complexity of urban challenges and the need for innovative solutions to address them effectively. The aim of this paper is to provide a comprehensive analysis of GIS applications in urban planning, focusing on their impact on both business efficiency and environmental stewardship. The scope of the study encompasses an exploration of the historical evolution of GIS, its integration in various urban settings, and the interplay between commercial objectives and environmental sustainability. Employing a methodological framework that includes a thorough review of relevant literature and case studies, the study illuminates the dynamic interplay between technological advancements in GIS and their practical applications in urban planning. This approach facilitates a panoramic view of GIS's multifarious implications, highlighting trends, patterns, and impacts of its adoption in diverse urban scenarios. The main conclusions reveal that GIS is indispensable in modern urban development, adeptly addressing complex urban challenges, particularly in sustainable planning and balancing economic growth with environmental protection. However, the study also uncovers challenges such as the need for improved database construction and comprehensive information services. Recommendations include tailoring policies to local contexts, focusing on multi-scalar GIS-based indicators, and prioritizing sustainable development goals. These strategies are crucial for enhancing the efficacy of GIS in urban planning, leading to more sustainable and well-managed urban environments.

Analysis of the Relationship Between Engineering Project Management and Engineering Product Development: A Review

This study explores the two distinct parts of engineering management: engineering product management and engineering project management. A qualitative systematic review method was employed, using purposively sampled literature and a desk-based research approach. Using thematic analysis, the researchers produced significant data findings. The findings suggest that Engineering Project Management and Engineering Product Development play a vital role in achieving success in engineering projects. While they possess distinct principles, practices, and concepts, they share important management techniques in the business realm. The findings also indicate significant disparities in methods, utility and resource allocation, and quality assurance while highlighting the absence of administrative functions in Engineering Product Development compared to Engineering Project Management. Furthermore, the study notes that greater creativity and efficiency in both management practices are enabled by current technology and methodology. The study's limitations include an extensive use of literature review data and a focus on a broad target area. Consequently, this suggests a need for empirical data to enhance experience-based research and focus on a specific industry for more precise outcomes.

Comparative analysis of ARIMA and LSTM for predicting fluctuating time series data

The investigation of time series data forecasting is a critical topic within the realms of economics and business. The autoregressive integrated moving average (ARIMA) model has been prevalently utilized, notwithstanding its limitations, which include the necessity for a substantial quantity of data points and the presumption of data linearity. However, with recent developments, the long short-term memory (LSTM) network has emerged as a promising alternative, potentially overcoming these limitations. The objective of this study is to determine an effective approach for managing time series data characterized by volatility and missing values. Evaluation was conducted using RMSE for accuracy assessment, and the execution time measured using the Python Timeit library. The findings indicates that in a dataset comprising 60 data points, the LSTM model (RMSE 0.037618) surpasses the ARIMA model (RMSE 0.062667) in terms of accuracy. However, this trend reverses in a larger dataset of 228 data points, where the ARIMA model demonstrates superior accuracy (RMSE 0.006949) compared to the LSTM model (RMSE 0.036025). In scenarios with missing data, the LSTM model consistently outperforms the ARIMA model, although the accuracy of both models diminishes with an increase in the number of missing values. The ARIMA model significantly outpaces the LSTM model.

Challenges and Opportunities for Young Entrepreneurs in Digital Age

In the modern era shaped by digital progress, entrepreneurship has become more accessible yet intricate, especially for young individuals entering the business realm. This study delves into the complex landscape of entrepreneurship, focusing on challenges and opportunities encountered by young entrepreneurs in the digital sphere. Employing a comprehensive approach involving literature reviews, case studies, and interviews with young entrepreneurs, the research aims to elucidate the key factors influencing the entrepreneurial journey amid the digital age. Identified challenges include intense competition, rapid technological advancements, resource limitations, and navigating legal complexities. Additionally, the study explores the psychological strains of entrepreneurship, such as stress management and overcoming setbacks. Despite these hurdles, the digital era offers unprecedented opportunities for young entrepreneurs to innovate, disrupt industries, and access global markets easily. Furthermore, the research examines how digital technologies transform business models, marketing strategies, and customer engagement. It underscores the significance of platforms like social media, e-commerce, and cloud computing in fostering scalable businesses. Additionally, it investigates the impacts of emerging technologies like AI, blockchain, and IoT on entrepreneurial ventures. This research aims to provide valuable insights and recommendations for young entrepreneurs, policymakers, educators, and stakeholders, empowering them to thrive in the dynamic digital landscape.

