Digital Transformation and Changes in Corporate Governance Structure: A Qualitative Study of Leading Companies Listed on the Tehran Stock Exchange

Abstract

Digital transformation extends beyond technological change; it represents a fundamental reconfiguration of value creation mechanisms and organizational interactions, influencing every dimension of an enterprise. The central issue is that traditional corporate governance structures, founded upon rigid hierarchies and physical oversight mechanisms, have become increasingly ineffective in responding to the speed, transparency, and complexity of the digital era. This study aims to investigate the structural changes in the corporate governance systems of leading companies listed on the Tehran Stock Exchange (TSE) in the context of digital transformation. The research adopts a descriptive–analytical methodology with a qualitative approach, relying on documentary analysis of academic literature, sustainability reports, annual reports, and financial statements of selected listed companies. The existing research gap concerns the scarcity of indigenous studies examining the direct impact of emerging digital technologies on board structures and decision-making processes within the Iranian capital market. Accordingly, investigating this issue is essential for aligning governance frameworks with the evolving requirements of contemporary financial markets. The principal research question addresses how digital transformation redefines the structural components of corporate governance in leading TSE-listed companies. The findings indicate that digital transformation facilitates a transition from centralized governance models toward network-based governance, enhances real-time transparency, and reshapes board composition by increasing the representation of technology-oriented expertise. Furthermore, the results reveal that audit and risk management committees within leading companies are increasingly adopting automated processes and data-driven monitoring mechanisms. Based on these findings, the study recommends that the Securities and Exchange Organization develop a comprehensive digital corporate governance framework and require listed companies to establish specialized technology committees at the board level to bridge the gap between corporate strategy and digital infrastructure.