OPTIMIZING FINANCIAL MANAGEMENT IN SOES: LESSONS FROM UZBEKISTAN AND OTHER CENTRAL ASIAN COUNTRIES
Keywords:
State-Owned Enterprises, financial management, Uzbekistan, Central Asia, corporate governance, digital transformationAbstract
State-Owned Enterprises (SOEs) play a critical role in the economies of Uzbekistan and other Central Asian countries. However, financial inefficiencies, lack of transparency, and governance challenges hinder their performance. This study examines best practices for financial management in SOEs by analyzing cases from Uzbekistan, Kazakhstan, and Kyrgyzstan. Using qualitative and quantitative methods, the research identifies key drivers of financial optimization, including corporate governance reforms, digital transformation, and regulatory frameworks. The findings suggest that adopting international financial standards and leveraging digital tools can significantly improve financial performance in SOEs.
References
1. Megginson, W. L., & Netter, J. M. (2001). "From State to Market: A Survey of Empirical Studies on Privatization." Journal of Economic Literature, 39(2), 321-389.
2. Zhakupova, M. (2020). "Corporate Governance in Kazakhstani SOEs: Challenges and Reforms." Central Asian Economic Review, 5(3), 112-130.
3. Rashidov, U. (2021). "Financial Management in Uzbek SOEs: Trends and Policy Recommendations." Uzbekistan Journal of Economic Policy, 10(1), 45-67.
4. Bakhtiyorov, A. (2022). Trade And Economic Performance Through Digital Economy. Gospodarka i Innowacje., 24, 720-726.
5. Bakhtiyorov, A. (2024). The Impact of Digitalization on Sustainable World economy: Uzbekistan Case. YASHIL IQTISODIYOT VA TARAQQIYOT, 2(7).
6. Бахтиёров, А. (2022). The current analytical summary of dynamic change in privatization in the case of Uzbekistan. Новый Узбекистан: успешный международный опыт внедрения международных стандартов финансовой отчетности, 1(5), 106-112.
7. Feruz o’gli, B. A. CONSIDERABLE DAMAGE AND BENEFITS OF PANDEMIC TO ECONOMY. МИНИСТЕРСТВО ВЫСШЕГО И СРЕДНЕГО СПЕЦИАЛЬНОГО ОБРАЗОВАНИЯ РЕСПУБЛИКИ УЗБЕКИСТАН ТАШКЕНТСКИЙ ГОСУДАРСТВЕННЫЙ ЭКОНОМИЧЕСКИЙ УНИВЕРСИТЕТ УРАЛЬСКИЙ ГОСУДАРСТВЕННЫЙ ЭКОНОМИЧЕСКИЙ, 39.
8. Bakhtiyorov, A. (2022). BREAKTHROUGH OF DIGITALIZATION DUE TO THE INNOVATION ECONOMY AND THE EFFECT OF THEIR COLLABORATION FOR ECONOMIC PROSPERITY. BEST SCIENTIFIC RESEARCH-2023, 1(1), 41-49.
9. World Bank (2020). "Improving State-Owned Enterprise Efficiency: Global Best Practices." World Bank Reports.
10. OECD (2018). "State-Owned Enterprises and the Principles of Corporate Governance." OECD Publishing.
11. IMF (2021). "SOE Reform Strategies: Lessons from Emerging Economies." IMF Working Paper.
12. Xu, C., & Wang, J. (2019). "The Role of Digitalization in Public Sector Financial Management: Case Studies from China." Public Administration Review, 79(4), 550-563.