Twitter Trending Topics Analysis Using Power BI on Real-Time Basis

In today’s world of growing social media usage twitter has become an enormous source of data from public in form of tweets. These tweets can be collect and useful to extract effective meaningful insights ex, public sentiments, choices and opinions about a particular event, product or person, which can prove helpful for business growth, political parties and celebrities to know public choices, sentiments and their reviews over a particular product , person or government decision. But before performing sentiment analysis on tweets data we need to clean and per-process it as tweets data is highly unstructured and noisy for that many methods are there:-data per-processing, stop-words removal, stemming, lemmatization etc. After data cleaning effective meaningful insights can be extracted and sentiment analysis can be performed to extract public opinions and their choices. Twitter data possesses significant power in capturing timely public opinions on a variety of topics, such as preferences for products, political tendencies, and sentiments within the business realm. The extensive user base of this platform provides a wide array of viewpoints, rendering it a valuable resource for comprehending consumer behaviour, political developments, and market outlooks. By employing sentiment analysis, organizations can measure levels of customer contentment, policymakers can evaluate public reception, and corporations can monitor how their brands are perceived to make well-informed decisions. The real-time aspect and high level of user involvement associated with Twitter data render it priceless for shaping strategies related to product innovation, political campaigns, and business expansion efforts. This research paper highlights the power of power BI tool in data visualization of real-time tweets of a user twitter account and builds effective dashboards and also perform sentiment analysis of real-time tweets. Keywords: LDA, Machine Learning, Topic Modelling, Sentiment Analysis, NLP, Social Media.

Real-Time Twitter Trends Analysis Using Latent Dirichlet Allocation and Machine Learning

In today’s world of growing social media usage twitter has become an enormous source of data from public in form of tweets. These tweets can be collect and useful to extract effective meaningful insights ex, public sentiments, choices and opinions about a particular event, product or person, which can prove helpful for business growth, political parties and celebrities to know public choices, sentiments and their reviews over a particular product , person or government decision. But before performing sentiment analysis on tweets data we need to clean and per-process it as tweets data is highly unstructured and noisy for that many methods are there:-data per-processing, stop-words removal, stemming, lemmatization etc. After data cleaning effective meaningful insights can be extracted and sentiment analysis can be performed to extract public opinions and their choices. Twitter data possesses significant power in capturing timely public opinions on a variety of topics, such as preferences for products, political tendencies, and sentiments within the business realm. The extensive user base of this platform provides a wide array of viewpoints, rendering it a valuable resource for comprehending consumer behaviour, political developments, and market outlooks. By employing sentiment analysis, organizations can measure levels of customer contentment, policymakers can evaluate public reception, and corporations can monitor how their brands are perceived to make well-informed decisions. The real-time aspect and high level of user involvement associated with Twitter data render it priceless for shaping strategies related to product innovation, political campaigns, and business expansion efforts. This research paper highlights the power of power BI tool in data visualization of real-time tweets of a user twitter account and builds effective dashboards and also perform sentiment analysis of real-time tweets. Keywords: LDA, Machine Learning, Topic Modelling, Sentiment Analysis, NLP, Social Media.

