This article critically reviews the main methods used to analyze the determinants of foreign direct investment (FDI), focusing on panel data regression, gravity models, generalized method of moments (GMM), and qualitative-comparative analysis (QCA). For each method, we synthesize findings from major empirical studies to understand how specific economic, institutional, and policy variables influence FDI inflows. The study reveals that methodological choice significantly affects the magnitude and even direction of FDI determinants, underscoring the importance of mixed approaches in policy research.

This article provides a systematic investigation into the cognitive determinants that govern the transformation of subjective risk within entrepreneurial activities. Within the framework of this research, the deterministic role of cognitive biases, heuristic methods, and psychological predispositions in constructing the architecture of subjective risk during the decision-making process is elucidated

This article examines the drivers of non-performing loans (NPLs) in Uzbekistan’s commercial banks by combining macroeconomic determinants with bank-specific factors and assesses the effectiveness of early warning systems (EWS) in mitigating the procyclicality of asset-quality deterioration. The empirical narrative relies on official Central Bank of the Republic of Uzbekistan indicators for NPLs and loan portfolios, complemented by recent empirical studies on NPL determinants in transforming banking systems. Particular attention is paid to ownership-related heterogeneity (state-owned vs. other banks), comparability issues between regulatory NPL metrics and IFRS 9-based measures, and the role of loan restructuring practices. The paper derives policy-oriented recommendations aimed at improving disclosure of asset quality, integrating IFRS 9 indicators into supervisory monitoring, and standardizing EWS triggers for timely detection of borrower credit deterioration.

This paper investigates the determinants of Return on Equity (ROE) in joint-stock companies in Uzbekistan, using the DuPont Model to analyze the impact of profitability, efficiency, and leverage. Panel data from 25 Uzbek non-financial firms over a 10-year period (2014–2023) were examined using fixed and random effects models. While profitability and efficiency show a significant positive effect aligned with the DuPont assumptions, the leverage demonstrates a negative effect. In the lagged model, all three factors have a considerable positive impact. Being the first paper to analyze non-financial companies in Uzbekistan, it provides useful insights into companies’ performance drivers for both researchers and managers.

This study examines the determinants of economic growth across five Central Asian transition economies; Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan; over the period 1990–2024, with particular focus on the role of energy consumption. Using a panel dataset of 170 observations drawn from World Bank indicators, the analysis integrates energy consumption, financial development, industrialization, and trade openness into a unified panel data framework. Given a non-standard Hausman test result stemming from high intra-class correlation, the fixed-effects model is adopted as the preferred specification on theoretical grounds, with random-effects estimates reported for comparative transparency. The fixed-effects results reveal that financial development is the strongest and most consistent driver of within-country GDP per capita growth, followed by industrialization measured by manufacturing value-added. Energy consumption exerts a significant positive effect, consistent with the growth hypothesis of the energy-growth nexus, though its modest coefficient suggests diminishing returns within countries over time. Trade openness, by contrast, is negatively associated with GDP per capita, reflecting the adverse consequences of poorly sequenced liberalization in economies with limited institutional capacity and export diversification. These findings contribute original empirical evidence on the energy-growth nexus in the post-Soviet Central Asian context, offering policy-relevant insights for financial sector deepening, industrial upgrading, energy efficiency investment, and strategic trade integration across the region

This article develops a forward-looking outlook for Uzbekistan’s e-commerce market through 2035 and examines the main determinants of both growth speed and quality. It discusses key drivers such as the expansion of digital payments and e-government services, upgrades in logistics infrastructure, rising mobile internet penetration, the scaling of marketplace ecosystems, and the intensification of cross-border trade, alongside evolving regulation and consumer protection. The paper applies a scenario-based framework (baseline, accelerated, and inertial) to evaluate how macroeconomic conditions, competition dynamics in digital markets, and the adoption of data and AI technologies may reshape online retail. Special attention is paid to structural constraints, including consumer trust, cybersecurity risks, last-mile delivery performance, the digital divide, and capability gaps among SMEs. The findings aim to inform public policy design, business strategy, and academic research on Uzbekistan’s digital economy

This article comprehensively analyzes the environmental problems arising against the backdrop of the acceleration of the globalization process and their impact on demographic processes. In the 21st century, the deepening of economic cooperation, the acceleration of industrialization, the practice of unlimited use of resources, and the expansion of transnational production chains are leading to a sharp increase in environmental pressure. Such factors as atmospheric pollution, global warming, water scarcity, soil degradation, and a decrease in biodiversity are seriously changing not only natural ecosystems but also demographic indicators related to human life. The study highlights the direct and indirect impact of environmental problems on such processes as the birth rate, mortality rate, migration flows, public health, the quality of labor resources, and territorial demographic imbalance. In particular, in regions with a high level of environmental risk, such demographic changes as a decrease in births, an increase in morbidity, an increase in premature deaths, an increase in ecological migration, and a decrease in population potential have been noted. Also, based on scientific sources, it is shown that factors such as water scarcity or drought caused by global climate change have become one of the main determinants of population migration strategy

In the context of the transformation of the global economic environment, the accelerating processes of globalization, and the integration of international financial and economic systems, the significance of non-financial determinants of business value within the architecture of strategic management is substantially increasing. Organizational and corporate culture is acquiring the status of a system-forming factor of value-based management, shaping long-term competitive advantages, strengthening the company’s market identity, and enhancing its investment capitalization. This highlights the necessity of a comprehensive analysis of the institutional forms of corporate culture, the development of innovative tools for its integration into business value management systems, as well as the implementation of multi-level assessments of its effectiveness under contemporary economic transformations.

This article provides an in-depth analysis of the institutional-fiscal transformation of Special Economic Zones (SEZs) and their strategic role in innovative development. Drawing on both global and national experience, it examines the theoretical foundations of SEZs, tax and customs preferences, cluster-based economic models, digital infrastructure, and the integration of green technologies. The study explores the genesis of SEZ development, their central role in economic liberalization policies, and their position within international integration processes. It highlights that beyond tax incentives, key determinants of SEZ effectiveness include transparent governance, institutional coherence, the formation of innovative production clusters, and the development of skilled human capital. Ultimately, SEZs are positioned not only as tools for attracting investment but also as drivers of technological independence, economic sovereignty, and enhanced global competitiveness.