Financial Management System of Join-Stock Capital
Abstract
The current stage of the development of corporatization consists in a powerful concentration of capital through mergers and acquisitions of joint-stock companies, the creation of strategic alliances; globalization through the organization of subsidiaries in the most attractive foreign markets, the distribution of goods and services outside their country. The current stage is characterized by the growth of multinational companies (TNCs), attracting the cheapest investments, regardless of their country of origin, ensuring the integration of industrial and financial capital, as well as pursuing a policy of diversifying organizational forms and areas of activity.
References
R. N. Anthony and V. Govindarajan, Management Control Systems. McGraw-Hill, 2007.
N. H. Normurodov, Stability and Development of Rental Relations. State Committee for Economics and Statistics of the Republic of Uzbekistan, 2022.
P. Jones and M. Smith, “Globalization and its impact on management accounting in multinational corporations,” Journal of International Business Studies, vol. 50, no. 2, pp. 220–235, 2019.
W. Lanen and E. Bakker, “Cost control in manufacturing organizations: A comparative study,” International Journal of Production Economics, vol. 141, no. 2, pp. 413–421, 2013.
A. Bhimani and K. Langfield-Smith, “The role of management accounting in organizational change: A review of the literature,” Accounting, Organizations and Society, vol. 32, no. 4–5, pp. 451–485, 2007.
B. Usmonov, “Theory and practice of evaluation of capital assets in Uzbekistan,” Yashil Iqtisodiyot va Taraqqiyot, vol. 1, no. 11–12, 2023.
A. Abdullaev, Shadow Economy in Uzbekistan: Scope and Ways to Combat It. Tashkent: Publishing House of the University of Economics, 2021.
T. A. Ruzmetov, “The rental system and its economic results,” Journal of Economics and Social Development of Uzbekistan, 2017.
B. Usmonov, S. Tojiboeva, B. Tashbaev, and S. Omanov, “Evaluation of capital efficiency of companies in the analysis of financial potential (In the case of Uzbekistan),” in ESG Management of the Development of the Green Economy in Central Asia, E. G. Popkova and B. S. Sergi, Eds. Cham: Springer, 2023. doi: 10.1007/978-3-031-46525-3_48.
Y. Khalikulova, “Analysis of the role of leasing and rental transactions in the activities of enterprises and organizations and across regions,” Raqamli Iqtisodiyot va Axborot Texnologiyalari, vol. 5, no. 1, pp. 240–245, 2025.
L. P. Goncharenko et al., Innovation Policy: A Textbook for Universities, 2nd ed. Moscow: Yurayt Publishing, 2023. [Online]. Available: https://urait.ru/bcode/511022
N. A. Polyakov, O. V. Motovilov, and N. V. Lukashov, Innovation Project Management: Textbook and Practice for Universities, 2nd ed. Moscow: Yurayt Publishing, 2023. [Online]. Available: https://urait.ru/bcode/511434
S. I. Tannenbaum, “The role of technology in improving internal control and management accounting systems,” Journal of Information Systems and Technology Management, vol. 25, no. 4, pp. 82–97, 2018.
B. Usmonov, “Ways of effective capital management of joint stock company,” International Finance and Accounting, no. 4, p. 5, 2021.
E. M. Korotkov, Crisis Management: A University Textbook. Moscow: Yurayt Publishing, 2023. [Online]. Available: https://urait.ru/bcode/510543
V. B. Daskovsky and V. B. Kiselev, A New Approach to the Economic Justification of Investments. Moscow: Kanon+ROOI "Rehabilitation", 2018.
B. Graham, Security Analysis. Moscow: Dialektika / Williams, 2019. (Translated).
J. J. Murphy, Technical Analysis of the Futures Markets. Moscow: Alpina Publisher, 2020. (Translated).
J. Jagerson, All About Gold Investing. Moscow: Mann, Ivanov and Ferber, 2018. (Translated).
B. Usmonov, “Научно-теоретические и практические аспекты повышения эффективности управления капиталом акционерных обществ,” Iqtisodiyot va Taʼlim, vol. 23, no. 1, pp. 85–89, 2022.
Copyright (c) 2025 Madina Khurramova

This work is licensed under a Creative Commons Attribution 4.0 International License.
In submitting the manuscript to the Central Asian Journal of Innovations on Tourism Management and Finance, the authors certify that:
- They are authorized by their co-authors to enter into these arrangements.
- The work described has not been formally published before, except in the form of an abstract or as part of a published lecture, review, thesis, or overlay journal.
- That it is not under consideration for publication elsewhere,
- The publication has been approved by the author(s) and by responsible authorities – tacitly or explicitly – of the institutes where the work has been carried out.
- They secure the right to reproduce any material that has already been published or copyrighted elsewhere.
- They agree to the following license and copyright agreement.
License and Copyright Agreement
Authors who publish with Central Asian Journal of Innovations on Tourism Management and Finance agree to the following terms:
- Authors retain copyright and grant the Central Asian Journal of Innovations on Tourism Management and Finance right of first publication with the work simultaneously licensed under Creative Commons Attribution License (CC BY 4.0) that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors can enter into separate, additional contractual arrangements for the non-exclusive distribution of the Central Asian Journal of Innovations on Tourism Management and Finance published version of the work (e.g., post it to an institutional repository or edit it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) before and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.