Improving Corporate Governance Using DAO

Seyed Saman Hashemi-Khiabani

and Daniel Ferreira Polónia

1,2 b

Department of Economics, Management, Industrial Engineering and Tourism, University of Aveiro, Aveiro, Portugal

GovCOPP (Governance, Competitiveness and Public Policies) Research Unit, University of Aveiro, Aveiro, Portugal

Keywords: Decentralized Autonomous Organizations (DAOs), Corporate Governance, Blockchain Technology, Smart

Contracts, Transparency, Accountability.

Abstract: This study analyzes the transformative potential of Decentralized Autonomous Organizations (DAOs) in

reshaping traditional corporate governance through Knowledge Management (KM) and Information Systems

(IS). By highlighting the limitations of centralized governance models, such as power centralization, opacity,

and stakeholder conflicts, this study argues for the efficacy of DAOs, which are undergirded by blockchain

technology and smart contracts. DAOs epitomize non-hierarchical structures, autonomous functionality, and

consensus-driven decision making. By leveraging decentralized platforms for transparent transactions and

decision recording, DAOs augment organizational accountability and compliance. Through smart contracts,

DAOs can effectively codify and manage business rules, ethical standards, and legal requirements, thereby

enhancing the utilization of organizational knowledge and information systems. The study concludes that

while DAOs may not universally replace traditional organizational structures, they can significantly reduce

governance deficiencies and optimize knowledge and resource management, thereby offering a more effective

corporate governance model in specific sectors.

1 INTRODUCTION

Corporate governance is a topic of enduring

significance and complexity that has attracted global

attention across multiple disciplines, including

management and finance. While the term itself is

often challenging to define precisely, it broadly

serves as a mechanism for directing and controlling

organizations to safeguard the interests of various

stakeholders, from shareholders to employees (Dao &

Nguyen, 2020). However, traditional models of

governance are not without their pitfalls. High-profile

corporate failures such as those of Enron, WorldCom,

and Lehman Brothers have highlighted the

weaknesses inherent in centralized governance

systems, despite legislative efforts such as the

Sarbanes-Oxley Act of 2002 to bolster them (Gordon

et al., 2006; Harakeh et al., 2020).

Quality governance impacts not only internal

organizational dynamics but also the external

investment landscape. Research indicates that

companies exhibiting strong governance attributes

http://orcid.org/0009-0002-7123-3576

http://orcid.org/0000-0001-8194-4713

enjoy better financial performance and greater trust

among shareholders, thus attracting more investments

(Ferreira & Matos, 2008). Conversely, poor

governance can deter investment and result in

financial losses for shareholders as it raises the risk

profile of the company (Augustine, 2012). Despite

these insights and decades of academic research,

governance malpractices persist, calling into question

the effectiveness of the existing structures and

regulations (Chakraborty et al., 2022).

Against this backdrop, Decentralized

Autonomous Organizations (DAOs) have emerged as

a potentially transformative alternative. DAOs,

rooted in blockchain technology and smart contracts,

offer a paradigm shift from hierarchical to flat

organizational structures, enabling transparent and

autonomous decision-making processes. These

decentralized systems provide a more participatory

approach to governance, allowing stakeholders to

contribute directly to decision-making and oversight.

DAOs propose a softer form of rules that are not

imposed but agreed upon by members, offering

flexibility to adapt and evolve (Mitchell et al., 2022).

150

Hashemi-Khiabani, S. and Polónia, D.

Improving Corporate Governance Using DAO.

DOI: 10.5220/0012164600003598

In Proceedings of the 15th International Joint Conference on Knowledge Discovery, Knowledge Engineering and Knowledge Management (IC3K 2023) - Volume 3: KMIS, pages 150-156

ISBN: 978-989-758-671-2; ISSN: 2184-3228

The pivot to decentralized governance can be used

in a new era of corporate conduct. It promises a more

optimal use of knowledge and resources, allowing for

individualized oversight that could potentially close

the governance gaps often missed in centralized

systems.

