CORPORATE GOVERNANCE, OWNERSHIP STRUCTURE AND DIVIDEND POLICY AS DETERMINANTS OF SHARE MARKET VALUE: PANEL DATA EVIDENCE FROM UZBEK JOINT-STOCK COMPANIES

This thesis explores ways to improve the institutional foundation and digital panel-data monitoring infrastructure for assessing corporate governance, ownership structure, and dividend policy as determinants of share market value in Uzbek joint-stock companies (JSCs). Based on an analysis of statutory norms and Republican Stock Exchange "Toshkent" panel data for 95 listed issuers, it is shown that while governance norms exist, board independence and dividend payout parameters are not substantively linked to state ownership concentration and minority valuation discounts. A conditional sequence, the "single issuer code – single governance-dividend parameter – single data source" principle, and five readiness indicators are substantiated.