Law has long been a domain that has been popular in natural language processing (NLP) applications. Reasoning (ratiocination and the ability to make connections to precedent) is a core part of the practice of the law in the real world. Nevertheless, while multiple legal datasets exist, none have thus far focused specifically on reasoning tasks. We focus on a specific aspect of the legal landscape by introducing a corporate governance reasoning benchmark (CHANCERY) to test a model's ability to reason about whether executive/board/shareholder's proposed actions are consistent with corporate governance charters. This benchmark introduces a first-of-its-kind corporate governance reasoning test for language models - modeled after real world corporate governance law. The benchmark consists of a corporate charter (a set of governing covenants) and a proposal for executive action. The model's task is one of binary classification: reason about whether the action is consistent with the rules contained within the charter. We create the benchmark following established principles of corporate governance - 24 concrete corporate governance principles established in and 79 real life corporate char
Against the macro-background of "carbon peaking and carbon neutrality" goals, eco-environment protection regulations are increasingly stricter. Facing high government regulatory risks and frequent environment lawsuits, corporate environmental compliance starts to play a vital role in healthy corporate operation. Law fulfillment routes constitute a critical part in corporate environmental compliance. Few academic scholars have conducted a profound analysis or discussion of legal accomplishment routes for corporate environmental compliances. As a matter of fact, legal routes for accomplishing corporate environmental compliance should be based proper theories concerning corporate environmental rights and obligations as well as dual layer nested governance structure (government environmental power and corporate environmental liabilities). Under the guidance of environmental jurisprudence, enterprises are responsible for setting up practical legal fulfillment routes for their environmental compliance-related rights and obligations. A diversified environmental governance layout composed of government regulation, enterprise self-discipline and social participation should be established. W
Many companies adopt the corporate newsroom model to streamline their corporate communication. This article addresses why and how corporate newsrooms transform corporate communication following the rise of artificial intelligence (AI) systems. It draws on original data from 13 semi-structured interviews with executive communication experts in large Swiss companies which use corporate newsrooms. Interviews show that corporate newsrooms serve as an organisational (rather than spatial) coordination body for topic-oriented and agile corporate communication. To enable their functionality, it is crucial to find the right balance between optimising and stabilising communication structures. Newsrooms actively adopt AI both to facilitate routine tasks and enable more innovative applications, such as living data archives and channel translations. Interviews also highlight an urgent need for AI regulation for corporate communication. The article's findings provide important insights into the practical challenges and coping strategies for establishing and managing corporate newsrooms and how newsrooms can be transformed by AI.
This work examines how leading generative artificial intelligence companies construct and communicate the concept of "safety" through public-facing documents. Drawing on critical discourse analysis, we analyze a corpus of corporate safety-related statements to explicate how authority, responsibility, and legitimacy are discursively established. These discursive strategies consolidate legitimacy for corporate actors, normalize safety as an experimental and anticipatory practice, and push a perceived participatory agenda toward safe technologies. We argue that uncritical uptake of these discourses risks reproducing corporate priorities and constraining alternative approaches to governance and design. The contribution of this work is twofold: first, to situate safety as a sociotechnical discourse that warrants critical examination; second, to caution human-computer interaction scholars against legitimizing corporate framings, instead foregrounding accountability, equity, and justice. By interrogating safety discourses as artifacts of power, this paper advances a critical agenda for human-computer interaction scholarship on artificial intelligence.
