The World Economics & Finance Bulletin (WEFB) is a double-blind peer-reviewed journal dedicated to promoting scholarly exchange among lecturers, professors, researchers and students in the field of Economics and Finance. WBEF welcomes unpublished, original and full-length research articles, case studies and commentaries on all aspects of Economics and Finance. ISSN (E): 2749-3628 Journal Impact Factor: 10.665 SJIF 2026: 9.95 WEFB considers unpublished, original manuscripts in, but not limited to, the following fields: Microeconomics, Managerial Economics, Computational Economics, International Economics, Neuroeconomics, Health Economics, Business Economics, Development Economics, Finance, Investment Analysis, Accounting.
METHODOLOGY FOR ASSESSING THE ECONOMIC EFFICIENCY OF AN INDUSTRIAL SECTOR
This study evaluates the economic efficiency of the industrial sector using data spanning 2010–2024. While industrial volume has substantially grown, aggregate indicators often mask underlying resource misallocations. By constructing a geometric evaluation index (GEI) based on normalized subindices of investment efficiency, fixed asset turnover, and labor productivity, this paper uncovers structural imbalances. The empirical findings reveal that despite a surging volume in labor productivity driven by automation, investment efficiency remains critically low (IE = 0.17). The overall geometric index for 2024 stands at 0.438, indicating moderate efficiency that necessitates urgent structural reforms. A comprehensive policy matrix is proposed to transition the sector into a high-efficiency framework.
Copyright (c) 2026 Rakhimova M. M. https://creativecommons.org/licenses/by-nc-nd/4.0
ARTIFICIAL INTELLIGENCE AND GLOBAL TRANSFORMATIONS IN DIVIDEND POLICY: CONTEMPORARY TRENDS AND STRUCTURAL CHANGES
This study investigates the contemporary trends and structural transformations in dividend policy in the context of artificial intelligence (AI), the digital economy, and global economic transformation. The research evaluates recent developments in the global dividend market, the growing importance of share repurchase programs, the role of Environmental, Social, and Governance (ESG) principles, and the impact of AI-related investments on corporate capital allocation decisions. The findings reveal that dividend policy has evolved beyond its traditional role as a profit distribution mechanism into a comprehensive strategic instrument for shareholder value creation and corporate financial management. Furthermore, the study develops practical recommendations aimed at improving dividend policy, enhancing the efficiency of capital allocation, and safeguarding shareholders' interests within joint-stock companies.
Copyright (c) 2026 https://creativecommons.org/licenses/by-nc-nd/4.0
WAYS TO ASSESS THE FINANCIAL STABILITY AND EFFECTIVE MANAGEMENT OF STATE ENTERPRISES IN UZBEKISTAN
This article examines the issues of assessing the financial stability and effective management of state enterprises in the Republic of Uzbekistan. The study analyzes the financial condition of state-owned enterprises, their liquidity, profitability, and financial independence indicators. Additionally, the experience of foreign countries—the USA, Germany, Japan, and South Korea—has been studied, and scientific and practical recommendations have been developed for implementing this experience into the practice of Uzbekistan
REGIONAL SOCIO-ECONOMIC CONDITIONS OF PRESCHOOL EDUCATION INSTITUTIONS OPERATING UNDER PUBLICPRIVATE PARTNERSHIP ARRANGEMENTS: AN ANALYTICAL APPROACH BASED ON THE CASE OF NAMANGAN REGION
This article examines the regional socio-economic conditions of preschool education institutions operating under Public-Private Partnership (PPP) arrangements in the Namangan region of Uzbekistan. The study analyzes PPP projects implemented in the preschool education sector during 2019–2024, focusing on investment volumes, government support measures, incentive mechanisms, and changes in preschool enrollment rates. Furthermore, the role of PPP mechanisms in improving educational service quality, developing educational infrastructure, and meeting the growing demand for preschool education is evaluated. Based on the findings, several scientific and practical recommendations are proposed to enhance the effectiveness and sustainability of PPP initiatives in the preschool education sector.
