Digital Transformation of Corporate Governance and Its Impact on Enterprise Investment Attractiveness

Abstract

Digital transformation has become an important factor in the modernization of corporate governance and investment management. In the digital economy, enterprises increasingly use management information systems, artificial intelligence, blockchain, cloud services, big data analytics, ERP, CRM, and BPM platforms to improve transparency, corporate control, reporting quality, managerial decision-making, and stakeholder communication. These changes directly influence investment attractiveness because investors require timely, reliable, and structured information for assessing corporate performance, risks, and long-term value creation. The objective of this article is to identify the key features of the digital transformation of corporate governance and to assess its impact on enterprise investment attractiveness, investment activity, and managerial decision-making effectiveness. The study applies a conceptual and analytical methodology based on the systematization of literature on digital transformation, corporate governance, agency theory, investor protection, data-driven decision-making, and investment efficiency. The article uses SWOT analysis, conceptual modelling, and an author-developed Digital Corporate Governance Investment Attractiveness Index. For the demonstration of the proposed index, the study applies proxy-based scoring to selected Ukrainian enterprises using publicly available annual reports, sustainability disclosures, investor relations materials, corporate governance information, and governance transformation projects. The results show that digital transformation enhances corporate transparency, reduces information asymmetry, improves managerial decision-making, strengthens corporate monitoring, reduces agency costs, and increases investor confidence. The SWOT analysis demonstrates that the benefits of digital corporate governance include automation, real-time data analysis, improved investor communication, and better access to financial markets, while the main risks are cybersecurity threats, high implementation costs, dependence on IT infrastructure, and uneven digital maturity. The model calculation for Ukrainian enterprises shows that MHP, Kernel, Ukrgasbank, Naftogaz, and Ukrnafta differ in their levels of digital governance investment attractiveness due to differences in transparency, reporting, risk control, stakeholder communication, and digital risk exposure. The article concludes that digital transformation of corporate governance is a strategic factor in increasing enterprise investment attractiveness. Its positive effect depends not only on technology adoption but also on digital competencies, cybersecurity, regulatory compliance, data quality, and integration with corporate strategy. Future research should empirically test the proposed model using company-level data, compare industries and countries, assess the role of AI and blockchain in corporate governance, and evaluate the financial impact of digital governance maturity on investment flows, market value, and cost of capital.