2 THEORETICAL

FRAMEWORKS

2.1 Corporate Governance

The significance of corporate governance has

expanded to involve not only shareholders, but also a

broader spectrum of stakeholders, including

employees, customers, suppliers, and regulatory

authorities (Orihara & Eshraghi, 2022, 2022).

Traditional governance structures, often hierarchical,

are fraught with challenges. These structures may

give rise to conflicts of interest among managerial

roles, leading to actions that may not align with the

collective goals of the organization, thus making

emerging technologies such as blockchain attractive

as they offer transformative solutions to these

longstanding issues (Bischof et al., 2022).

Blockchain has been shown to enhance

governance quality across the board by fostering

transparency, increasing liquidity, and reducing

operational costs (Derbali, 2019). The advent of smart

contracts and Decentralized Autonomous

Organizations (DAOs) under the blockchain umbrella

has been acknowledged for their potential to redefine

governance paradigms, benefiting a wider range of

stakeholders (Ronaghi, 2022; Singh et al., 2019).

2.2 Decentralized Autonomous

Organizations (DAOs)

Decentralized Autonomous Organizations (DAOs)

signify a paradigm shift in governance, operating

through predefined rules enabled by open-source

software and smart contracts. These digital entities

can manage a range of activities both online and

offline without the need for central authority or

human intervention (Aste et al., 2017). This contrasts

sharply with traditional corporate governance

models, in which a clear divide exists between

ownership and managerial control. In DAOs,

participants are simultaneously stakeholders and

decision makers, fostering a more integrated and

democratic governance structure (Bischof et al.,

2022).

Although DAOs aim for complete autonomy, they are

not entirely devoid of human influence. Vitalik

Buterin, the creator of Ethereum, pointed out that

DAOs still require human intervention for tasks that

are not yet automatable (Beniiche et al., 2021).

Nevertheless, the unique blend of human and

automated decision making in DAOs distinguishes

them from purely AI-based systems.

DAOs represent a significant departure from

traditional hierarchical governance, offering new

approaches to financing, resource allocation, talent

management, and decision-making processes (Zalan,

2018). By employing blockchain technology, DAOs

ensure that all transactions are transparent and secure,

thereby enhancing trust among the participants

(Muneeb et al., 2022). Although Ethereum is

currently the most prominent blockchain for DAOs,

other platforms, such as Cardano, Tezos, EOS, and

Tron, offer alternative ecosystems, each with its

unique features and limitations (Faqir-Rhazoui et al.,

2021).

One of the technical backbones of DAOs in the

Ethereum ecosystem is the Solidity programming

language used to write smart contracts that govern the

DAO. To initiate its operations, a DAO requires

Ether, the native cryptocurrency of the Ethereum

network. During its inception phase, the DAO issues

tokens in exchange for Ether. These tokens serve a

dual function: they act as a form of ownership and

provide voting power within the DAO. The more

tokens a participant holds, the greater their influence

on decision making (Nikolaidis & Refanidis, 2022).

2.3 Traditional Governance vs. DAOs

Traditional organizations operate within established

legal frameworks governed by contracts that

delineate the rights, responsibilities, and relationships

among stakeholders. These contracts are enforceable

by law, offering a structured, albeit rigid, operating

environment. A hierarchical governance model

typifies these organizations, with decision-making

powers generally centralized on a board of directors

or executive management. Although this system

offers stability, it often lacks agility. Stakeholders

may provide input, but the ultimate authority rests

with a selected group of individuals at the top.

By contrast, Decentralized Autonomous

Organizations (DAOs) exist in a more fluid legal

space. They are built on open-source protocols with

smart contracts on blockchain platforms serving as

binding agreements. These are not subject to

traditional legal systems but are instead enforced by

code and consensus among network participants.

Improving Corporate Governance Using DAO

151

DAO members are incentivized through tokens that

serve dual purposes: as rewards for completing tasks

and as voting stakes in governance decisions.

