Investigating the impact of dividend policy and accounting performance on the value of companies active in the stock exchange

This study examines the effects of dividend policy and accounting performance on the market value of firms listed on the Uzbekistan Stock Exchange. Methodologically, the research adopts an applied descriptive design and utilizes panel data comprising 450 firm-year observations over the period 2020-2024. Data were analyzed using panel regression techniques implemented in Stata software. The empirical results indicate that both principal independent variables exhibit positive and statistically significant relationships with firm value. Specifically, the coefficient for dividend policy is 0.038, while accounting performance records a coefficient of 0.067, both significant at the 95% confidence level. The model’s coefficient of determination (R²) is 0.24, suggesting that variations in firm value are meaningfully explained by the included predictors. Furthermore, interaction analysis reveals that the positive impact of dividend distribution is substantially stronger in firms with higher profitability. Overall, the findings demonstrate that the Uzbek capital market responds to both fundamental performance indicators and dividend policies. These results imply that managers can enhance firm value and strengthen investor confidence by adopting effective dividend strategies and improving accounting performance.

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