DEVELOPMENT OF CORPORATE GOVERNANCE IN TRANSITION COUNTRY: EVIDENCE FROM UZBEKISTAN

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.