DEVELOPMENT OF CORPORATE GOVERNANCE IN TRANSITION COUNTRY: EVIDENCE FROM UZBEKISTAN

Year 2015, Volume: 2 Issue: 4, 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

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