THE EFFECT OF TRANSFORMATIONAL LEADERSHIP ON ORGANIZATIONAL PERFORMANCE: THE ROLE OF ORGANIZATIONAL INNOVATION, ORGANIZATIONAL LEARNING AND ABSORPTIVE CAPACITY
Leadership is an important factor affecting organizational innovation. Many studies show that transformational leadership has a positive and significant influence on organizational performance. Based on a literature review and previous work, this study aims to investigate the influences of transformational leadership on organizational performance through the dynamic capabilities of organizational learning and innovation, the influence of transformational leadership on organizational innovation, and to examine whether organizational learning is a moderator between transformational leadership and organizational performance, and includes the mediating role of absorptive capacity. [1.] Today’s information and knowledge society requires new leaders who can confront a reality based on knowledge and foster innovation to achieve improvements in organizational performance. Our study seeks to fill this research gap by analyzing theoretically and empirically how the leader’s perceptions of different intermediate strategic variables related to organizational performance, organizational innovation, absorptive capacity, and organizational learning) and innovation influence the relationship between transformational leadership and organizational performance. This study is significant in providing experience and developing more knowledge to identify the strengths and weaknesses of public hospitals. [2.] Public hospitals can get some benefits to improve their performance level through innovation and learning for the future. In addition, it can help the organization ensure employee motivation and a friendly policy to increase performance
THE ROLE OF IMPLEMENTING ESG PRINCIPLES IN THE ACTIVITIES OF INDUSTRIAL ENTERPRISES IN ENSURING SUSTAINABLE ECONOMIC GROWTH
This article comprehensively examines the importance and role of implementing ESG (Environmental, Social, and Governance) principles in the activities of industrial enterprises for ensuring sustainable economic growth. The study employs a range of research methods aimed at revealing the multidimensional impact of ESG principles on enterprise performance and national economic development. In addition, scientific and practical recommendations have been developed to enhance the effective implementation of ESG principles within enterprises and to strengthen their contribution to sustainable economic growth.
THEORETICAL AND CONCEPTUAL FOUNDATIONS FOR THE FORMATION OF A BEHAVIORAL AUDIT SYSTEM IN CORPORATE MANAGEMENT
This paper examines the theoretical and methodological foundations of the behavioral audit concept within the corporate management system and explores conceptual approaches to its integration into corporate governance practices. The study reveals the significance of evaluating behavioral aspects of managerial decision-making, corporate culture, ethical standards, stakeholder relations, and human factors in enhancing corporate management effectiveness. The interrelationship between behavioral audit and major theoretical perspectives, including Agency Theory, Stakeholder Theory, Institutional Theory, Behavioral Economics, and Stewardship Theory, is scientifically substantiated. Furthermore, a conceptual model consisting of six interrelated components is proposed: Strategic Management, Risk Management, Internal Control, Corporate Culture, ESG Governance, and Investor Relations. The findings demonstrate that the implementation of a behavioral audit system serves as an effective mechanism for reducing corporate risks, enhancing transparency, preventing conflicts of interest, and improving overall corporate management effectiveness. The study contributes to the development of a new institutional and behavioral paradigm in corporate management and provides a practical framework for sustainable corporate governance.
PHASED ORGANIZATIONAL MECHANISM FOR IMPLEMENTING AGILE MANAGEMENT IN PUBLIC ADMINISTRATION
This scientific article analyzes the phased organizational mechanisms for implementing Agile management methodology in the public administration system from both theoretical and practical perspectives. The relevance of the research is explained by the acceleration of digitalization processes in public administration bodies, as well as the necessity to improve service quality and management efficiency. The article examines the main principles of Agile management — flexibility, rapid decision-making, iterative planning, teamwork, and user-oriented management approaches — from the perspective of their integration into the public sector. Furthermore, the study develops a sequence of stages for implementing Agile methodology in the public administration system, including preparation, diagnostics, pilot projects, institutional integration, and monitoring. During the research, international experiences, including the electronic government and adaptive management systems of developed countries, were analyzed and their effective aspects were generalized. The article substantiates the importance of the Agile governance model in reducing bureaucratic barriers within state institutions, ensuring efficient use of resources, improving the quality of public services, and developing open communication with citizens. The research findings possess scientific and practical significance for the formation of innovative management systems and the improvement of strategic development mechanisms in public administration bodies.
