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IMPROVING THE MECHANISM FOR EFFECTIVE MANAGEMENT OF TOURISM SERVICES
Uktam Jiyanov

This article examines the issues of improving mechanisms for effective management of tourism services. The study analyzes the theoretical foundations and practical significance of institutional, economic, strategic, organizational, digital, marketing, monitoring, human resource, and sustainable development mechanisms in managing the tourism services market. Based on the case of Uzbekistan, the findings reveal that scientific research mainly focuses on institutional and economic mechanisms, while digital management, monitoring, and sustainability aspects remain insufficiently explored. The study substantiates the need for an integrated management approach and proposes scientifically grounded conclusions and practical recommendations for enhancing the efficiency of tourism services management.

12/29/2025
  • PDF (Uzbek)
153-161 140 115
ANALYSIS OF THE IMPACT OF PUBLIC FINANCIAL MANAGEMENT EFFICIENCY ON SOCIAL JUSTICE THROUGH PEFA AND CEQ METHODOLOGIES
Muhammadsodiq Zokirjonov

The article addresses to examine how improvements in fiscal governance affect social equity outcomes by integrating the empirical framework that combines (the Public Expenditure and Financial Accountability) PEFA-based indicators of (Public financial management) PFM efficiency framework with (the Commitment to Equity) CEQ-based measures of income inequality and poverty methodology. The develops Relying exclusively on publicly available data from national statistical and fiscal sources, the paper constructs a composite PFM index and estimates its relationship with social equity outcomes over the period 2010-2024. Regression results indicate that improvements in public financial management are significantly associated with reductions in income inequality and poverty. In particular, budget credibility and fiscal risk management emerge as the most influential institutional dimensions driving redistribution effectiveness. The study provides novel empirical evidence from a transition economy and highlights the importance of integrating institutional and distributional perspectives in fiscal governance reforms.

02/27/2026
  • PDF (Uzbek)
258-269 133 62
INSTITUTIONAL LIMITATIONS IN THE LAND AND WATER RESOURCES MANAGEMENT SYSTEM
Mansur Matkarimov

This article analyzes the institutional limitations existing in the land and water resources management system in Uzbekistan. In particular, the inconsistencies in the distribution of powers between management bodies, low efficiency in resource use, insufficient functioning of monitoring and control mechanisms, and problems in the regulatory and legal framework are highlighted. The article also studies foreign experience in sustainable management of land and water resources and develops practical proposals and recommendations for improving the institutional system in the conditions of Uzbekistan.

05/25/2026
  • PDF (Uzbek)
96-103 122 58
EMPIRICAL ASSESSMENT OF THE EFFECTIVENESS OF MANAGEMENT MECHANISMS IN DIVERSIFICATION OF TOURISM TYPES
Dilfuza Saidova

In this scientific article, the effectiveness of management mechanisms in diversifying tourism types is analyzed theoretically and empirically. The study examined the dynamics of change in the tourism structural structure based on data from 2020-2024 and applied the Gerfindal–Hirschman Index (TDI) and the Shannon entropy index (EDI) to assess the degree of diversification. Also, the relationship between tourism revenues and infrastructure investments, public-private partnership projects and digital marketing costs was evaluated on the basis of correlation and regression analysis. Empirical results have shown that there is a strong positive correlation between the level of tourism diversification and economic growth. Increased diversification index has been found to accelerate revenue growth. Management intensity and efficiency ratios have confirmed that resource utilization has increased over the years. The results of the study were scientifically substantiated that a comprehensive management approach and institutional coordination in the field of Tourism ensure sustainable economic growth

04/30/2026
  • PDF (Uzbek)
204-214 76 52
EFFECTIVE WAYS OF USING STATE BUDGET FUNDS IN THE DEVELOPMENT OF PROFESSIONAL TRAINING OF MANAGEMENT STAFF IN HIGHER EDUCATION INSTITUTIONS
Shuhrat Ismoilov, Majid Innazarov

This article examines effective ways of using state budget funds for the development of professional training of management staff in higher education institutions. The research analyzes the legislative framework of the Republic of Uzbekistan, international best practices in budget allocation, and develops practical recommendations for optimizing financial resources. The article explores performance-based budgeting mechanisms, transparency principles, and institutional capacity building approaches. Special attention is given to the relationship between budget allocation efficiency and the quality of leadership development programs. The study demonstrates that strategic allocation of state budget resources, combined with institutional autonomy and accountability mechanisms, creates conditions for sustainable development of management competencies in higher education.

