STRATEGIC CAPITAL STRUCTURE TRENDS IN JOINT-STOCK COMPANIES: GLOBAL SHIFTS AND THE CASE OF UZBEKISTAN
Abstract
This paper explores the evolving landscape of capital structure formation in joint-stock companies, with a focus on Uzbekistan. Drawing from global trends and local empirical findings, the study identifies the adoption of hybrid securities, the shift toward equity financing, the growing impact of environmental, social, and governance (ESG) factors, technological innovation via FinTech, and regulatory dynamics as key influencers. The paper integrates findings from a comprehensive case study on Uzbekistan, highlighting how macroeconomic volatility, high interest rates, and regulatory reforms have shaped corporate financing decisions. The results point to a cautious approach among Uzbek companies, favoring internal or equity-based financing to navigate uncertainties.
Downloads
References
Aishwarya, P., Sudharani, R. and Suresh, N. (2022). Impact of capital structure on firm performance in Indian companies. Journal of Financial Economics, 12(3), pp.111–126.
Banerjee, R., Illes, A., Kharroubi, E. and Garralda, J.M. (2020). Covid-19 and corporate sector vulnerabilities. BIS Bulletin, 6.
Cardillo, G., Bendinelli, E. and Torluccio, G. (2022). Debt policy under stress: Lessons from the COVID-19 pandemic. Economic Notes, 51(1), e12174.
Demmou, L., Franco, G., Calligaris, S. and Dlugosch, D. (2021). Corporate sector vulnerabilities during the COVID-19 outbreak: Assessment and policy responses. OECD Economics Department Working Papers, No. 1658.
En, J.N.J. and Malek, A.I.N. (2021). Strategic financing decisions and firm performance: Evidence from Malaysian manufacturing sector. Asian Journal of Business Research, 11(1), pp.88–102.
Evrim, H.K. (2023). Corporate capital structure responses to macroeconomic uncertainty in emerging economies. Emerald Emerging Markets Case Studies, 13(2), pp.134–150.
Faez, A. and Soheila, K. (2015). The effect of capital structure on firm performance: Evidence from Iran. International Journal of Economics, Commerce and Management, 3(2), pp.1–15.
Gordon, M.I., Kakabadse, N.K. and Denyer, D. (2021). Board dynamics, governance effectiveness and capital structure: A systematic review. Corporate Governance: An International Review, 29(3), pp.216–237.
Haridan, M.N., Hassan, S.F.A. and Alahmadi, A.H. (2020). FinTech transformation and implications for capital management. Journal of Financial Innovation, 7(1), pp.28–45.
Hossain, M. and Kryzanowski, L. (2019). Emerging trends in capital structure literature: A review. Journal of Corporate Finance, 59, pp.58–74.
Khushnud, Z., Khudaykulov, A. and Shukhratovich, S.S. (2020). Macroeconomic reform and capital market development in Uzbekistan. Central Asian Economic Review, 2(3), pp.33–46.
Kodasheva, G., Primova, A. and Solovjeva, N. (2017). Bank lending and capital structure in Central Asian economies: Evidence from Uzbekistan. Eurasian Economic Review, 7(2), pp.155–172.
Kumar, S., Agarwal, R., and Mittal, M. (2022). Sustainability-linked bonds: Market evolution and global impact. Journal of Sustainable Finance & Investment, 12(3), pp.415–431.
Malik, A. (2023). Financial leverage and capital structure in emerging economies: A sectoral analysis. Journal of Emerging Markets, 17(4), pp.91–107.
Mărăcine, V., Voican, O. and Scarlat, E. (2020). Digital transformation in financial services: Impact of FinTech on banks. Journal of Information Systems & Operations Management, 14(2), pp.275–287.
Mention, A. (2020). Emerging technologies in financial services: The case of blockchain and AI. International Journal of Innovation Management, 24(6), 2050065.
Molla, I.M. (2020). Pecking order theory vs. trade-off theory: Empirical evidence from developing countries. Asian Economic and Financial Review, 10(6), pp.672–686.
Nguyen, L.T., Huynh, T.L.D. and Nguyen, T.H. (2023). Hybrid securities and capital optimization: Evidence from Asia-Pacific firms. MDPI Journal of Risk and Financial Management, 16(1), 45.
Panda, K.A. and Nanda, S. (2020). Capital structure and firm performance: Empirical evidence from Indian manufacturing firms. Cogent Economics & Finance, 8(1), 1728753.
Park, S. (2018). ESG investing and sustainability-linked finance: Global practices and lessons. Environmental Finance Review, 10(3), pp.22–37.
Rahayu, E. and Rahadi, A.R. (2023). FinTech and financial inclusion: A pathway to capital access in Southeast Asia. Asian Journal of Economics and Innovation, 5(1), pp.15–29.
Ranaweera, T. (2003). Interest rates and inflation in transition economies: Evidence from Central Asia. IMF Working Paper WP/03/85.
Rashid, A. and Akın, A. (2020). Capital structure determinants in GCC countries: Evidence from panel data. Research in International Business and Finance, 51, 101083.
Rastopchina, Y., Primova, A. and Solovjeva, N. (2021). Equity financing in emerging economies: The case of Uzbekistan. Eurasian Journal of Economic Studies, 8(1), pp.90–103.
Rocca, L.M. and Rocca, L.T. (2007). Corporate governance and capital structure decisions in Italian listed companies. Journal of Management & Governance, 11(1), pp.1–23.
Ronoowah, R.K. and Seetanah, B. (2022). Corporate governance and capital structure in emerging markets: Evidence from Mauritius. Springer Journal of Financial Management, 8(4), pp.511–530.
Satyanarayana, K. and Rao, N.A. (2023). Trends in capital financing: Hybrid securities and ESG dynamics. Journal of Financial Strategies, 9(2), pp.120–139.
Shen, H., Fu, M., Pan, H., Yu, Z. and Chen, Y. (2020). The impact of the COVID-19 pandemic on firm performance and stock markets. Economic Modelling, 91, pp.16–27.
Shukhratovich, S.S., Zukhriddin, K. and Qizi, S.M.Z. (2020). Investment policy and economic transformation in Uzbekistan. Eurasian Journal of Economic Studies, 5(2), pp.91–106.
Suyunov, A. (2021). Macroeconomic instability and firm financing in Uzbekistan. Uzbekistan Development Review, 6(2), pp.41–60.
Sulistiono, J. and Mursitama, N.T. (2023). Green finance and COVID-19 recovery: The role of sustainable bonds in Southeast Asia. Journal of Environmental Investing, 14(1), pp.60–79.
Tanda, A. and Schena, C. (2019). FinTech, digital finance and capital structure strategy. Journal of Financial Transformation, 49, pp.31–39.
Teng, X., Chang, G.B. and Wu, K. (2021). Supply chain disruption and corporate debt during the COVID-19 pandemic. Journal of Applied Corporate Finance, 33(1), pp.58–70.
Vafeas, N. and Theodorou, E. (1998). The relationship between board structure and firm performance in the UK. The British Accounting Review, 30(4), pp.383–407.