INTERNATIONAL EXPERIENCES IN EXPORT PROMOTION: LESSONS FOR EMERGING ECONOMIES
Export promotion has emerged as a cornerstone of development strategy across both advanced and emerging economies. This article examines the institutional frameworks, policy instruments, and outcomes of export promotion programs in South Korea, Singapore, Germany, and Brazil, drawing on comparative case analysis and secondary data. The study applies an analytical framework grounded in New Trade Theory and institutional economics to assess how government-backed trade facilitation bodies translate policy mandates into measurable export growth. Findings indicate that successful programs combine dedicated export promotion organizations, diversified financial instruments, robust information services, and well-targeted market development support. The research identifies five critical success factors and discusses their applicability for transition economies such as Uzbekistan, which is currently reforming its export support architecture. The article concludes with practical policy recommendations aligned with the IMRAD structure to guide evidence-based decision-making.
ENHANCING THE ORGANIZATIONAL AND ECONOMIC MECHANISM FOR INDUSTRIAL ENTERPRISE DEVELOPMENT
The development of industrial enterprises is fundamentally shaped by how effectively an organization coordinates its resources, including capital, labor, technology, and processes, to drive growth and productivity. This paper explores the organizational and economic mechanisms of industrial enterprises, focusing on production functions that relate inputs to output and are central to understanding firm-level efficiency. By analyzing the role of capital and labor in production, this research highlights the importance of optimizing the balance between these inputs, especially in the context of technological advancements such as automation and digitization. The study uses the Cobb–Douglas production function to assess the elasticities of capital and labor, revealing a primary reliance on labor in the production process. Further, it discusses the utility of extended models like the Constant Elasticity of Substitution (CES) and translog production functions, which allow for greater flexibility in capturing the dynamic relationship between inputs. The results emphasize the need for enterprises to improve resource utilization and focus on efficiency-enhancing strategies rather than solely expanding capital.
DIGITALIZATION OF THE REAL ESTATE VALUATION SYSTEM: IMPORTANCE, CHALLENGES, AND DEVELOPMENT PROSPECTS
The rapid development of digital technologies has significantly transformed various sectors of the global economy, including the real estate market. Real estate valuation, which serves as a fundamental component of property transactions, mortgage lending, taxation, investment decisions, and urban planning, has increasingly adopted digital tools and data-driven methodologies. Digitalization has enhanced the efficiency, transparency, accuracy, and accessibility of valuation processes while reducing operational costs and human errors. Nevertheless, the transition from traditional valuation methods to digital valuation systems presents numerous challenges, including data quality issues, cybersecurity risks, regulatory inconsistencies, and technological limitations. This article examines the importance of digitalization in the real estate valuation system, analyzes the major challenges associated with its implementation, and explores future development prospects.
FACTORS AFFECTING THE ENSURING FINANCIAL SECURITY OF THE LOCAL BUDGET
The main role in ensuring the financial security of the local budget is played by the nominal values and financing of social programs. Financial stability is one of the important factors ensuring the strength and efficiency of local budgets. This article comprehensively analyzes the ways to ensure the financial security of local budgets and puts forward scientific and practical proposals for their strengthening. The main directions of the study are the expansion of the revenue base of local budgets, effective management of expenditures and increasing financial independence. Methods such as increasing tax revenues, diversifying local revenue sources, developing publicprivate partnerships and attracting investments are evaluated as effective tools for ensuring financial stability. The article also pays special attention to the issues of rational use of local budget funds, introducing an electronic budget system and strengthening state financial control. The need to reduce the dependence of local authorities on the central budget and expand the possibilities of financing infrastructure and social projects from their own funds is based on.
FEATURES OF TAX INCENTIVES PROVIDED FOR THE DEVELOPMENT OF SMALL BUSINESSES IN FOREIGN COUNTRIES
Small business development is one of the most important areas for solving economic and social problems, since small businesses contribute significantly to employment and the formation of a competitive environment, quickly adapt to external conditions and have the ability to quickly respond to market needs, resume production and change the final product based on demand for it. Today, small businesses serve not only as an important element of the structural transformation of the economy, taking into account the development characteristics of the regions, but also as a source of increasing revenues to local budgets.
