CORPORATE GOVERNANCE OF STATE-OWNED COMPANIES IN A TRANSITION ECONOMY: FEATURES OF THE MINING SECTOR OF UZBEKISTAN

Abstract

The article examines the transformation of corporate governance of state-owned companies in a transition economy, using the example of the mining sector of Uzbekistan. The study is based on a comparative analysis of two main enterprises of the industry  JSC “Navoi Mining and Metallurgical Combine” and JSC “Almalyk Mining and Metallurgical Combine”. The article shows that formal elements of corporate governance are being implemented faster than their integration into managerial practice. As a result, hybrid governance models are formed that combine state participation with market mechanisms of transparency and accountability