Does Artificial Intelligence Disclosure and Company Capacity Affect Firm Performance? Evidence from Central Asian Capital Markets

This quantitative study examines the effects of Artificial Intelligence (AI) usage disclosure and company capacity on the value of firms listed on Central Asian capital markets. Employing a purposive sampling technique, the study analysed a final sample of 53 firms using secondary data collected from audited annual reports and financial statements. AI disclosure was measured with a content-analysis-based index, company capacity was proxied by the natural logarithm of total assets, and firm value was measured using Tobin's Q. The hypotheses were tested using multiple linear regression. The results show that AI disclosure has a positive but statistically insignificant effect on firm value. However, this study demonstrates that company capacity, as reflected in total assets, has a positive and significant effect on increasing firm value. The regression model explains 31.2% of the variance in firm value. This study provides new empirical evidence from the underexplored context of Central Asia, extending signalling theory and the resource-based view (RBV). It implies that while AI adoption is strategically important, its disclosure alone may not be a sufficient market signal in emerging markets; tangible indicators of firm capacity remain the primary driver of valuation.

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