The article discusses the theoretical and methodological foundations of the stock market regulation, its place and role in the national economy, characterizes the main instruments of the stock market with an indication of the problematic aspects of their use, analyzes the external conditions for the development of the stock market in the national economy, identifies the features of the development of the stock market mechanism. Also, attention is drawn to the structure of attracting resources of the stock market, which is characteristic of the current stage of the state of the economy of Uzbekistan, recommendations are formulated for their improvement.

This study explores the impact of financial metrics, specifically Return on Assets (ROA) and Return on Equity (ROE), on stock values in Islamic banking in Pakistan. Islamic banking in Pakistan lacks empirical research on how financial indicators like ROA and ROE affect stock values, creating a gap in understanding crucial performance metrics for investors. The study adopts a quantitative method, analyzing secondary statistics from the Pakistan Stock Exchange and Meezan Bank websites for the period 2016–2022. Linear regression in EViews is applied to assesses the relationship between ROA, ROE, and stock prices of the Bank. Results of the study indicates that the stock prices are positively influenced by returns and equity, however, impact of return on asset is statistically significant at 10 percent confidence interval.  The study is limited to data from PSB and IMBS, restricting its generalizability to other banks or markets. Study suggests investors should prioritize ROA and ROE metrics when evaluating stocks in Islamic banking, as they are essential for understanding performance and making informed decisions.

This article examines the organization of the stock market and its summary and essence, the main features of the stock market, and its impact on the development of the country's economy.

This article analyzes current issues in the development of the stock market, as well as factors contributing to the activation of joint-stock companies’ participation in the capital market. In addition, the main problems hindering the development of the stock market state intervention, infrastructure deficiencies, low financial literacy of the population, and weak liquidity in the securities market are examined on a scientific basis. The empirical part of the study reveals the role of the capital market in economic growth based on the dynamics of global IPO proceeds and the capitalization of Apple Inc. The results of the article serve as a basis for developing scientific and practical recommendations for the development of the stock market

The paper examines the economic essence and theoretical evolution of digital governance in joint-stock companies, with a focus on joint-stock banks, under transformation. It argues that digital governance goes beyond IT adoption by reducing information asymmetry as well as agency and transaction costs, strengthening control and accountability, and enabling early risk identification. Using comparative and content analysis, the study contrasts key concepts, proposes an evolutionary model and a factor system, and formulates an author’s definition of digital governance. The results provide conceptual implications for improving governance architecture in banking organizations

The article examines the relationship between banks and the stock market, the role of banks as investors in the stock market, as well as methods of raising capital and managing risks in the stock market. The specific features of banks' activities in the stock market and theoretical approaches to this process are studied in detail.

This article highlights the results of a long-term forecast and strategic analysis of effective management of modern housing stock, and also presents a classification of types of housing stock. The main components of the housing problem in the Republic of Uzbekistan, problematic situations of the housing stock, which are complex in nature, are identified. In conclusion, the main tasks of effective management of modern housing stock are defined and proposals for its improvement are developed.

Identifying ways to improve corporate culture in joint-stock companies requires close attention to both its advantages and its shortcomings. An effective corporate culture directly influences a company’s operations and long-term prospects. It is one of the key drivers of success and plays a decisive role in maintaining competitive advantage. Corporate culture also affects employees’ moral qualities, commitment, productivity, physical health and emotional well-being within the team. This article analyses the corporate-culture problems typical of joint-stock companies and sets out practical solutions. It considers the importance of culture, its place in corporate activity and its impact on economic indicators. The problems identified include an underdeveloped culture, weak communication among staff, and failure to observe ethical standards and values. Proposed remedies include strategic approaches to shaping culture, regular training and educational programmes, fostering an atmosphere of open dialogue and trust, and developing and implementing codes of ethics. The study offers practical recommendations for improving and effectively managing corporate culture in joint-stock companies.

This article discusses the issues of ensuring transparency of economic indicators of joint-stock companies in our republic and openly disclosing changes in the value of their shares on the secondary market. This article examines the issues of attracting investors based on the analysis of the most important indicators of joint-stock companies.

This article analyzes the theoretical and practical aspects of implementing innovative models of corporate governance in joint-stock companies of Uzbekistan. The study examines issues related to revising corporate strategies, strengthening the role of independent supervisory boards, expanding stakeholder participation, developing a responsible governance model based on ESG principles, and directing corporate culture towards innovation. Particular attention is paid to the analysis of models aimed at increasing transparency, accountability, and responsibility in corporate governance. The scientific and practical results have made it possible to develop recommendations for adapting the corporate governance system of Uzbekistan to international standards and enhancing the investment attractiveness of joint-stock companies

This article examines the current aspects, opportunities and advantages of digitizing the modern housing stock management system. The possibilities of increasing the efficiency of housing stock management, rational use of resources, establishing interactive dialogue with the population, and ensuring transparency through the introduction of digital technologies are analyzed. Existing problems and their solutions are also presented, as well as recommendations based on advanced foreign experience

The article highlights the importance of effective cash flow management in ensuring the financial stability of joint-stock companies. In today's economic conditions, especially for enterprises with large production volumes, along with net profit, the proper organization of real cash flows is one of the main factors of financial security. The study examined the dynamics of cash flow indicators, their relationship with the level of debt, profitability, and solvency. In particular, the possibilities of a real assessment of the financial condition of a joint-stock company through the efficiency of net cash flow, profitability, and solvency coefficients are revealed. Based on the results of the article, conclusions and proposals were developed, aimed at improving the mechanisms of financial management for joint-stock companies.

