Илғор иқтисодиёт ва педагогик технологиялар 2-том 3-нөмір (2025) · 721-722-беттер
FINANCIAL PERFORMANCE: DETERMINANTS OF RETURN ON EQUITY IN JOINT-STOCK COMPANIES OF UZBEKISTAN
Davronova, Durdonabonu, Djalilov, Abdulaziz, Давронова, Дурдонабону, Джалилов, Абдулазиз, Давронова, Дурдонабону, Джалилов, Абдулазиз
Аңдатпа
This paper investigates the determinants of Return on Equity (ROE) in joint-stock companies in Uzbekistan, using the DuPont Model to analyze the impact of profitability, efficiency, and leverage. Panel data from 25 Uzbek non-financial firms over a 10-year period (2014–2023) were examined using fixed and random effects models. While profitability and efficiency show a significant positive effect aligned with the DuPont assumptions, the leverage demonstrates a negative effect. In the lagged model, all three factors have a considerable positive impact. Being the first paper to analyze non-financial companies in Uzbekistan, it provides useful insights into companies’ performance drivers for both researchers and managers.
DuPont analysisjoint-stock companiesROEprofitabilityefficiencyleveragefixed effectsанализ DuPontакционерные обществаROE
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