Яшил иқтисодиёт ва тараққиёт Volume 4 Issue 4 (2026)
FACTORS INFLUENCING THE FORMATION OF FINANCIAL SUSTAINABILITY IN INDUSTRIAL ENTERPRISES: EVIDENCE FROM THE OIL AND GAS SECTOR
Ergashev, Muhibbek
Abstract
This article presents a scientific and practical analysis of the internal and external factors shaping thefinancial sustainability of industrial enterprises, with a particular focus on the oil and gas sector of Uzbekistan. Usinga mixed-methods approach combining quantitative financial ratio analysis with qualitative expert assessments, thestudy systematically classifies the key determinants of financial sustainability and examines the mechanisms throughwhich they exert direct and indirect influence. The findings reveal that macroeconomic volatility, currency fluctuations,and regulatory uncertainty constitute the primary external threats, while capital structure optimization, asset turnoverefficiency, and strategic reinvestment decisions are the most significant internal drivers. A novel integrated framework forassessing the combined impact of internal and external factors is proposed, enabling enterprise managers to developtargeted mitigation strategies. The practical implications extend to policy recommendations for strengthening the financialresilience of industrial enterprises operating under conditions of economic instability.
financial sustainability, industrial enterprises, oil and gas sector, internal and external factors, economic instability, financial indicators, capital structure, risk management, strategic planning, Uzbekistan.
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