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As artificial intelligence reshapes education, school principals play a key role in institutional AI adoption. However, their cognitive and emotional appraisals remain underexplored. Grounded in Cognitive Appraisal Theory, this study surveyed 203 principals to examine how AI opportunity perception, anticipated adverse outcomes, AI understanding, and organizational context influence emotional responses and adoption intentions. Using Partial Least Squares Structural Equation Modeling, results show that opportunity perception significantly shapes secondary appraisals, which predict adoption intention. In contrast, negative emotions such as job insecurity and AI-use anxiety, though intensified by adverse appraisals, do not significantly affect adoption decisions. The study highlights the primacy of cognitive over emotional factors and offers implications for leadership development and policy design.