Entrepreneurship orientation in family business: Decision process structure & succession planning

Family firms play a significant role in economies worldwide, contributing substantially to wealth generation and employment opportunities. Particularly prevalent in rural and remote areas where larger enterprises may struggle to operate effectively, these firms are crucial for both economic growth and social development. Entrepreneurship, characterized by innovation, courage, and strategic planning, is fundamental for driving economic development and instigating substantial changes within market economies. Previous research has identified various factors influencing entrepreneurial development in response to evolving business environments.This paper aims to investigate the capacity of enduring family firms to maintain an entrepreneurial orientation while also prioritizing strong family ties and effective governance structures. Building upon existing theoretical frameworks in the realms of family business and entrepreneurship, this study examines the prevalence of entrepreneurship within family businesses. Additionally, it explores the significance of entrepreneurial orientation in succession planning and the decision-making processes within family firms.The conceptualization presented here integrates insights from existing literature and proposes a research agenda for further exploration in this field. By reviewing relevant literature and outlining a research methodology, this paper seeks to shed light on the intersection of family business dynamics and entrepreneurial behavior. Understanding the interplay between entrepreneurial orientation, family involvement, and governance structures is crucial for informing strategic decision-making processes within family firms.In summary, this paper contributes to the broader understanding of the role of entrepreneurship within family businesses and its implications for succession planning and decision-making. By elucidating the complex dynamics at play in these firms, it offers insights that can inform both academic research and practical management strategies for sustaining and enhancing the entrepreneurial spirit within family-owned enterprises.

A Study on Importance of Branding and Its Effects on Products in Business

This study investigates the paramount significance of branding in the business realm and its profound impact on products. Branding, a strategic marketing tool, plays a pivotal role in shaping consumer perceptions, influencing purchasing decisions, and fostering brand loyalty. The research explores the multifaceted dimensions of branding, encompassing visual elements, brand messaging, and the overall brand experience. By analyzing case studies and market trends, the study aims to elucidate how effective branding not only distinguishes products in a saturated market but also contributes to the overall success and sustainability of businesses. The effects of branding on consumer trust, market positioning, and competitive advantage are scrutinized, highlighting its role in establishing emotional connections with the target audience. Additionally, the study delves into the impact of digitalization and social media on modern branding strategies, emphasizing the need for businesses to adapt to evolving consumer behaviors. Keywords: Branding, Marketing, Consumer Perception, Brand Loyalty, Competitive Advantage, Market Positioning, Brand Experience, Digital Marketing, Social Media, Business Success.

THE ROLE OF ARTIFICIAL INTELLIGENCE IN THE FUTURE OF BUSINESS EDUCATION

The paper aims to showcase the technological advancements in artificial intelligence and to highlight its significance in the realms of business and management. Additionally, the research addresses the anticipated requirements of business education in the future. In the paper, various definitions of artificial intelligence have been examined, including those provided by high-ranking expert groups such as the Organization for Economic Cooperation and Development (OECD), the Council of Europe, and the European Commission. Additionally, we have formulated our own definition. We define artificial intelligence as systems capable of exploring external data to achieve specific goals. These systems have the capacity to learn and autonomously perform tasks, reaching near-superhuman performance across a broad spectrum of activities. In our research, focusing on areas such as fraud detection will allow you to consider both the risks and opportunities associated with AI. Artificial intelligence holds immense potential to reshape the economy, foster the emergence of new industries and business models, enhance productivity, and elevate the overall standard of living. By automating routine tasks, it liberates time, allowing individuals to concentrate on more creative endeavors. As the significance of addressing these emerging challenges grows, business education must play an increasingly vital role in preparing students. Consequently, business programs should concentrate on enhancing students' understanding of the tools and techniques prevalent in the modern business environment. The ultimate objective is to cultivate leadership skills, empowering students to employ these tools and techniques for critical analysis of business challenges and opportunities. This, in turn, equips them to make compelling recommendations and decisions, ultimately enhancing organizational performance. Keywords: Artificial Intelligence(AI),Business Education, Hypercompetitive Environment.