IMPROVEMENT OF ACCOUNTING IN CONSTRUCTION ORGANIZATIONS IN THE CONDITIONS OF SUSTAINABLE DEVELOPMENT ON THE BASIS OF INTERNATIONAL STANDARDS
The article examines the issues of improving accounting in construction organizations based on International Financial Reporting Standards (IFRS) in the context of global sustainable development and the transition to a "green economy". Taking into account the specific characteristics of the construction industry, in particular, the long-term nature of projects and high capital intensity, the mechanisms for applying IFRS 15 ("Revenue from Contracts with Customers") and IFRS 16 ("Rents") are analyzed. Also, practical proposals and recommendations are developed for accounting for environmental costs and obligations and digitization of construction processes in the context of sustainable development.
THE PROCEDURE FOR ORGANIZING INTANGIBLE ASSET ACCOUNTING IN JOINT VENTURES BASED ON INTERNATIONAL STANDARDS
This article focuses on the definition of intangible assets, their initial recognition and measurement, subsequent measurement, the application of amortization methods, derecognition, the reflection of intangible asset accounting in accordance with International Financial Reporting Standards, and disclosure in the relevant line items of the financial statements.
ANALYSIS OF THE EFFECTIVENESS OF USING TAX INCENTIVES IN STIMULATING TAXPAYERS
This article provides a comprehensive analysis of the current mechanisms for stimulating business entities and enterprises operating in Surkhandarya region through taxation. The study evaluates the impact of tax incentives and preferences on the effective use of the region’s specific economic potential, natural-climatic conditions, and demographic resources. During the research, the dynamics of tax revenues and enterprise activity in the region were thoroughly examined, and scientific-practical proposals and recommendations were developed to further improve the tax mechanism while taking regional characteristics into account.
WAYS TO INCREASE THE SOCIO-ECONOMIC ACTIVITY OF OUR YOUTH IN MANAGING POPULATION EMPLOYMENT
This article analyzes ways to increase the socio-economic activity of youth in the system of managing population employment. Youth activity is interpreted not only as participation in the labor market, but also as the ability of young people to acquire relevant skills, enter productive employment, develop entrepreneurial initiative, adapt to technological change and participate in local economic development. The article argues that youth employment policy should combine education, vocational training, digital skills, entrepreneurship support, labor market information, public-private partnership and targeted social protection. Special attention is paid to the transition from passive employment assistance to active labor market measures that increase young people’s competitiveness, motivation and economic independence.
SPECIFIC FEATURES OF THE CUSTOMS PROCESSING REGIME IN THE CUSTOMS TERRITORY
The customs processing regime within the customs territory is one of the key instruments of foreign trade regulation aimed at enhancing economic efficiency, increasing export potential, and promoting industrial development. This regime allows the processing of imported raw materials and intermediate goods within the national customs territory under specific customs control conditions. The article analyzes the specific features of this regime, its economic essence, and its impact on macroeconomic and microeconomic indicators, as well as the role of digital technologies in improving customs administration
MODERN METHODS OF ANALYZING THE VOLUME OF PRODUCTION AND SALES OF PRODUCTS
In this article modern methods of analysis of production and sales volumes of products are comprehensively investigated. ABC and XYZ analysis, Break-even analysis, factor analysis, trend and regression analysis, as well as a digital technology-based approach are covered. The advantages, applications and practical significance of each method are analyzed. The article substantiates that the use of modern analytical tools is an important factor in improving the efficiency of enterprise management.
