DEVELOPMENT OF CORPORATE GOVERNANCE IN TRANSITION COUNTRY: EVIDENCE FROM UZBEKISTAN

Year 2015, , 17 - 28, 30.10.2015

Zufar Ashurov

https://doi.org/10.15637/jlecon.96

Abstract

This paper empirically analyzes the development of corporate governance in the case of
Uzbekistan as a transition country. Specifically, the reforms implemented for over two decades for
strengthening and improvement of national corporate governance system, the measures undertaken by
the government for improvement of corporate relations in the joint-stock companies, the stages of
progressing corporate governance, the current problems of corporate governance are studied as well
as the author’s views and thoughts on the development process of corporate governance in the country
are stated in this paper. This empirical paper also shows the specific approach for reforming the
corporate governance system in the country, and presents evidence suggesting an impact of
Uzbekistan’s corporate governance developments on the domestic stock market performance. At the
end of paper, the author makes conclusion and brings some suggestions to further develop the
corporate governance in Uzbekistan.  

Keywords

corporate governance, corporate legislation, corporate governance reform, corporate governance framework

References

• Akimov, A., 2001, Reforming the Financial System: The Case of Uzbekistan. CASE Network Studies and Analyses No.234, Warsaw.
• Berkinov, B., 2005, Korporativniye struktury: osnovy sozdaniya i upravleniya (Corporate Structures: Fundamentals of Establishment and Management), Publication of National Library of Uzbekistan named after A.Navoi, Tashkent.
• Broadman, H., 1999, Corporate Governance and Regulation in Central Asia: Uzbekistan’s Structural Reform Challenges, Comp Broadman etition, World Bank Policy Research Working Paper No.2331.
• Karimov, I., 2010, The Concept of the Further Deepening of the Democratic Reforms and the Formation of the Civil Society in the Country, Uzbekistan, Tashkent.
• OECD, 2004, OECD Principles of Corporate Governance, OECD Publication Service, Paris.
• Tolipov, K., 2007, Predposylki formirovaniya sistemy korporativnogo upravleniya na predpriyatiyakh i perspektivy ee razvitiya v Uzbekistane (Background of Formation of a Corporate Governance System at the Enterprises and the Perspectives of Its Development in Uzbekistan), Journal “Upravleniye Predpriyatiem”, No.1.
• Troschke, M. & Zeitler, A., 2006, Privatisation and corporate governance in Kazakhstan and Uzbekistan: insights from a corporate survey in food and light industries, OsteuropaInstitut München, Working Paper No.256.
• Uljabaev, K., 2004, Korporativnoe upravlenie v Uzbekistane: problemy i resheniya (Corporate Governance in Uzbekistan: Problems and Solutions), Proceedings of scientific and practical conference on “Corporate Governance: Formation and Development in Conditions of Demonopolisation”, Tashkent.
• Vohidov, M., 2004. Razvitie korporativnogo upravleniya v Respublike Uzbekistan (Development of Corporate Governance in the Republic of Uzbekistan), Journal “Obshestvenniye Nauki v Uzbekistane”, No.4.
• Zaynutdinov, Sh. & Rakhimova, D., 2007, Korporativ boshqaruv asoslari (Fundamentals of Corporate Governance), Academia, Tashkent.
• Zohidov, A., 2004, Povisheniye effektivnosti upravleniya aksionernimi kompaniyami v usloviyah perekhodnoy ekonomiki (Enhancement of Management Effectiveness of the Joint-Stock Companies in the Conditions of Transition Economy), Diss., Tashkent.