Digitalization is a crucial characteristic of the current era, and green innovation has become one of the necessary pathways for enterprises to achieve sustainable development. Based on financial and annual report data of Chinese A-share listed companies from 2010 to 2019, this paper constructs indicators of corporate digital transformation and examines the impact of corporate digital transformation on green innovation and its underlying mechanisms. The results show that corporate digital transformation can promote corporate green innovation output, with its sustained future impact exhibiting a marginally decreasing trend. In terms of the impact mechanism, digital transformation can enhance corporate green innovation output by increasing corporate R&D investment and strengthening environmental management. Heterogeneity analysis reveals that digital transformation has a more pronounced promoting effect on green innovation output for small and medium-sized enterprises and those in technology-intensive industries. To improve the green innovation incentive effect of digital transformation, enterprises should formulate long-term strategies and continuously strengthen policy regulati
Corporate sponsorship is increasingly prevalent at computer science conferences. However, a quantitative understanding of this phenomenon has yet to be established, let alone insights into the interplay between academic conferences and sponsoring corporations, or how to leverage it. To fill these gaps, this study first explores the landscape of corporate sponsorship across a wide range of high-profile computer science conferences, shedding light on its evolution over a 25-year period from 2000 to 2024. The complex and expansive relationships between these conferences and their corporate sponsors are then systematically organized into a network for structural analysis and conference evaluation. Specifically, after modularity optimization, the network's topological properties are analyzed to identify key conferences and corporations that shape the overall structure, connectivity, and functionality. More importantly, this study makes the first attempt to employ a conference-corporation sponsorship network, along with a network-based ranking algorithm, to evaluate computer science conferences, introducing a new perspective on assessing their quality or reputation from the standpoint of
Corporate credit rating serves as a crucial intermediary service in the market economy, playing a key role in maintaining economic order. Existing credit rating models rely on financial metrics and deep learning. However, they often overlook insights from non-financial data, such as corporate annual reports. To address this, this paper introduces a corporate credit rating framework that integrates financial data with features extracted from annual reports using FinBERT, aiming to fully leverage the potential value of unstructured text data. In addition, we have developed a large-scale dataset, the Comprehensive Corporate Rating Dataset (CCRD), which combines both traditional financial data and textual data from annual reports. The experimental results show that the proposed method improves the accuracy of the rating predictions by 8-12%, significantly improving the effectiveness and reliability of corporate credit ratings.
Recent studies document strong empirical support for multifactor models that aim to explain the cross-sectional variation in corporate bond expected excess returns. We revisit these findings and provide evidence that common factor pricing in corporate bonds is exceedingly difficult to establish. Based on portfolio- and bond-level analyses, we demonstrate that previously proposed bond risk factors, with traded liquidity as the only marginal exception, do not have any incremental explanatory power over the corporate bond market factor. Consequently, this implies that the bond CAPM is not dominated by either traded- or nontraded-factor models in pairwise and multiple model comparison tests.
Global climate warming and air pollution pose severe threats to economic development and public safety, presenting significant challenges to sustainable development worldwide. Corporations, as key players in resource utilization and emissions, have drawn increasing attention from policymakers, researchers, and the public regarding their environmental strategies and practices. This study employs a two-way fixed effects panel model to examine the impact of environmental information disclosure on corporate environmental performance, its regional heterogeneity, and the underlying mechanisms. The results demonstrate that environmental information disclosure significantly improves corporate environmental performance, with the effect being more pronounced in areas of high population density and limited green space. These findings provide empirical evidence supporting the role of environmental information disclosure as a critical tool for improving corporate environmental practices. The study highlights the importance of targeted, region-specific policies to maximize the effectiveness of disclosure, offering valuable insights for promoting sustainable development through enhanced corporate
At a time when the phenomenon of 'AI washing' is quietly spreading, an increasing number of enterprises are using the label of artificial intelligence merely as a cosmetic embellishment in their annual reports, rather than as a genuine engine driving transformation. A test regarding the essence of innovation and the authenticity of information disclosure has arrived. This paper employs large language models to conduct semantic analysis on the text of annual reports from Chinese A-share listed companies from 2006 to 2024, systematically examining the impact of corporate AI washing behaviour on their green innovation. The research reveals that corporate AI washing exerts a significant crowding-out effect on green innovation, with this negative relationship transmitted through dual channels in both product and capital markets. Furthermore, this crowding-out effect exhibits heterogeneity across firms and industries, with private enterprises, small and medium-sized enterprises (SMEs), and firms in highly competitive sectors suffering more severe negative impacts from AI washing. Simulation results indicate that a combination of policy tools can effectively improve market equilibrium. Ba
