DEVELOPMENT OF CORPORATE GOVERNANCE IN TRANSITION COUNTRY: EVIDENCE FROM UZBEKISTAN

This paper empirically analyzes the development of corporate governance in the case ofUzbekistan as a transition country. Specifically, the reforms implemented for over two decades forstrengthening and improvement of national corporate governance system, the measures undertaken bythe government for improvement of corporate relations in the joint-stock companies, the stages ofprogressing corporate governance, the current problems of corporate governance are studied as wellas the author’s views and thoughts on the development process of corporate governance in the countryare stated in this paper. This empirical paper also shows the specific approach for reforming thecorporate governance system in the country, and presents evidence suggesting an impact ofUzbekistan’s corporate governance developments on the domestic stock market performance. At theend of paper, the author makes conclusion and brings some suggestions to further develop thecorporate governance in Uzbekistan.

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