ACTIVITY OF JOINT STOCK SOCIETIES THEORETICAL BASIS OF FINANCING
Keywords:
Joint Stock Societies, Capital Structure, Equity Financing, Debt Financing, Uzbekistan, Corporate Governance, Investment Mobilization, Financial Markets.Abstract
In Uzbekistan, joint stock societies (JSS) serve as essential drivers of investment mobilization and corporate sector development. The financing of JSS activities relies on a balanced application of equity and debt instruments, underpinned by classical and modern financial theories adapted to the country's evolving market conditions. This study systematically examines the theoretical foundations of JSS financing, explores Uzbekistan's specific regulatory environment, and analyzes the challenges and opportunities arising from ongoing reforms. Empirical data from 2018 to 2024 shows that Uzbekistan’s joint stock companies have increased their total capital by 11.2% annually on average, yet still face limitations due to shallow financial markets and high capital costs. The research concludes with recommendations aimed at optimizing capital structures to foster sustainable corporate growth and competitiveness.
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