In this work, we introduce a multimodal analysis pipeline that leverages large foundation models in vision and language to analyze corporate social media content, with a focus on sustainability-related communication. Addressing the challenges of evolving, multimodal, and often ambiguous corporate messaging on platforms such as X (formerly Twitter), we employ an ensemble of large language models (LLMs) to annotate a large corpus of corporate tweets on their topical alignment with the 17 Sustainable Development Goals (SDGs). This approach avoids the need for costly, task-specific annotations and explores the potential of such models as ad-hoc annotators for social media data that can efficiently capture both explicit and implicit references to sustainability themes in a scalable manner. Complementing this textual analysis, we utilize vision-language models (VLMs), within a visual understanding framework that uses semantic clusters to uncover patterns in visual sustainability communication. This integrated approach reveals sectoral differences in SDG engagement, temporal trends, and associations between corporate messaging, environmental, social, governance (ESG) risks, and consumer e
Who represents the corporate elite in democratic governance? Prior studies find a tightly integrated "inner circle" network representing the corporate elite politically across varieties of capitalism, yet they all rely on data from a highly select sample of leaders from only the largest corporations. We cast a wider net. Analyzing new data on all members of corporate boards in the Danish economy (200k directors in 120k boards), we locate 1500 directors that operate as brokers between local corporate networks. We measure their network coreness using k-core detection and find a highly connected core of 275 directors, half of which are affiliated with smaller firms or subsidiaries. Analyses show a strong positive association between director coreness and the likelihood of joining one of the 650 government committees epitomizing Denmark's social-corporatist model of governance (net of firm and director characteristics). The political network premium is largest for directors of smaller firms or subsidiaries, indicating that network coreness is a key driver of business political representation, especially for directors without claims to market power or weight in formal interest organizat
The disposition effect describes investors' irrational behavior of selling profitable assets too soon while holding onto losing assets for too long. This study examines the impact of transparency at the firm level on the disposition effect of individual investors who hold that company's stock. Our results show that an increase in corporate transparency significantly reduces the disposition effect. Further analysis reveals that for companies with greater transparency, when the held stock is profitable, investors' confidence in holding it increases, leading to a reduced bias toward selling profitable stocks. When the stock is held at a loss, investors' confidence in holding it weakens, but they often perceive the loss as temporary and maintain confidence in the company's long-term prospects, thus exacerbating the bias toward holding losing stocks. The effect of increased transparency on the selling behavior of profitable stocks is greater than its effect on the selling behavior of losing stocks. Overall, an increase in corporate transparency significantly reduces the disposition effect.
The article discusses development of autonomous artificial intelligence systems for corporate management. The function of a corporate director is still one of the few that are legislated for execution by a "natural" rather than an "artificial" person. The main prerequisites for development of systems for full automation of management decisions made at the level of a board of directors are formed in the field of corporate law, machine learning, and compliance with the rules of non-discrimination, transparency, and accountability of decisions made and algorithms applied. The basic methodological approaches in terms of corporate law for the "autonomous director" have already been developed and do not get rejection among representatives of the legal sciences. However, there is an undeniable need for further extensive research in order to amend corporate law to effectively introduce "autonomous directors". In practice, there are two main options of management decisions automation at the level of top management and a board of directors: digital command centers or automation of separate functions. Artificial intelligence systems will be subject to the same strict requirements for non-disc
Corporate AI-washing-the strategic misrepresentation of AI capabilities via exaggerated or fabricated cross-channel disclosures-has emerged as a systemic threat to capital market information integrity with the widespread adoption of generative AI. Existing detection methods rely on single-modal text frequency analysis, suffering from vulnerability to adversarial reformulation and cross-channel obfuscation. This paper presents AWASH, a multimodal framework that redefines AI-washing detection as cross-modal claim-evidence reasoning (instead of surface-level similarity measurement), built on AW-Bench-the first large-scale trimodal benchmark for this task, including 88412 aligned annual report text, disclosure image, and earnings call video triplets from 4892 A-share listed firms during 2019Q1-2025Q2. We propose the Cross-Modal Inconsistency Detection (CMID) network, integrating a tri-modal encoder, a structured natural language inference module for claim-evidence entailment reasoning, and an operational grounding layer that cross-validates AI claims against verifiable physical evidence (patent filing trajectories, AI-specific talent recruitment, compute infrastructure proxies). Evalua
Corporate Greenhouse Gas (GHG) emission targets are important metrics in sustainable investing [12, 16]. To provide a comprehensive view of company emission objectives, we propose an approach to source these metrics from company public disclosures. Without automation, curating these metrics manually is a labor-intensive process that requires combing through lengthy corporate sustainability disclosures that often do not follow a standard format. Furthermore, the resulting dataset needs to be validated thoroughly by Subject Matter Experts (SMEs), further lengthening the time-to-market. We introduce the Climate Artificial Intelligence for Corporate Decarbonization Metrics Extraction (CAI) model and pipeline, a novel approach utilizing Large Language Models (LLMs) to extract and validate linked metrics from corporate disclosures. We demonstrate that the process improves data collection efficiency and accuracy by automating data curation, validation, and metric scoring from public corporate disclosures. We further show that our results are agnostic to the choice of LLMs. This framework can be applied broadly to information extraction from textual data.