Traditional governance is characterized by a top-

down decision-making structure. A small group of

individuals, typically the board of directors or top

management, holds most of their decision-making

power. While this centralization can lend consistency

and stability to the organization, it often results in

bureaucratic delays and resistance to rapid changes. It

also restricts direct stakeholder involvement in

organizational decisions, limiting an organization's

responsiveness to market changes and stakeholder

needs.

DAOs flip this hierarchical model on their head,

advocating a decentralized, democratized approach to

decision-making. Stakeholders have direct

involvement in governance through a token-based

voting system. This not only speeds up the decision-

making process, but also makes it more equitable.

Unlike traditional organizations, DAOs can comprise

participants from diverse geographical locations,

bound together not by legal contracts but by code and

a shared mission. Decentralization extends to the

DAO's very architecture; once deployed, it operates

autonomously, governed by smart contracts and

consensus protocols.

The agility of the DAOs extends their

adaptability. Traditional organizations, bound by

legalities and bureaucracy, often find it challenging to

pivot quickly in response to market changes or crises.

DAOs, unburdened by such constraints, can adapt

more swiftly, potentially making them more resilient

in volatile environments.

2.4 Creating a New Paradigm of

Corporate Governance

Decentralized Autonomous Organizations (DAOs)

signify a transformative shift in the corporate

governance landscape, leveraging blockchain and

smart contracts to redefine organizational decision

making and resource allocation. Primarily

functioning on blockchain platforms such as

Ethereum, DAOs use this technology as a digital

ledger to record and validate all activities

transparently and securely.

Smart contracts are the linchpins of the

governance model of DAOs. They automate a host of

governance-related functions, including but not

limited to, proposal evaluations, fund disbursements,

and decision enforcement. For instance, when a

specific proposal garners sufficient support from

token holders, the associated smart contract

automatically triggers the allocation of resources to

that proposal. These tokens, which are generally

ERC-20 or BEP-20 types, serve dual purposes: they

signify a stake in the organization and enable

participation in governance activities. The influence

of a token holder in decision making is directly

proportional to the number of tokens they possess.

In stark contrast to the hierarchical and centralized

decision making seen in traditional organizations,

DAOs epitomize decentralization. They enable

collective decision making by allowing any token

holder to propose changes or projects for the

organization. These proposals are then voted upon by

the community of token-holders, with the outcomes

determined by predefined rules encoded in smart

contracts. This ensures both transparency and

fairness, as all actions and decisions are publicly

recorded on the blockchain, making manipulative or

deceitful activities virtually impossible.

DAOs also offer various voting mechanisms, each

with unique advantages and implications. These

range from simple majority voting to more nuanced

systems, such as quadratic or conviction voting,

thereby offering flexibility in how democratic

processes are carried out within the organization.

Resource allocation in DAOs is similar to that in

groundbreaking environments. Participants submit

proposals detailing the objectives, scope, and budget

requirements for potential projects. Token holders

exercise their voting rights to either approve or reject

these proposals. If a proposal gains sufficient support,

the embedded smart contract automatically facilitates

the transfer of the requisite funds to the project,

thereby streamlining what would be a complex

process in traditional settings.

Furthermore, DAOs are designed for adaptability

and future upgrades, features that are uncommon in

traditional governance models. They often utilize

upgradeable proxy contracts, enabling seamless

transitions to new versions of governance logic,

without the need to create an entirely new contract.

Lastly, DAOs are inclusive by nature. Unlike

traditional governance, in which participation often

requires specific roles or minimum share ownership,

DAOs are accessible to anyone who holds its tokens.

This fosters a diverse and inclusive environment,

encouraging wide-ranging participation.

2.5 DAO Challenges and Limits

DAOs present several challenges in their approach to

governance.

A key issue is the lack of a clear legal framework.

