Attracting Financial Resources too Joint-Stock Companies in Uzbekistan Through the Capital Market: Evidence from Four Large Jscs

This study evaluates how Uzbekistan’s joint-stock companies (JSCs) can reduce dependence on bank-centered financing and attract longer-term resources through equity and corporate debt markets. Using an IMRAD structure, the paper examines six years (2019–2024) of financial performance for O‘zmetkombinat JSC, Qizilqumsement JSC, O‘zbekko‘mir JSC and UzAuto Motors JSC. The empirical evidence is assembled from issuer disclosures, the Unified Corporate Information Portal (OpenInfo), the Republican Stock Exchange “Toshkent”, and company IFRS/annual reports. Descriptive trend analysis, profitability analysis, financing-readiness diagnostics and comparative institutional analysis are applied. Results indicate that the selected companies possess substantial operating scale, but capital-market financing remains constrained by low free float, thin secondary-market liquidity, concentrated ownership, limited corporate bond use, insufficient analyst coverage and uneven disclosure quality. The paper proposes a sequenced financing architecture: pre-IPO governance reform, minority share placements, domestic corporate bonds, credit-rating development, market-making arrangements, dividend-policy commitments and eventual dual/listed international offerings for the strongest issuers. The main policy conclusion is that Uzbekistan should treat capital-market development not merely as privatization, but as a corporate-finance reform that changes the cost, maturity and governance of enterprise funding.