Corporate responsibility turns on notions of corporate \textit{mens rea}, traditionally imputed from human agents. Yet these assumptions are under challenge as generative AI increasingly mediates enterprise decision-making. Building on the theory of extended cognition, we argue that in response corporate knowledge may be redefined as a dynamic capability, measurable by the efficiency of its information-access procedures and the validated reliability of their outputs. We develop a formal model that captures epistemic states of corporations deploying sophisticated AI or information systems, introducing a continuous organisational knowledge metric $S_S(\varphi)$ which integrates a pipeline's computational cost and its statistically validated error rate. We derive a thresholded knowledge predicate $\mathsf{K}_S$ to impute knowledge and a firm-wide epistemic capacity index $\mathcal{K}_{S,t}$ to measure overall capability. We then operationally map these quantitative metrics onto the legal standards of actual knowledge, constructive knowledge, wilful blindness, and recklessness. Our work provides a pathway towards creating measurable and justiciable audit artefacts, that render the corp
This article examines the evolving role of legal frameworks in shaping ethical artificial intelligence (AI) use in corporate governance. As AI systems become increasingly prevalent in business operations and decision-making, there is a growing need for robust governance structures to ensure their responsible development and deployment. Through analysis of recent legislative initiatives, industry standards, and scholarly perspectives, this paper explores key legal and regulatory approaches aimed at promoting transparency, accountability, and fairness in corporate AI applications. It evaluates the strengths and limitations of current frameworks, identifies emerging best practices, and offers recommendations for developing more comprehensive and effective AI governance regimes. The findings highlight the importance of adaptable, principle-based regulations coupled with sector-specific guidance to address the unique challenges posed by AI technologies in the corporate sphere.
In the context of the rapid development of digital finance, some financial technology companies exhibit the phenomenon of "AI washing," where they overstate their AI capabilities while underinvesting in actual AI resources. This paper constructs a corporate-level AI washing index based on CHFS2019 data and AI investment data from 15-20 financial technology companies, analyzing and testing its impact on farmers' digital financial behavior response. The study finds that AI washing significantly suppresses farmers' digital financial behavior; the higher the degree of AI washing, the lower the response level of farmers' digital financial behavior. Moreover, AI washing indirectly inhibits farmers' behavioral responses by exacerbating knowledge exclusion and risk exclusion. Social capital can positively moderate the negative impact of AI washing; among farmer groups with high social capital, the suppressive effect of AI washing on digital financial behavior is significantly weaker than that among groups with low social capital. In response, this paper suggests that regulatory authorities establish a strict information disclosure system for AI technology, conduct differentiated digital fi
We introduce Omega^2, a Large Language Model-driven framework for corporate credit scoring that combines structured financial data with advanced machine learning to improve predictive reliability and interpretability. Our study evaluates Omega^2 on a multi-agency dataset of 7,800 corporate credit ratings drawn from Moody's, Standard & Poor's, Fitch, and Egan-Jones, each containing detailed firm-level financial indicators such as leverage, profitability, and liquidity ratios. The system integrates CatBoost, LightGBM, and XGBoost models optimized through Bayesian search under temporal validation to ensure forward-looking and reproducible results. Omega^2 achieved a mean test AUC above 0.93 across agencies, confirming its ability to generalize across rating systems and maintain temporal consistency. These results show that combining language-based reasoning with quantitative learning creates a transparent and institution-grade foundation for reliable corporate credit-risk assessment.