Given their decentralized nature, assigning legal

KMIS 2023 - 15th International Conference on Knowledge Management and Information Systems

152

accountability becomes complex, creating hesitancy

among potential investors. Governance mechanisms

in DAOs are also a double-edged sword. While they

democratize decision making, they can also lead to

inefficiencies, as reaching consensus can be slow and

cumbersome. Scholars are exploring alternative

governance models such as liquid democracy to

improve both efficiency and inclusivity.

On a technical front, DAOs face the risk of smart

contract bugs and security breaches, which can result

in substantial financial losses for members.

Furthermore, the underlying blockchain technology

often suffers from scalability issues, impacting its

ability to handle large transaction volumes. Several

mitigation strategies, such as risk-management

frameworks and off-chain solutions, are being

explored. Continued research and innovation are

crucial for overcoming these challenges and

unlocking DAOs' full potential.

Based on the previous sections, this sets the stage

for addressing several critical research questions:

RQ1: What aspects of corporate governance can

DAOs reform?

RQ2: What challenges do traditional governance

models pose?

RQ3: How can DAOs offer solutions to these

challenges?

RQ4: What adaptations are necessary for

integrating DAOs into existing corporate structures?

3 DISCUSSION

Decision-making within organizations can be broadly

classified into tactical and strategic decisions.

Tactical decisions are routine, addressing day-to-day

operational needs. Managers and employees usually

make these decisions to meet specific objectives. On

the other hand, strategic decisions are long-term and

often involve setting organizational goals. Both types

of decisions are essential for an organization's

performance and success (Eisenhardt & Zbaracki,

1992; Sanchez & Heene, 2004).

Decentralized autonomous organizations (DAOs)

fundamentally change this traditional decision-

making framework. DAOs empower their

stakeholders through token-based voting, which

effectively decentralizes the decision-making

processes. From finance to supply chain

management, DAOs demonstrate utility across

various sectors.

For instance, in a conventional setting, a project

manager may decide on resource allocation based on

team members' skills and availability. By contrast, in

a DAO, these decisions could be put to a vote among

token holders, thereby democratizing the process and

potentially leading to more optimal outcomes. This

decentralized model ensures broader inclusion, thus

reducing the risk of a single point of failure or bias.

When it comes to strategic decisions, such as

entering a new market, traditional organizations often

rely on the expertise of a select group of executives.

These individuals evaluate market conditions, risks,

and opportunities before making decisions. However,

the DAOs allow for a more collective approach. Any

token holder can propose a strategy and decisions are

made through a democratic voting process. Collective

intelligence offers diverse perspectives, making a

strategy more robust and inclusive.

The use of DAOs is not limited to theoretical

discussions; they also have practical applications.

MakerDAO and Uniswap are excellent examples

of the financial sector. MakerDAO allows

decentralized lending in which token holders decide

on interest rates and collateral requirements. Uniswap

operates under DAO governance, with token-holders

voting on protocol changes and funding allocations.

DAOs have also shown promise in supply chain

management by enabling decentralized decision

making for tracking products, managing inventories,

and coordinating logistics. In addition, DAOs can

facilitate social impact initiatives by democratizing

resource allocation.

Addressing Research Question 1 (RQ1) regarding

the aspects of corporate governance that can

potentially reform DAOs, we assume that business

rules serve as the cornerstone for regulating behavior

and actions within an organization. These guidelines

not only ensure ethical conduct but also pave the way

for efficiency and consistency in decision-making.

Designed to be in line with legal stipulations, industry

norms, and the organization's own policies, business

rules act as governance mechanisms.

In the context of Decentralized Autonomous

Organizations (DAOs), these business rules are not

just written guidelines, but are coded into smart

contracts on a blockchain. This guarantees uniform

adherence to the rules by all participants in the DAO.

Transparency is a critical business rule that DAOs

are uniquely positioned to address. In traditional

organizations, transparency is often a policy-driven

aspiration; however, in a DAO, it is a built-in feature.

