FINANCIAL PERFORMANCE: DETERMINANTS OF RETURN ON EQUITY IN JOINT-STOCK COMPANIES OF UZBEKISTAN
DOI:
https://doi.org/10.60078/3060-4842-2025-vol2-iss3-pp721-722Abstract
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 effectsReferences
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