This paper explores the implications of digitalization and business model innovation for the principal-agent conflict. Continuous digital transformation has recently become a feature sine qua non for companies. It is also stimulating business model innovation resulting in the growing adoption of ecosystem-based models. These trends may have significant implications for the principal-agent relationship, essential for understanding value creation by a firm. In order to analyze the impact of digital transformation, we use blockchain technology as a proxy. To measure the potential impact on the principal-agent conflict, we study management and shareholder-sponsored proposals at annual meetings. The level of shareholder involvement in governance is measured based on the number of shareholder-sponsored proposals received. In addition, we measure shareholder support for management-sponsored proposals. A sample of 2481 NYSE, Nasdaq and AMEX-traded firms for the period 2015–2019 is used. First of all, we show that digitalization per se has a mitigating impact on the agency conflict. Shareholders become more active, albeit not more hostile towards management. Secondly, we have identified the strongest impact in such sectors as information technology, communications, finance, and healthcare. These are the most significantly impacted by ecosystem-based business model innovation. We conclude that digitalization and ecosystem-based business models are mutually reinforcing in mitigating the principal-agent conflict.

本文探讨了数字化和商业模式创新对委托代理冲突的影响。持续的数字化转型最近已成为企业的必备特征。它还刺激了商业模式创新，导致越来越多地采用基于生态系统的模式。这些趋势可能对委托代理关系产生重大影响，这对于理解公司的价值创造至关重要。为了分析数字化转型的影响，我们使用区块链技术作为代理。为了衡量对委托代理冲突的潜在影响，我们在年会上研究了管理层和股东提出的提案。股东参与治理的程度是根据收到的股东发起提案的数量来衡量的。此外，我们还衡量股东对管理层发起的提案的支持程度。使用 2015 年至 2019 年期间在纽约证券交易所、纳斯达克和美国证券交易所上市的 2481 家公司作为样本。首先，我们表明数字化本身对代​​理冲突有缓解作用。股东变得更加积极，尽管对管理层并没有更加敌视。其次，我们发现信息技术、通信、金融和医疗保健等行业的影响最大。这些是受基于生态系统的商业模式创新影响最显着的领域。我们的结论是，数字化和基于生态系统的商业模式在缓解委托代理冲突方面是相辅相成的。