By leveraging blockchain technology, every

transaction and decision is recorded and made

publicly accessible. This allows all stakeholders,

from employees to investors, to have a transparent

view of the organization's financial and operational

activities.

Improving Corporate Governance Using DAO

153

Accountability is another fundamental business

rule that DAOs can substantially enhance. Unlike

traditional settings, where accountability might be

diluted due to hierarchical complexities, DAOs offer

a transparent and auditable trail of all organizational

decisions thanks to the blockchain. Smart contracts

further fortify this by automating rule enforcement,

making each decision strictly compliant with pre-set

rules. This creates a level of accountability that is

challenging for traditional organizations to match.

In response to RQ1, DAOs offer a paradigm shift

in both tactical and strategic decision making. By

decentralizing these processes, DAOs not only make

organizations more democratic but also potentially

more effective and resilient.

Regarding Research Question 2 (RQ2), the

challenges to traditional corporate governance

models are encompassed by a framework of rules,

practices, and processes that guide and regulate a

company. These aim to ensure that actions are taken

in the best interests of all stakeholders, including

shareholders, customers, employees, and society.

Despite its importance, traditional, centralized

organizations encounter various challenges in

executing effective corporate governance.

One of the most important issues is the

hierarchical concentration of decision-making power.

In such centralized models, a select group—often the

board of directors and top executives—wields a

significant influence. This centralized authority can

create a vacuum of accountability, as these key

players might not be held sufficiently responsible for

their actions or the implications of their decisions.

Transparency, or rather the lack thereof, is another

hurdle. Traditional organizations often operate

behind closed doors and withhold critical operational

information from stakeholders. This opacity hampers

stakeholders' ability to hold the organization

accountable and can lead to deterioration of trust and

credibility, thereby tarnishing the organization's

reputation.

Finally, conflicting interests among various

stakeholders pose a challenge. In a traditional setting,

differing objectives among departments,

shareholders, and other parties can create discord,

making it challenging to establish a unified direction

for the company. This disharmony often results in

inefficiencies and hampers the effective functioning

of corporate governance systems.

Research Question 3 (RQ3) addresses how

Decentralized Autonomous Organizations (DAOs)

offer innovative solutions to tackle the challenges

faced by traditional centralized organizations in

corporate governance.

First, DAOs enhance transparency and

accountability, which are two cornerstones of

effective governance. Utilizing blockchain

technology, DAOs make all organizational activities

and decision-making processes transparent and

auditable in real-time. This level of openness fosters

trust among stakeholders and ensures that the

organization is acting in alignment with their

interests.

Second, DAOs foster a participatory governance

model. Unlike traditional models, where decision-

making power is held by a select few, DAOs

distribute this power to all the token-holding

members. Every member can propose, discuss, and

vote on their organizational decisions. This

democratic approach not only engages stakeholders

but also helps align their varied interests, ensuring a

more holistic development of the organization.

Finally, DAOs mitigate the risk of conflicts of

interest, a common issue in centralized systems. They

employ smart contracts to automate and regulate

decision-making, leaving little room for a kind of

subjective interpretation that can lead to conflicts.

These smart contracts define and enforce the rules of

engagement for proposals, voting, and

implementation, thereby making the process tamper-

proof and objective.

Research Question 4 (RQ4) addresses the

adaptations required for the integration of DAOs into

existing corporate structures.

To successfully integrate Decentralized

Autonomous Organizations (DAOs) into existing

corporate frameworks, a multifaceted transformation

covering the organizational structure and legal

regulations is imperative.

Traditional centralized organizational structures

must evolve into decentralized paradigms. This

transition necessitates revamping decision-making

processes to adopt more inclusive governance

models. These models should foster greater

stakeholder participation, ensuring that governance

becomes a collective endeavor rather than a top-down

process.

In addition, the implementation of blockchain

technology is not negotiable for such transitions.

Blockchain serves as the cornerstone for DAOs.

Adopting this technology will entail substantial

investment in new infrastructure and IT systems.

