Challenges and Perspectives of AI Implementation within Romanian Public Listed Companies - Comparative review of Annual Reports

The intensifying role of artificial intelligence in the business world is creating new demands for transparency, related to the way companies communicate, especially related to annual reports. This research explores in detail how Romanian publicly traded companies disclose information about their engagement with, interest in and strategic outlook on artificial intelligence by looking at the language they choose in their annual reports. The focus is on firms listed on the Bucharest Stock Exchange that are active in technology-heavy sectors, where the drive for digital transformation is arguably at its strongest. Our research strategy uses a dual approach, first, an initial, exploratory evaluation of how these companies are disclosing information, and second, a comparison that cuts across different industries and tracks changes over time. We specifically analyzed annual reports released in 2020 and 2024. This time frame allows us to capture shifts in communication styles during a period defined by rapid global and regional adoption of new technologies. We used text-mining and content analysis techniques to distinguish terminology related to artificial intelligence, measure how often it appears, and judge the specific context and framing surrounding these artificial intelligence mentions. By putting the two reporting years side-by-side, the study attempts to determine some key things: Are companies being more open about their actual artificial intelligence projects? Has the narrative of the artificial intelligence related stories they tell evolved? And are there noticeable differences among industries regarding the maturity of this technological conversation? These finding, try to clarify the extent to which artificial intelligence has shifted from a conceptual framework to an operational reality within the Romanian listed companies. Beyond describing and comparing the current situation, this study seeks to offer new insights into how emerging technologies blend into corporate narratives, within a developing capital market. It also provides a foundation for future research on whether a company’s technological ambitions actually match what they choose to disclose. Ultimately, the study presents a structured viewpoint on how Romanian firms are currently communicating their involvement with artificial intelligence.