This paper examines the role, significance, and methodologies of due diligence in joint-stock companies, highlighting legal, financial, and operational aspects. It explores how due diligence mitigates risks, enhances corporate governance, and ensures compliance with regulatory frameworks. The study also discusses challenges in conducting effective due diligence and proposes best practices for improving its efficiency. Through case studies and analysis, the paper underscores the importance of thorough due diligence in safeguarding shareholder interests and ensuring corporate sustainability.

The article analyzes the theoretical foundations of dividend policy in joint-stock companies, the mechanism of profit distribution, and the issues of reflecting dividend payments in accounting. The impact of dividend policy on financial stability, investment potential, and capital structure is substantiated. The correspondence of accounts involved in profit distribution and practical problems of dividend accounting are examined. The introduction of a separate working account for recording unclaimed dividends is proposed. The results confirm the necessity of aligning dividend policy with the actual financial condition of the enterprise

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.

The article analyzes the challenges and development directions of stock trading on Uzbekistan’s capital market. It provides recommendations to increase issuer activity, reduce state ownership, protect investor rights, and ensure balance in dividend policy

This article examines the economic essence of digital governance in joint-stock companies, with a particular focus on banks operating under conditions of institutional and technological transformation. The study argues that digital governance should not be reduced to automation or IT adoption, but should be interpreted as a data-driven management system influencing decision quality, risk management, compliance, and financial stability. Using a systematic and comparative approach, the limitations of macro-level indices such as DESI and EGDI are identified in assessing corporate governance effectiveness. To address this gap, the paper proposes an integrated author’s indicator system and an integral evaluation model linking digital governance maturity with economic and risk-related outcomes. The findings provide a methodological basis for empirical analysis and practical application in banking governance

This article examines the issues of forming an efficient securities portfolio in the capital market of Uzbekistan based on Markowitz’s mean-variance optimization model. The study uses 748 daily observations covering the period from July 23, 2022 to August 14, 2025 and forms equally weighted, minimum variance, and tangent portfolios based on the shares of six joint-stock companies actively traded on the Republican Stock Exchange “Tashkent” - three banks (Hamkorbank, Ipoteka-bank, and Ipak Yuli) and three non-bank companies (Uzbekistan Metallurgical Combine, Uztelecom, UZRTXB, and CHBSK). Portfolio performance is evaluated using the Sharpe ratio, Treynor ratio, Jensen’s alpha, and M² measure, and a comparison of banking and non-banking sector indices is carried out based on 1,000 potential portfolios using Monte Carlo simulation. The results of the study show that the tangent portfolio composed of bank shares demonstrates the highest performance (E(P) = 40.80%, σp = 4.68%, Sharpe ratio = 6.83).

This article analyzes models for forming an optimal investment portfolio, specifically Markowitz's optimal portfolio theory and the CAPM (Capital Asset Pricing Model). In the analysis section, a portfolio was constructed and examined based on data from 15 joint-stock companies operating in Uzbekistan, using stock price data from the last five years. Additionally, insights from various economists such as William Sharpe, Kan, and Zhou are presented. The beta coefficient between the UCI market index and the expected return of the portfolio was calculated, and the expected return of the portfolio, as well as the efficient frontier, was determined using CAPM. The article concludes with general findings and recommendations.

The purpose of this article is to critically analyze the "national" renovation programs that the country and society are implementing to improve their infrastructure and urbanization processes. The article examines the meaning of renovation at the national level, its social, economic and environmental impacts. In a critical systemic analysis, it is important to select the most effective and sustainable methods of this process for different regions and the republic, analyze their mutual experience, and pay attention to the uncertainties and problems of "national" renovation. At the same time, the article presents studies assessing the role of state bodies, the private sector, and the local population involved in the renovation process, as well as the importance of their mutual cooperation. Through a critical systemic approach, the study attempts to provide important proposals and recommendations to ensure the accurate and effective implementation of such programs.

This article examines the impact of the systematic application of good corporate governance tools on the capitalization of joint-stock companies. Based on empirical data from leading public companies in Uzbekistan, an integrated model is proposed that includes board independence, audit committees, dividend policy, gender diversity, and stakeholder engagement. The results of the regression analysis show that the combined use of these corporate governance mechanisms significantly increases the value of Tobin’s Q, confirming the theoretical propositions of agency theory, resource-based approach, and stakeholder theory.

Currently, the issues of improving the financial planning system, which is the main functional element of financial management, are widely studied all over the world. In particular, in the context of a global pandemic, targeted research is being conducted on the formation of a financial planning system capable of quickly adapting to changing conditions in foreign markets and its perfect model in combination with strategic plans. Also, one of the main functional elements of financial management is focused on improving the organizational architecture of financial diagnostics, which embodies a wide range of indicators for a comprehensive assessment of financial and economic activities of companies.

This study explores ways to improve the investment activities of commercial banks. The research identifies key directions, including portfolio diversification, the introduction of innovative financial products, entry into international financial markets, participation in public-private partnership projects, and the development of risk management systems.

The article analyzes the objective necessity of taxing enterprises for the use of subsoil resources, its economic significance, and methodological foundations. Tax policy in the process of utilizing underground resources serves as a crucial tool for forming state budget revenues, ensuring the efficient use of natural resources, and maintaining environmental sustainability. Additionally, the article examines international experience and proposes effective models for Uzbekistan.

Целью данного исследования является рассмотрение и анализ направлений совершенствования методологии инвестиционной деятельности в условиях цифровизации промышленных предприятий. В статье рассматриваются методические основы совершенствования инвестиционной деятельности компании за счет повышения доходности собственного (акционерного) капитала посредством модели Дюпона с использованием искусственного интеллекта на примере АО «Узбекнефтегаз».