The Research Department of Economics and Management of Tadbir Nikan Business, Marketing, and Finance Open 3092-6238 In Press 2027 09 01 Artificial Intelligence Adoption and Firm Financial Performance: Evidence from Publicly Listed Companies Artificial Intelligence Adoption and Firm Financial Performance: Evidence from Publicly Listed Companies 1 18 EN Journal Article 2026 07 13 <p>This study aimed to examine the relationship between artificial intelligence adoption and firm financial performance among companies listed on the Tehran Stock Exchange using accounting- and market-based performance indicators. This quantitative longitudinal study used balanced panel data from 146 nonfinancial companies listed on the Tehran Stock Exchange during 2018–2024, yielding 1,022 firm-year observations. Artificial intelligence adoption was measured using a disclosure-based Artificial Intelligence Adoption Index constructed from annual reports and official corporate disclosures. Firm financial performance was assessed using return on assets (ROA), return on equity (ROE), and Tobin’s Q. Firm size, financial leverage, firm age, sales growth, asset tangibility, and liquidity were included as control variables. Panel-data econometric analysis was conducted using random-effects generalized least squares models with firm-clustered robust standard errors, while year and industry effects were controlled. Artificial intelligence adoption was positively and significantly associated with ROA (β = 0.0067, SE = 0.0014, z = 4.79, p &lt; 0.001), ROE (β = 0.0104, SE = 0.0026, z = 4.00, p &lt; 0.001), and Tobin’s Q (β = 0.0710, SE = 0.0140, z = 5.07, p &lt; 0.001). Financial leverage was negatively associated with all three performance measures, whereas sales growth and liquidity showed significant positive relationships with ROA, ROE, and Tobin’s Q. The overall models were statistically significant, explaining 34.7% of variation in ROA, 30.1% in ROE, and 39.2% in Tobin’s Q. Greater artificial intelligence adoption was associated with stronger accounting profitability and higher market valuation among publicly listed companies, suggesting that AI can function as a value-enhancing organizational capability when supported by appropriate financial, technological, and managerial resources.</p> https://www.bmfopen.com/index.php/bmfopen/article/download/667/483