01/30/2026
  • PDF (Uzbek)
86-92 118 72
THE IMPACT OF ACCESSION TO THE WORLD TRADE ORGANIZATION ON THE DEVELOPMENT OF PROJECT MANAGEMENT SYSTEMS IN CENTRAL ASIA
Olha Hapieieva , Maruf Khasanov , Zilola Karimova

The article examines how WTO accession influenced the development of project management systems in Central Asian countries. Its relevance lies in the need to align trade-related reforms with project environment modernization amid Uzbekistan’s accession process. The methodology combines qualitative comparative analysis, case study, and content analysis of OECD, WTO, IMF, and World Bank materials. The findings show that in Kyrgyzstan, Tajikistan, and Kazakhstan WTO membership stimulated customs digitalization, single-window mechanisms, e-procurement, and greater regulatory transparency. The scientific and practical contribution of the study lies in developing recommendations for Uzbekistan on linking WTO-related reforms with project management modernization, digital monitoring, compliance procedures, and integrated project implementation control.

04/30/2026
  • PDF
102-110 90 49
MODERNIZATION OF THE TOURISM SERVICES MANAGEMENT SYSTEM IN UZBEKISTAN: CURRENT PROBLEMS AND DIRECTIONS FOR IMPROVEMENT
Uktam Jiyanov

This article provides a scientific analysis of the need to modernize the tourism services management system in Uzbekistan and identifies key challenges along with strategic directions for improvement. The study employs statistical analysis, comparative analysis, the TOWS matrix, and content analysis methods. The findings reveal that the sector still faces several critical issues, including institutional fragmentation, weak digital integration, uneven service quality across regions, limited staff qualifications, and insufficient marketing effectiveness. Furthermore, the research highlights that the development of smart tourism, implementation of digital platforms, adoption of international service quality standards, and increased involvement of local communities are crucial factors for modernizing the sector. The article proposes comprehensive solutions and serves as a valuable academic source for policymakers seeking to enhance tourism management in Uzbekistan

11/28/2025
  • PDF (Uzbek)
96-104 226 138
COMMUNICATION STRATEGY AS A TOOL FOR EFFECTIVE MANAGEMENT OF MINING COMPANIES IN THE CONTEXT OF TRANSFORMATION AND GLOBAL CHALLENGES
Ranokhon Kosimova

The article explores the role of communication strategy as an instrument of strategic management in mining companies under conditions of digitalization, institutional transformation, and global challenges, including ESG requirements and corporate governance transparency. The relevance of the research is explained by the ongoing economic and institutional reforms in the Republic of Uzbekistan aimed at ensuring economic openness, attracting investment, and integrating enterprises into the global economic community. Based on theoretical approaches, international experience, and empirical data from JSC Navoi Mining and Metallurgical Company, it is substantiated that a communication strategy not only provides information support but also contributes to managing reputational risks and supporting managerial decision-making.

02/27/2026
  • PDF (Russian)
289-295 111 69
THEORETICAL APPROACHES TO ENSURING THE EFFICIENCY OF INVESTMENT PROJECTS AND THEIR ECONOMIC CONTENT
Shoxrux Mirzayev

This article comprehensively analyzes theoretical approaches to ensuring the efficiency of investment projects and their economic content. The study examines modern methods for evaluating investment projects, indicators of financial and economic efficiency, risk management mechanisms, and institutional aspects of project financing. In addition, the role of ESG principles, innovative technologies, and strategic management approaches in improving project performance is scientifically substantiated.

06/30/2026
  • PDF (Uzbek)
35-41 55 30
ADVANCED FOREIGN EXPERIENCE IN IMPROVING THE QUALITY OF THE CORPORATE MANAGEMENT SYSTEM
Layli Mirzayeva

This article analyzes advanced practices in improving corporate governance systems based on the experience of foreign countries. The focus is placed on key principles of corporate governance, such as the protection of shareholders’ interests, the independence and accountability of management bodies, information transparency, and the prevention of conflicts of interest. The study reviews international standards, including the OECD Principles, G20/FSB recommendations, and documents such as the UK Corporate Governance Code. The author provides specific examples from international practice regarding the role of supervisory boards, the functions of independent directors, the effectiveness of audit committees, and the importance of internal control mechanisms. The article concludes with suggestions for applying foreign experience in the context of Uzbekistan. It evaluates the adaptability of these practices from legal, institutional, and economic perspectives, and offers recommendations for enhancing the quality of corporate governance in national companies.