Analisis Perbedaan Minat Beli Di Tokopedia.Com Dan Bukalapak.Com (Studi Kasus Konsumen Tokopedia.Com Dan Bukalapak.com Pada Perguruan Tinggi Di Lingkungan Pondok Pesantren Bahrul Ulum)

In this digital era, business has transformed significantly, using the internet as the primary tool. Sites such as Tokopedia.com and Bukalapak.com, which function as online marketplaces, facilitate sellers to reach buyers more efficiently. This study is directed at exploring and comparing the level of shopping interest in Tokopedia.com and Bukalapak.com. The internet's dramatic evolution in Indonesia has profoundly affected various dimensions of life, especially in the business realm. In this case, the role of individuals as active internet users enables free interaction with fellow users. In the context of interest, a critical element of forecasting buyer behavior, it reflects an individual's reaction to a particular product or service. This study utilizes descriptive and comparative methods, relying on primary and supplementary information. The non-probability and accidental sampling techniques were chosen to determine the research subjects. This study's findings show no notable disparity in purchase intention between Tokopedia.com and Bukalapak.com, a result that provokes businesses to sharpen their competitive tactics in the digital market arena. Keyword: Business Online, Buying of Interest, Market Place

Predicting adoption of the assistive technology open platform: extended unified theory of acceptance and use of technology

Purpose The Assistive Technology (AT) Open Platform supports people with disabilities, older people, and developers in co-creating new assistive products outside the business realm. To address dissatisfaction with and non-adoption of commercial assistive products, the National Rehabilitation Centre in South Korea created an AT Open Platform as an open-source AT sharing platform to research and develop appropriate assistive technology suitable for users’ needs. The emerging concept of AT Open Platform is new for both assistive product users and developers in South Korea. The Extended Unified Theory of Acceptance and Use of Technology (UTAUT2) was utilised to understand the factors influencing the adoption of the AT Open Platform and to gain further insights on its design and future use. Materials and methods Interviews were conducted with six potential AT Open Platform users to develop a questionnaire for predicting behavioural intention. Subsequently, we surveyed 175 potential users to validate the UTAUT2. Results The results revealed that behavioural intention was significantly predicted by social influence, performance expectancy, facilitating conditions, and hedonic motivation. Conclusions The AT Open Platform should focus on both online and offline platforms to educate and facilitate the co-creation of ATs for assistive product users and makers. This study, which targeted assistive product users and developers, has significant implications for policymakers and future research in using and adopting the AT Open Platform as it reflects the actual voices of the platform’s stakeholders.

AI-ENABLED CUSTOMER EXPERIENCE ENHANCEMENT IN BUSINESS

This scholarly investigation delves into the transformative impact of Artificial Intelligence (AI) on enhancing customer experience in the business realm. The study's purpose was to meticulously examine the integration, evolution, and strategic implications of AI in business operations, particularly in customer engagement. A comprehensive literature review and detailed case study analysis constituted the core methodology, focusing on peer-reviewed articles and practical examples from diverse business sectors. This approach facilitated a multi-dimensional exploration, capturing both the technological advancements in AI and the associated implementation challenges within various business contexts. Central findings from this research underscore AI's evolution from an emerging technological tool to a fundamental component in customer-centric business strategies. AI's capabilities in personalizing customer interactions, automating support systems, and leveraging predictive analytics have revolutionized business-customer dynamics. However, this evolution is not without its challenges, including data privacy concerns, ethical considerations, and the need for skilled AI expertise. The study concludes that AI is a strategic asset, necessitating thoughtful integration into business models. It emphasizes the importance of a collaborative approach, where AI specialists and industry experts work synergistically to tailor AI solutions to specific business needs. Ethical considerations and maintaining customer trust are highlighted as pivotal in AI deployment strategies. The study recommends continuous innovation, investment in AI infrastructure and talent, and adherence to ethical AI practices. These measures are essential for businesses to enhance customer experiences and drive sustainable growth in the digital age
 Keywords: Artificial Intelligence, Customer Experience, Business Strategy, AI Integration, Ethical Considerations.

