CORPORATE GOVERNANCE STRATEGIES TO ENHANCE COMPETITIVENESS: LOCAL AND GLOBAL APPROACHES

Аннотация

Corporate governance is the foundation through which the success of organizations is advanced, especially in a world characterized by globalization and rapid technological changes. It ensures efficiency in resource allocation, enhances transparency, and builds stakeholder trust, thus being a factor that makes competition feasible. This paper examines ways in which the practice of corporate governance could be improved; it focuses on local Uzbekistan perspectives and global outlooks. Whereas Uzbekistan has significantly renovated the framework on corporate governance, weak enforcement mechanisms, stakeholder disengagement, and an unacceptably obsolete management model-all represent competitiveness-eating elements. The study adopts a comparative methodology, analyzing successful governance practices in leading global corporations and juxtaposing them with the evolving framework in Uzbekistan. Among the key strategies explored are the integration of digital technologies, adoption of sustainable business practices, and the promotion of diversity and inclusivity in decision-making processes. In addition, the paper underlines the role of regulatory frameworks, corporate culture, and leadership in fostering an enabling environment for innovation and growth. The findings from the research identify that bringing the corporate governance practices of Uzbekistan up to international standards will go a long way in improving the business climate, reaping foreign investment, and ensuring long-term sustainability of its economy. The paper concludes with actionable recommendations for policymakers, corporate leaders, and other stakeholders to bridge the gap in local and global governance practices, which in turn would ensure a competitive advantage in an interconnected world. Keywords: corporate governance, competitiveness, Uzbekistan, digital transformation, sustainable practice, and regulatory framework. 1.Introduction 29 Acumen: International Journal of Multidisciplinary Research Acumen: International Journal of Multidisciplinary Research ISSN: 3060-4745 IF(Impact Factor)10.41 / 2024 Volume 2, Issue 2 In the modern global economy characterized by dynamism and interdependence, corporate governance has emerged as an essential determinant of organizational success. It is a structure through which decisions are made, accountability is ensured, and resources are managed, thereby enabling firms to achieve long-term sustainability and competitiveness. Under the impact of digital transformation, globalization, and changing stakeholder expectations, corporate governance has become one of the most significant agenda items for policymakers, researchers, and business leaders worldwide. More specifically, it is viewed as a critical tool for driving the performance of a company while minimizing risks, given the evolution of market conditions. In this respect, corporate governance remains a developing sphere in Uzbekistan, as current economic reforms have been pursued and gradually integrated into the world market. Meanwhile, besides substantial movement toward international practices, local enterprises have challenges like a lack of transparency, too limited stakeholder involvement, and out-of-date management systems. These challenges in turn hamper the ability of Uzbek businesses to compete both regionally and globally. Besides, the corporate governance framework in Uzbekistan is still at its development stage, and most local businesses are missing robust governance structures to operate effectively in a globalized economy. But while that may be true, several global corporations were able to apply varied new governance strategies to remain competitive, if not to further enhance their respective performances. In so doing, modern business necessitates equally transformed governance frameworks in digitization, sustainability, and inclusivity of leadership. Apple, Google, and Unilever have responded with the adoption of such corporate governance models as ethical leadership, data-driven decision-making, and stakeholder involvement. These companies not only lead economic performance but also serve as a benchmark for good governance practices. Drawing lessons from these global practices will offer useful insights in the work dedicated to strengthening the corporate governance landscape of Uzbekistan. There has never been a time when the issue of good corporate governance became so relevant, as the COVID-19 pandemic revealed the urgent need for both nimble leadership and resilience on the part of organizational structures. Global disruptions have given a big boost to the role of governance as a means to ensure business continuity and protection for all stakeholders, including shareholders, employees, and customers. In Uzbekistan, adaptability in governance practices will, therefore, go a long way in determining further success and expansion of local enterprises. It will also seek to explore ways of improving corporate governance practices