10/31/2025
  • PDF (Uzbek)
300-309 150 91
EVOLUTION OF CORPORATE GOVERNANCE IN THE DIGITAL ECONOMY
Farxod Shonazarov

This article provides a scientific analysis of the evolution of corporate governance systems in the context of the digital economy and changes in their institutional framework. The study substantiates that digital technologies are no longer auxiliary tools but have become the institutional core of modern corporate governance. Particular attention is paid to the changing role of the board of directors in shaping digital strategy, data governance, and digital risk management. The paper systematically examines institutional, organizational, technological, and regulatory challenges associated with the implementation of digital corporate governance in state-owned enterprises. The findings indicate that digital corporate governance enhances transparency, improves the timeliness and quality of managerial decision-making, and strengthens investment attractiveness. An original approach to a digital corporate governance model adapted to the conditions of the Republic of Uzbekistan is proposed.

02/27/2026
  • PDF (Uzbek)
185-190 157 85
THE INSTITUTIONAL ROLE OF THE CORPORATE GOVERNANCE SYSTEM IN MINIMIZING CORRUPTION RISKS IN BUSINESS ENTITIES WITH STATE PARTICIPATION
Nilufar Umarova

This article analyzes the institutional aspects of corporate governance systems in mitigating corruption risks in state-owned enterprises. Based on international experience including OECD principles, ESG indicators, and best practices from developed countries the study examines the independence of supervisory boards, the effectiveness of internal and external audit mechanisms, the level of transparency, and conflict-of-interest management frameworks. Through a combination of systematic analysis, comparative methods, and empirical approaches, the research evaluates governance practices in major state-involved companies in Uzbekistan and proposes specific recommendations for their improvement.

10/31/2025
  • PDF (Uzbek)
209-214 122 89
DIGITAL LABOR MARKET AND HUMAN CAPITAL
Asilbek Abdurahmonov , Azizbek Tursinbayev

This article provides a theoretical and conceptual analysis of the interrelationship between the digital labor market emerging under the conditions of the platform economy and human capital. The study examines the institutional characteristics of labor relations organized through digital platforms, the mechanisms of algorithmic management, as well as new forms of utilizing human capital. The author interprets the digital labor market as an independent economic institution fundamentally different from traditional labor relations and substantiates the process of labor fragmentation within the segments of cloud work, crowd work, and gig work. The article demonstrates the transformation of human capital in the digital economy from a classical factor of production into a resource that generates data and increases platform value.

02/27/2026
  • PDF (Uzbek)
16-23 217 125
ANALYSIS OF MODELS AND CURRENT STATUS OF THE STRATEGIC MANAGEMENT SYSTEM OF ENTERPRISES IN INNOVATION DEVELOPMENT IN FOREIGN COUNTRIES
Shahnoza Shirinova

This study provides a comparative analysis of innovative development models that have played an important role in the global economy in the 21st century. The article takes an in-depth look at the innovation systems of the United States, the European Union, the Scandinavian countries, South Korea, Singapore, Japan, and Germany. Five main models - open innovation, Triple Helix, cluster innovation, public governance, and corporate strategies - are analyzed based on statistical data for 2024. The results of the study show that each model has its own advantages and is adapted to the institutional environment and economic characteristics of countries. Hybrid models and the integration of sustainable development goals have become the main trends in modern innovation strategies. The recommendations presented for Uzbekistan determine the ways to develop the national innovation ecosystem.

11/28/2025
  • PDF
195-203 203 0
ADVANTAGES OF RESULT-ORIENTED BUDGETING OVER OTHER METHODS
Nigora Primova

This article investigates the advantages of results-oriented budgeting over other methods and examines the application of this method in practice. It has been proposed that the implementation of results-oriented budgeting should not be considered in isolation, but rather in the context of public expenditure management reform and, more broadly, within the framework of public sector reform, including civil service reform, institutional reform, and change management. The study explores the view that results-oriented budgeting represents a system of budget formation (and execution) that reflects the relationship between planned (implemented) budget expenditures and expected (achieved) results.

02/27/2025
  • PDF (Uzbek)
329-339 177 92
FORMATION OF DIGITAL GOVERNANCE IN JOINT-STOCK COMPANIES: EVIDENCE FROM DEVELOPED COUNTRIES
Farxod Shonazarov

This article analyzes the theoretical and practical aspects of digital governance formation in joint-stock companies based on the experience of developed countries. The study substantiates that digital governance is not limited to the implementation of information technologies, but represents a comprehensive economic management model that enhances the quality of decision-making, corporate control, accountability, and institutional stability. A comparative analysis of the experiences of the United States, the European Union, Japan, South Korea, and Singapore identifies universal factors of digital governance and the patterns of phased transformation. The findings have significant scientific and practical value for adapting digital governance in joint-stock companies in Uzbekistan in accordance with the national institutional environment.