Additionally, workforce training is essential to equip

employees with the skills needed to effectively

operate and maintain blockchain systems.

Navigating an evolving and complex regulatory

landscape is another critical aspect. DAOs currently

inhabit legal gray areas, raising several compliance

KMIS 2023 - 15th International Conference on Knowledge Management and Information Systems

154

questions. The vagueness of the existing legal

frameworks for decentralized entities poses

significant challenges. Therefore, regulatory clarity is

crucial for fostering greater DAO adoption, requiring

concerted efforts from legislators, regulators, and the

community.

4 CONCLUSIONS

This study examines the transformative possibilities

that Decentralized Autonomous Organizations

(DAOs) bring to the realm of corporate governance.

It identifies transparency as a standout feature that

traditional governance structures often lack. The

blockchain underpinning of DAOs ensures that all

organizational actions and decisions are transparent

and immutable, fostering stakeholder trust. This

characteristic seamlessly aligns with existing

scholarly views that extol transparency as the

cornerstone of effective governance.

This article further illuminates the accountability

advantages offered by DAOs over centralized

models. In DAOs, decision-making power is

dispersed among token holders, fostering a sense of

collective ownership and shared responsibility. This

is a stark departure from traditional hierarchical

structures where accountability tends to be muddled

by bureaucratic complexities.

Another compelling point is the agility that DAOs

bring to organizational operations. Traditional

governance often suffers from inefficiency due to the

centralized nature of decision making. With their

decentralized frameworks, DAOs empower

stakeholders, thus enabling more agile and responsive

operations. This agility is in line with existing

academic literature that advocates for more adaptive

and flexible governance frameworks.

Moreover, this article acknowledges the legal and

technical hurdles faced by DAOs. From the

inadequacy of existing legal frameworks to the

technical risks like smart contract vulnerabilities,

these challenges are laid bare. However, it also points

out that these challenges are far from insurmountable,

and they are the subject of ongoing research.

This comprehensive exploration goes beyond

traditional academic discussions by providing a

nuanced view of DAOs, focusing on technical, legal,

and pragmatic aspects. While it resonates with

existing literature that underscores the importance of

transparency, accountability, and stakeholder

engagement, the article delves deeper into how DAOs

specifically address these issues.

The article thereby contributes to the discourse on

corporate governance in the digital age. It not only

identifies DAOs as a viable solution to long-standing

challenges but also serves as a touchstone for further

research and debate in this burgeoning field.

ACKNOWLEDGEMENT

This work was financially supported by the research

unit on Governance, Competitiveness and Public

Policy (UIDB/04058/2020)+(UIDP/04058/2020),

funded by national funds through FCT - Fundação

para a Ciência e a Tecnologia.

REFERENCES

Aste, T., Tasca, P., & Di Matteo, T. (2017). Blockchain

Technologies: The Foreseeable Impact on Society and

Industry. Computer, 50(9), 18–28. https://doi.org/

10.1109/MC.2017.3571064

Augustine, D. (2012). Good Practice in Corporate

Governance: Transparency, Trust, and Performance in

the Microfinance Industry. Business & Society, 51(4),

659–676. https://doi.org/10.1177/0007650312448623

Beniiche, A., Ebrahimzadeh, A., & Maier, M. (2021). The

Way of the DAO: Toward Decentralizing the Tactile

Internet. IEEE Network, 35(4), 190–197. https://doi.

org/10.1109/MNET.021.1900667

Bischof, E., Botezatu, A., Jakimov, S., Suharenko, I.,

Ostrovski, A., Verbitsky, A., Yanovich, Y.,

Zhavoronkov, A., & Zmudze, G. (2022). Longevity

Foundation: Perspective on Decentralized Autonomous

Organization for Special-Purpose Financing. IEEE

Access, 10, 33048–33058. https://doi.org/10.1109/

ACCESS.2022.3161392

Chakraborty, D., Gupta, N., Mahakud, J., & Tiwari, M. K.

