APPLICATION OF GOOD CORPORATE GOVERNANCE TOOLS TO INCREASE CAPITAL VALUE OF JOINT-STOCK COMPANIES: EMPIRICAL EVIDENCE AND MODELING
DOI:
https://doi.org/10.55439/EIT/vol13_iss2/658Keywords:
Corporate Governance, Capital Value, Tobin’s Q, Independent Directors, Dividend Policy, Disclosure Index, CSR, ESG, Stakeholder Theory, Emerging Markets, Uzbekistan, Joint-Stock CompaniesAbstract
This paper investigates the impact of systematically applying good corporate governance tools on the capital value of joint-stock companies. Using empirical data from Uzbekistan’s top listed firms, we propose an integrated model incorporating board independence, audit committees, dividend policy, gender diversity, and stakeholder engagement. Our regression analysis demonstrates that the combined use of these governance mechanisms significantly improves Tobin’s Q, supporting theoretical claims from agency, resource-based, and stakeholder theories.
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