ФИНАНСОВЫЕ РЕЗУЛЬТАТЫ: ФАКТОРЫ, ОПРЕДЕЛЯЮЩИЕ РЕНТАБЕЛЬНОСТЬ СОБСТВЕННОГО КАПИТАЛА В АКЦИОНЕРНЫХ ОБЩЕСТВАХ УЗБЕКИСТАНА

Аннотация

This paper investigates the determinants of Return on Equity (ROE) in joint-stock companies in Uzbekistan, using the DuPont Model to analyze the impact of profitability, efficiency, and leverage. Panel data from 25 Uzbek non-financial firms over a 10-year period (2014–2023) were examined using fixed and random effects models. While profitability and efficiency show a significant positive effect aligned with the DuPont assumptions, the leverage demonstrates a negative effect. In the lagged model, all three factors have a considerable positive impact. Being the first paper to analyze non-financial companies in Uzbekistan, it provides useful insights into companies’ performance drivers for both researchers and managers. Keywords: DuPont analysis, joint-stock companies, ROE, profitability, efficiency, leverage, fixed effects.