CORPORATE GOVERNANCE MECHANISMS AND FINANCIAL REPORTING TRANSPARENCY: INSTITUTIONAL ANALYSIS AND THE UZBEKISTAN EXPERIENCE
Keywords:
Corporate governance, financial reporting, transparency, information disclosure, supervisory board, audit committee, investors, information asymmetry, IFRS, capital market, foreign direct investment (FDI).Abstract
The corporate governance system exerts a direct influence on the transparency of financial reporting by ensuring corporate accountability, protecting investor rights, mitigating conflicts of interest, and reducing information asymmetry. This article establishes the correlation between corporate governance and transparency within the theoretical frameworks of Agency Theory, Information Asymmetry, and Signaling Theory. It synthesizes disclosure and accountability requirements established by international benchmarks, specifically the G20/OECD Principles of Corporate Governance and the OECD Guidelines on Corporate Governance of State-Owned Enterprises. Against the backdrop of institutional reforms in Uzbekistan aimed at modernizing corporate governance structures and aligning financial reporting with international standards (IFRS), this study analyzes the mechanisms that facilitate enhanced information disclosure and corporate responsibility. The empirical-analytical section provides practical conclusions on the impact of corporate governance on transparency, utilizing public data concerning capital market infrastructure, the dynamics of joint-stock companies with state ownership, foreign direct investment (FDI) volumes, and prevailing information disclosure practices.