ECONOMIC TRANSFORMATION OF UZBEKISTAN SINCE INDEPENDENCE (1991–2024): KEY DRIVERS, STRUCTURAL REFORMS, AND GLOBAL REPOSITIONING
This paper examines the economic transformation of Uzbekistan from the declaration of independence in 1991 to 2024. The study identifies two distinct developmental phases: the gradualist, state-directed model under President Islam Karimov (1991–2016) and the liberalisation-oriented reforms initiated by President Shavkat Mirziyoyev (2016–present). Using macroeconomic indicators including GDP growth, foreign direct investment (FDI) flows, inflation, and trade statistics, we assess how domestic policy choices, natural resource endowments, and regional integration frameworks have shaped Uzbekistan's trajectory. The findings suggest that while Karimov-era gradualism preserved macroeconomic stability, it constrained structural diversification. Post-2016 reforms have substantially improved the investment climate, repositioned Uzbekistan as a rising emerging market, and elevated its profile within the Shanghai Cooperation Organisation (SCO) and the Commonwealth of Independent States (CIS). The paper concludes with policy implications for landlocked developing economies pursuing gradual market integration
ELECTRONIC FINANCIAL CONTROL AND ITS IMPACT ON REDUCING ACCOUNTING MANIPULATION
This study examines the role of electronic financial control systems in reducing accounting manipulation and enhancing the reliability of financial information. The research aims to analyze how electronic financial control tools such as enterprise resource planning (ERP) systems, automated auditing, real time monitoring and digital documentation contribute to limiting opportunities for manipulation in accounting records. The study adopts both theoretical and practical approaches The theoretical framework reviews the concept of electronic financial control, its components and common forms of accounting manipulation The practical aspect evaluates the impact of implementing electronic controls on improving segregation of duties, strengthening internal control procedures, reducing human error and increasing detection of irregularities Findings indicate that electronic financial control systems significantly reduce manipulation risks by enhancing data accuracy, ensuring audit trails, enforcing authorization procedures and facilitating continuous monitoring. The study concludes that adopting electronic financial control improves financial transparency, strengthens internal control effectiveness and supports decision making It recommends that organizations invest in modern digital control systems, provide training for accounting staff and continuously update electronic security measures to minimize accounting manipulation and enhance financial governance.
OIL PRICE FLUCTUATIONS AND THEIR IMPACT ON THE ECONOMIC INDICATOR OF SUSTAINABLE DEVELOPMENT REPRESENTED BY THE GROSS DOMESTIC PRODUCT IN IRAQ FOR THE PERIOD 2010-2023
The funds made from crude oil so important for the financial resources of Iraq that it has become the chief financing source of development projects in the general budget. The study that we have if, however, it finds a co-integration relation between two variables, that is the oil prices and the GDP, will achieve the aims set above. Investigating causality between oil prices and GDP through the directionality of the analysis. That is to say, the economic review. The recent shift in oil prices influenced GDP, which is one of the sustainable development indicators, and it was looked into. There was a positive short-run link between oil prices and GDP. For instance, a $1 rise in oil prices will result in a $10 rise in GDP. The study finds the opposite according to this data. Put differently, for every dollar oil price increases GDP will fall by a dollar 1.8. Utilization of oil revenues should take place as soon as possible. For a long time, the foreign monopolistic firms’ control or wars and economic sanctions hardly gave rise to the application of revenue in the competitive market. They were squandered because of corruption over in Iraq, on the other hand. A rise in crude oil prices will create new regime and opportunities for growth in type of GDP and a production increase in the long term.
THE ROLE OF EXCHANGE RATE FLUCTUATIONS IN INFLUENCING THE IRAQI TRADE BALANCE: AN ANALYTICAL STUDY FOR THE PERIOD (2010–2024)
As Iraq’s economy depends on imports and oil revenues; the aim of this research is to study the impact of the exchange rate change on the trade balance of Iraq during the period from 2010 to 2024. The significance of the topic is that the exchange rate affects imports and exports and international trade relations in general especially in rentier economies which don’t have much output diversification. The study found that changes in exchange rates (X) greatly exert a negative effect on the trade balance (Y). A unit increase in exchange rate leads to a (- 0.874567) unit fall in overall trade balance Y. This is true due to the fact that Iraq’s trade balance is largely affected with the exchange rate and the profits from oil. Nevertheless, due to the small contribution of non-oil productive sectors to GDP and the dominance of oil exports in the structure of international trade, this effect remained relatively small. The findings suggest that the depreciation of the Iraqi dinar raised the costs of importations and inflationary effects without resulting in a noticeable increase in non-oil exports. Also, the findings indicated that the fluctuations in global oil prices have affected Iraq’s trade balance more than the fluctuations in exchange rates. As a way to induce economic stability and improve the trade balance, the study suggested the implementation of economic policies that would seek to expand the production base, support the industrial and agricultural sectors, and reduce reliance on imports.
