Large-scale digital platforms have become dominant organizational forms in the global economy, reshaping value creation through data-driven, multi-sided, and ecosystem-based business models. Their scale, complexity, and rapid innovation cycles introduce distinctive financial governance challenges that are not adequately addressed by traditional corporate governance frameworks. This paper examines strategic financial governance models tailored to the operational, regulatory, and risk profiles of large-scale digital platforms. It conceptualizes financial governance as an integrated system of decision rights, controls, incentives, and oversight mechanisms that guide capital allocation, risk management, and value distribution across platform ecosystems. This develops a structured typology of financial governance models—centralized, decentralized, hybrid (federated), and ecosystem-oriented—highlighting their strategic rationales, strengths, and limitations in the context of platform economics. Particular attention is given to how governance models respond to key platform characteristics, including network effects, high fixed and low marginal costs, global regulatory exposure, and dependence on intangible assets such as data and algorithms. The paper further explores governance mechanisms for large-scale capital investments in artificial intelligence, cloud infrastructure, and acquisitions, emphasizing the need for portfolio-based investment discipline and long-term value orientation.In addition, the analysis integrates enterprise risk management, data-driven financial analytics, and AI-enabled decision support into the governance framework, illustrating how real-time monitoring and scenario analysis can enhance financial resilience. Regulatory, ethical, and sustainability considerations—such as digital taxation, antitrust scrutiny, and ESG-aligned capital allocation—are examined as integral dimensions of contemporary financial governance. The paper concludes that hybrid and ecosystem-oriented governance models are increasingly critical for balancing strategic control with operational agility, aligning incentives across platform participants, and ensuring sustainable growth. The proposed framework offers practical insights for executives, policymakers, and investors seeking to design adaptive financial governance systems for digital platforms operating at scale.
Walawalkar et al. (Thu,) studied this question.