04/30/2026
  • PDF (Uzbek)
250-255 76 44
EXCURSION ACTIVITY CONTROL AND THE ROLE OF TOURIST POLICE: FOREIGN LEGAL APPROACHES AND INSTITUTIONAL MODELS
Irada Axmedjanova , Nodira Xalilova

This article analyzes foreign legal approaches to regulating tour and excursion activities and defines the role of tourist police within the system of ensuring tourist safety. The paper examines institutional models for interaction between law enforcement agencies and tourism management bodies, as well as mechanisms for monitoring the activities of tour guides. Based on a comparative legal analysis of regulatory acts, this paper identifies the primary models for tourist police participation in regulating tour and excursion activities and applying administrative enforcement measures. It is concluded that while tourist police generally do not directly license guides, they play an important role in maintaining public order, identifying illegal activities, and protecting the rights of tourists.

03/31/2026
  • PDF (Russian)
40-48 90 88
THE OBJECTIVE NECESSITY OF ENSURING THE ATTRACTIVENESS OF THE INVESTMENT ENVIRONMENT
Nilufar Hamdamova

The article provides a scientific analysis of the concept of the investment environment, its structural components, and the internal and external factors influencing it. The objective necessity of ensuring investment attractiveness is substantiated. Particular emphasis is placed on the role of macroeconomic balance and institutional reforms, as well as the creation of a favorable business environment for both foreign and domestic investors, in ensuring sustainable economic growth. The criteria for assessing the investment environment and the impact of international ratings and indices on the country’s image are analyzed. Furthermore, the role of enhancing investment attractiveness in strengthening socio-economic stability is scientifically examined.

03/04/2026
  • PDF (Uzbek)
87-93 161 69
INSTITUTIONAL CONDITIONS FOR ECONOMIC GROWTH IN THE SERVICES SECTOR
Dilshod Musinov

To organize full control and management of the activities of the organizational and economic mechanism in the services market of our republic. Classification of indicators that determine the principles, factors and institutional conditions of economic growth in the services sector, as well as research on the methodology of assessing labor efficiency.

12/27/2024
  • PDF (Uzbek)
122-127 282 63
FINANCIAL PLANNING IN HIGHER EDUCATION: INSIGHTS FROM INTERNATIONAL PRACTICES
Jonibek Xurramov

In recent years, the financing of higher education has undergone significant transformations, influenced by shifting economic policies and the increasing demand for educational services. This article examines the evolution of financial planning in higher education institutions (HEIs) worldwide, highlighting the interplay between public and private funding sources. It explores various financing models adopted by countries, particularly focusing on the roles of government and private sector contributions. Comparative case studies from the United States, Germany, and the United Kingdom illustrate the diverse strategies employed to ensure access, quality, and sustainability in higher education. The article concludes with key lessons for HEIs aiming to navigate financial challenges and achieve long-term growth, emphasizing the importance of strategic financial planning, revenue diversification, and institutional autonomy.

10/31/2024
  • PDF
281-285 307 184
REGULATORY AND LEGAL FRAMEWORKS REGULATING GENDER EQUALITY AND PERSONNEL POLICY IN UZBEKISTAN
Aktam Xolov , Feruzabonu Abdurakhmonova

This article analyzes the regulatory and legal frameworks regulating gender equality and personnel policy in Uzbekistan. The study comprehensively studied international standards, national legislation, civil service reforms, gender-legal expertise, gender audit, personnel reserve and issues of ensuring equal opportunities in leadership positions, and revealed the practical importance of gender equality in public administration and personnel policy based on the Laws of the Republic of Uzbekistan No. О'РГ-562, No. О'РГ-561, No. О'РГ-788, the Strategy for Achieving Gender Equality by 2030, the Decree of the President of the Republic of Uzbekistan No. PF-95 dated June 19, 2025, and the World Bank's reports "Women, Business and the Law 2024" and "Uzbekistan Country Gender Assessment". It also analyzed the views of John Rawls, Max Weber, Amartya Sen, Martha Nussbaum, Anne Phillips and Sylvia Walby, the experience of Sweden, France, Germany and Canada. As a result, gender equality is not only at the level of legal guarantees, but also in the areas of open competition, meritocracy, effectiveness, a reserve of leadership personnel, safe The need to develop it as a management mechanism related to the working environment and institutional monitoring was justified.

