MODERN MODELS OF CORPORATE GOVERNANCE AND THEIR ROLE IN THE NATIONAL ECONOMY

Аннотация

This article provides a comprehensive analysis of the role of corporate governance in the national economy, advanced models from the experience of foreign countries, in particular the Anglo-American, German, Japanese and family models. The specific features, advantages and weaknesses of each model, as well as the possibilities of their implementation in the conditionsofUzbekistan, are considered. Keywords:corporate governance, joint-stock company, Anglo-American model, German model, Japanese model, family model, modern management. Introduction. Corporate governance today plays an important role in ensuring the efficiency of joint-stock companies, strengthening financial stability and increasing investment attractiveness. Corporate governance is understood as a system that manages relations between managers, the board of directors, shareholders and other stakeholders. This system creates the necessary foundations for thelong-term sustainabledevelopment ofthecompany. Today, the role of modern corporate governance in joint-stock companies in our national economy is very important, because the principles and models of corporate governance make a huge contribution to the processes of efficiency and high profitability in joint-stock companies. Therefore, our government is developing various resolutions, projects and programs for the development of this sector. By the Decree of the President of the Republic of Uzbekistan No. PF-60 dated January 28, 2022 "On the Development Strategy for the Further Development of the Republic of Uzbekistan", in order to further increase the well-being of our people, transform economic sectors and rapidly develop entrepreneurship, unconditionallyensure human rights and interests, and establish an active civil society, the following was approved: "The Development Strategy for the Development of New Uzbekistan in 2022-2026 in seven priority areas was approved. Today, the study of mature and modern experience and formed skills in corporate governance practice in the world is one of the pressing issues. There are various models of corporate governance in world practice. Each country forms a corporate governance model based on its own characteristics. All corporate governance models in the world are based on three different models. Corporate governance is such a concept that it includes managers, the board of directors, shareholders and persons interested in managing the company It represents a system of interactions between the founders and the company. Such a system affects not only the founders' income, but also thecompany's futureinvestments. Main part. The first model is the Anglo-American or outsider model, a management model of a joint-stock company based on a high level of corporate control over the joint-stock company or the use of external market mechanisms of control over the management of the joint-stock company. Such a management model is typical for countries such as the USA, Great Britain, Canada, New Zealand. In this case, the interests of shareholders are manifested in a large number ofinvestors, which exist in connection with the management of thejoint-stock company, which differ from each other. https://ijmri.de/index.php/jmsi volume 4,issue5,2025 465 The actual management of a joint-stock company is carried out by professional managers. The main problem in applying this model is the problem of interaction between the founders of the joint-stock company and the managers involved. In such conditions, of course, the role of the stock market, which plays an important role in exercising control over the management of the joint-stock company, increases even more. The main participants are managers, directors (board of directors) and investors. Also involved are government agencies, stock exchanges, self- regulatory bodies, consulting firms that provide advisory services to corporations and investors oncorporategovernance andvoting trust. Of the countries implementing the Anglo-American model of corporate governance, the United States demonstrates the most stringent standards of information openness. In other countries that use this model, the level of information disclosure is also high, but in the United States, corporations are required to publish various information once a quarter. Also, the following information mustbe included in theannual report or annual general meeting of shareholders: Themain principles of theAnglo-American model of corporate governance include: •separation ofproperty and obligations; •separation ofproperty rights and control over thecorporation; • a sufficient condition for “increasing the welfare of the joint-stock company” is the behavior of maximizingwealth; •maximizingthemarket price ofshares is maximizingthe wealth ofshareholders; •allshareholders haveequal rights; The outsider (foreign) model is a model of joint-stock company management in the foreign market with ahigh level of control orcorporate control mechanisms. The continental (German)