SAFE HAVEN OR SELECTIVE SHIELD? INSTITUTIONAL INVESTOR HETEROGENEITY, GEOPOLITICAL RISK, AND THE CRISIS RESILIENCE OF GREEN BONDS
The rapid expansion of green bonds positions sustainable finance at the core of climate mitigation strategies. However, empirical evidence on their crisis resilience and corporate value effects remains contradictory. This study synthesizes 73 peer-reviewed articles using meta-analytical methods (randomeffects models, FAT-PET, PEESE) to resolve these discrepancies. We propose and test the Asymmetric Shock Resilience Hypothesis: green bonds exhibit diametrically opposite behaviors depending on shock origin
RECOGNITION OF ACCOUNTS PAYABLE UNDER IFRS 9: THEORETICAL FOUNDATIONS
This article comprehensively examines the theoretical and practical aspects of accounting for accounts payable in Uzbekistan in accordance with the requirements of International Financial Reporting Standard 9 (IFRS 9) "Financial Instruments". The study analyses the criteria for initial recognition of accounts payable as financial liabilities, subsequent measurement methods, the amortised cost model, and the specific features of applying the effective interest rate method. Particular attention is given to the derecognition of financial liabilities, their presentation in financial statements, and the challenges of harmonising national practice with international standards. Methodological problems encountered in measuring and accounting for accounts payable are identified through practical examples, and scientifically grounded proposals and recommendations for addressing them are developed. The findings obtained serve to enhance the transparency and reliability of financial reporting in enterprises, ensure greater accuracy in measuring financial liabilities, and improve accounting policies in conformity with international financial reporting standards
STRATEGIC MANAGEMENT OF ACADEMIC HUMAN CAPITAL AS A DRIVER OF HIGHER EDUCATION INSTITUTION COMPETITIVENESS IN UZBEKISTAN
The competitiveness of higher education institutions is increasingly determined by the ability to transform academic staff capacity into measurable teaching, research, innovation and internationalization outcomes. This article examines academic human capital not simply as a personnel resource, but as a strategic institutional capability that links university governance, quality assurance, digital transformation and labor-market relevance. The study is based on a qualitative analytical design that synthesizes human capital theory, the resource-based and dynamic capability views, international university ranking methodologies, official statistics on higher education in Uzbekistan and national policy priorities until 2030. The article argues that the rapid expansion of access in Uzbekistan has created a new management challenge: universities must move from quantitative growth to quality-based competitive differentiation. The proposed Academic Human Capital Strategic Management Framework integrates six mutually connected functions: attracting talent, developing competencies, motivating performance, connecting with industry, digitalizing academic work and measuring institutional results. The findings show that sustainable competitiveness requires not occasional professional training, but a continuous human capital architecture supported by data dashboards, transparent career pathways, research mentoring, international collaboration and outcome-oriented incentives.
PRACTICAL PROBLEMS AND PROSPECTS FOR IMPLEMENTING THE IMPAIRMENT TEST (IAS 36) IN THE ACCOUNTING OF LONGTERM ASSETS
The article analyzes practical challenges in implementing the Impairment Test (IAS 36) in the accounting of long-term assets. It explores methods of determining recoverable amounts, shortcomings in accounting policies, and common errors in Uzbekistan's practice. Furthermore, it outlines prospects for addressing these issues through international experience and proposes improvements to accounting policies.
IMPROVING TAX ADMINISTRATION IN THE ENTREPRENEURIAL ENVIRONMENT
This article examines the improvement of tax administration in the entrepreneurial environment from theoretical, institutional, and practical perspectives. In modern economies, tax administration is not limited to the collection of budget revenues; it also functions as an institutional mechanism that influences business activity, voluntary tax compliance, transparency, formalization of economic operations, and the reduction of administrative costs for entrepreneurs
METHODOLOGICAL APPROACHES TO ASSESSING THE PERFORMANCE OF REMOTE ELECTRONIC CUSTOMS DECLARATION POSTS
This study proposes an integrated methodological model for assessing the efficiency of Remote Electronic Customs Declaration (RECD) posts in Uzbekistan. The model combines process analysis, systems thinking, and functional-cost analysis to identify operational inefficiencies and improve decision-making. Based on national data and international experience from Singapore, South Korea, and Germany, the research highlights key bottlenecks and resource imbalances in customs procedures. The findings show that digital tools are not being fully utilized despite increasing workloads. The model’s flexible structure allows its application not only in customs administration but also in other areas of digital public governance. Overall, the study offers a scalable and data-driven framework for improving institutional performance in the digital era.