(2022). Corporate governance and investment decisions

of retail investors in equity: Do group affiliation and

firm age matter? Managerial Auditing Journal, 38(1),

1–34. https://doi.org/10.1108/MAJ-06-2021-3177

Dao, T. T. B., & Nguyen, T. T. (2020). A meta-analysis of

corporate governance and firm performance. Journal of

Governance and Regulation, 9(1), 18. https://doi.

org/10.22495/jgrv9i1art2

Derbali, A. M. S. (2019). How will blockchain change

corporate governance? International Journal of Global

Energy Issues.

Eisenhardt, K. M., & Zbaracki, M. J. (1992). Strategic

decision making. Strategic Management Journal,

13(S2), 17–37. https://doi.org/10.1002/smj.

4250130904

Faqir-Rhazoui, Y., Arroyo, J., & Hassan, S. (2021). A

comparative analysis of the platforms for decentralized

autonomous organizations in the Ethereum blockchain.

Improving Corporate Governance Using DAO

155

Journal of Internet Services and Applications, 12(1).

https://doi.org/10.1186/s13174-021-00139-6

Ferreira, M. A., & Matos, P. (2008). The colors of

investors’ money: The role of institutional investors

around the world. Journal of Financial Economics,

88(3), 499–533. https://doi.org/10.1016/j.jfineco.

2007.07.003

Gordon, L. A., Loeb, M. P., Lucyshyn, W., & Sohail, T.

(2006). The impact of the Sarbanes-Oxley Act on the

corporate disclosures of information security activities.

Journal of Accounting and Public Policy, 25(5), 503–

530. https://doi.org/10.1016/j.jaccpubpol.2006.07.005

Harakeh, M., Matar, G., & Sayour, N. (2020). Information

asymmetry and dividend policy of Sarbanes-Oxley Act.

Journal of Economic Studies, 47(6), 1507–1532.

https://doi.org/10.1108/JES-08-2019-0355

Mitchell, S. L., Packard, M. D., & Clark, B. B. (2022).

Decentralizing corporate governance? A praxeological

inquiry. International Journal of Disclosure and

Governance, 19(4), 413–429. https://doi.org/10.1057/

s41310-022-00151-7

Muneeb, M., Raza, Z., Haq, I. U., & Shafiq, O. (2022).

SmartCon: A Blockchain-Based Framework for Smart

Contracts and Transaction Management. IEEE

Access, 10, 23687–23699. https://doi.org/10.1109/

ACCESS.2021.3135562

Nikolaidis, S., & Refanidis, I. (2022). Consolidating

incentivization in distributed neural network training

via decentralized autonomous organization. Neural

Computing and Applications. https://doi.org/10.1007/

s00521-022-07374-3

Orihara, M., & Eshraghi, A. (2022). Corporate governance

compliance and herding. International Review of

Financial Analysis, 80, 102029. https://doi.org/10.

1016/j.irfa.2022.102029

Ronaghi, M. H. (2022). Contextualizing the impact of

blockchain technology on the performance of new

firms: The role of corporate governance as an

intermediate outcome. The Journal of High Technology

Management Research, 33(2), 100438. https://doi.

org/10.1016/j.hitech.2022.100438

Sanchez, R., & Heene, A. (2004). The new strategic

management: Organization, competition and

competence. Wiley. http://hdl.handle.net/1854/LU-

213981

Singh, H., Jain, G., Munjal, A., & Rakesh, S. (2019).

Blockchain technology in corporate governance:

Disrupting chain reaction or not? Corporate

Governance: The International Journal of Business in

Society, 20(1), 67–86. https://doi.org/10.1108/CG-07-

2018-0261

Zalan, T. (2018). Born global on blockchain. Review of

International Business and Strategy, 28(1), 19–34.

https://doi.org/10.1108/RIBS-08-2017-0069.

KMIS 2023 - 15th International Conference on Knowledge Management and Information Systems

156