06/30/2026
  • PDF (Uzbek)
131-141 44 38
GENERATIVE ARTIFICIAL INTELLIGENCE IN ECONOMIC SECTORS: ASSESSING IMPLEMENTATION EFFICIENCY AND ENSURING TECHNOLOGICAL SECURITY
Durdona Abdukaxxorova

This article examines the role of generative artificial intelligence in the digital transformation of economic sectors, with a particular focus on assessing implementation efficiency and ensuring technological security. The study argues that generative AI is becoming a strategic tool for improving productivity, operational speed, decision-making quality, and innovation capacity across manufacturing, finance, logistics, public administration, and other sectors. At the same time, the article emphasizes that the benefits of generative AI are accompanied by serious technological risks, including data leakage, model misuse, privacy violations, unreliable outputs, and cybersecurity vulnerabilities. The research is based on a qualitative comparative analysis of recent open-access academic and institutional sources, including OECD, World Bank, NIST, and sector-specific studies. The findings show that the effectiveness of generative AI should be evaluated through a dual framework that combines economic performance indicators with technological security criteria. The article concludes that sustainable implementation requires not only digital infrastructure and organizational adaptation, but also strong governance mechanisms, human oversight, and continuous risk monitoring.

04/30/2026
  • PDF
9-14 93 83
COMPREHENSIVE ASSESSMENT OF THE EFFICIENCY OF BANKING SERVICES FOR INDIVIDUALS
Ilxomjon Ibroximov

This article develops the theoretical and methodological foundations for a comprehensive assessment of banking service efficiency provided to individuals. The study proposes a multidimensional evaluation framework that integrates traditional financial indicators with customer satisfaction metrics, digital service quality, operational efficiency, risk management level, and institutional sustainability indicators. Furthermore, an integrated performance assessment model is designed to evaluate retail banking services in the context of digital transformation. The research findings contribute to enhancing customer-oriented banking strategies, improving service quality, and strengthening competitiveness in the retail banking sector.

03/31/2026
  • PDF (Uzbek)
105-112 94 64
THE IMPACT OF ESG DISCLOSURE ON BANK PROFITABILITY AND MARKET VALUE IN EMERGING ECONOMIES: THE CASE OF UZBEKISTAN
Mashkhurbek Jalalov

This study investigates the impact of Environmental, Social, and Governance (ESG) disclosure on bank profitability and market value in Uzbekistan an underexplored emerging economy in Central Asia undergoing rapid financial and sustainability reforms. Using a panel dataset of 22 commercial banks from 2015 to 2024, we construct a hand-collected ESG disclosure index through systematic content analysis of annual and sustainability reports, supplemented by financial data from the Central Bank of Uzbekistan. Net profit margin serves as the primary measure of profitability, while Tobin’s Q and market capitalization proxy for market value. Employing fixed effects, random effects, and System Generalized Method of Moments (GMM) estimators to address endogeneity and unobserved heterogeneity, we find that higher ESG disclosure is significantly associated with improved bank profitability. Notably, this relationship is driven almost exclusively by the governance (G) pillar, while environmental (E) and social (S) disclosures show no statistically significant effects highlighting the context-specific materiality of ESG dimensions in transitional economies. Robustness checks, including lagged specifications, sub-sample analyses by ownership type, and alternative ESG measures, confirm the reliability of our findings. The results suggest that in Uzbekistan’s institutional environment characterized by ongoing corporate governance reforms and nascent green finance infrastructure transparency in board oversight, risk management, and anti-corruption mechanisms enhances operational efficiency and stakeholder trust, thereby boosting net margins. Our study contributes to the limited literature on ESG-finance linkages in Central Asia and challenges universalist assumptions about ESG materiality by demonstrating that governance remains the most financially relevant pillar in early-stage reform contexts. The findings carry important implications for regulators, bank managers, and international investors: prioritizing credible governance disclosure offers a strategic pathway to both financial performance and market legitimacy. As Uzbekistan advances its National Strategy for Green Economy Development, this research provides empirical grounding for sequenced, institutionally attuned ESG integration in the banking sector.

12/29/2025
  • PDF
128-146 138 92
IMPROVING METHODOLOGICAL APPROACHES TO THE APPLICATION OF ISLAMIC FINANCIAL INSTRUMENTS: UZBEKISTAN’S EXPERIENCE AND INTERNATIONAL STANDARDS
Oybek Voxidov

This article analyzes the methodological foundations for applying Islamic financial instruments in Uzbekistan and proposes key directions for their improvement in line with international standards. A comparative evaluation of AAOIFI and IFSB guidelines, along with the experiences of leading Islamic finance markets such as Malaysia, the UAE, and Turkey, is conducted. The findings indicate that the development of Islamic finance in Uzbekistan requires enhancements in the legal framework, institutional structure, product design methodology, risk management practices, Shariah governance, and tax treatment. Addressing these methodological gaps is essential for ensuring the sustainable and effective growth of Islamic finance in the country.

11/28/2025
  • PDF (Uzbek)
242-248 141 92
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