Healthcare and Management using Blockchain and AI Technologies

Blockchain technology, a transformative force in today's business realm, operates as a digital ledger securing transactions through cryptographic references. Its application in healthcare responds to the imperative of safeguarding sensitive medical data, given the industry's vulnerability to breaches. Between 2009 and 2017, over 176 million patient records fell victim to data breaches, highlighting the urgency for robust security measures. Blockchain's appeal lies in its capacity to provide an unalterable, decentralized, and transparent record of patient information, ensuring privacy through complex codes. This decentralized approach fosters quick and secure data sharing among patients, doctors, and healthcare providers. Additionally, the integration of machine learning enhances blockchain's efficiency, allowing for the extraction of pertinent information from healthcare data. This synergy holds promise for addressing security concerns and optimizing data management in healthcare

Sustainable prosperity: unravelling the Nordic nexus of ESG, financial performance, and corporate governance

PurposeIn the swiftly evolving business landscape, environmental, social and governance (ESG) considerations have gained exceptional prominence, as stakeholders increasingly emphasize accountability and sustainability. This study aims to meticulously probe the intricate interplay between ESG factors, financial performance and the distinct corporate governance landscape that characterizes the Nordic region's crucible of proactive societal and environmental commitment.Design/methodology/approachThe authors begin with a data set of 899 Nordic firms across Sweden, Norway, Denmark, Finland and Iceland. Using the Thomson Reuters database, they refine this data set by excluding non-regional headquarters and entities without ESG scores or year-long financial data. This resulted in a focused data set of 1,360 firm-years spanning a decade, forming the foundation for investigating the link between ESG factors and financial performance in Nordic firms.FindingsDrawing upon empirical data, the authors systematically dissect the correlation between specified financial ratios and ESG scores on the bedrock of sustainability evaluation. The findings underscore a partially significant, yet robust relationship between ESG endeavors and financial performance metrics. Furthermore, the intricate interplay of corporate governance dimensions’ reveals intriguing correlations with financial indicators among the surveyed Nordic enterprises. However, the findings also reveal an intricate weave that underscores the ESG and financial performance nexus.Research limitations/implicationsThis study addresses stakeholders’ theory and unique positions and contributes to the current discussion on sustainability reporting literature by providing empirical evidence of ESG influences on firm profitability through board characteristics in the specific context of the Nordic region. The sample for this study encompasses firms listed in Nordic countries; thus, the results may not be generalizable to unlisted firms and other countries or regions.Practical implicationsThis study suggests that Nordic firms are advanced in reporting ESG in response to diverse stakeholder demands as part of their regular activities. This study provides valuable insights for diverse stakeholders including researchers and regulatory bodies.Social implicationsThis study provides an understanding of stakeholders about the association of ESG and sustainability practices with firm profitability, which might lead to making the world a better place.Originality/valueWhile illuminating the multifaceted ESG-financial performance nexus, this study reveals its intricate nature. This complexity accentuates the compelling need for further exploration to decode the exact outcomes and myriad factors contributing to the array of correlations observed. Through this comprehensive inquiry, this research advances the understanding and underscores the pivotal role of a focused investigation. This study seeks to harmonize ESG practices and financial performance seamlessly within the Nordic business realm.

Искусственный интеллект в корпоративном управлении

The prevalent artificial intelligence (AI) applications of today merely exemplify the full potential of artificial intelligence in the business realm. Artificial intelligence is poised to assume a general role in the management of companies, as it is increasingly being used as a tool to support the administrative work and decision-making of directors and managers. While the appointment of a robotic director may still seem like science fiction, the widespread use of artificial intelligence in corporate governance has proven to streamline the decision-making process. In general, corporate laws around the world are still based solely on human decision-making and deny the role of technology in corporate governance. This results in ineffective regulation strategies for artificial intelligence systems with managerial authority. As a result, there is uncertainty about the legal permissibility and legal implications of implementing artificial intelligence in the corporate sphere, which may discourage corporations from adopting artificial intelligence, even though the technology is likely to optimize the business process. This article aims to highlight the growing importance of artificial intelligence in corporate governance, with a focus on the development of a legal framework and general provisions on the legal position of artificial intelligence. The article offers a legal analysis of the potential role of artificial intelligence in the corporate lawyer’s legal work, focusing on potential risks and ways to minimize them.