Qosimov Salohiddin Iskandarovich
Lecturer at the Department of Management,
International School of Finance Technology and Science (ISFT) Institute
Independent Researcher, Tashkent State University of Economics
E-mail: qosimovsalohiddin45@gmail.com
ORCID: 0009-0008-1236-3075
Abstract: This article proposes an Integral Assessment Index (IAI) for evaluating the financial security of joint-stock companies through a single composite indicator. The study is based on panel data from 2019–2024 for three joint-stock companies: “Uzkimyosanoat,” “Navoiyazot,” and “Ammofos-Maksam.” It was found that the Altman and Khaydarshina models produced conflicting conclusions in 33.3% of the observations. The McNemar test (χ² = 0.167; p = 0.683) demonstrated no statistically significant superiority of either model, providing a rationale for their integration. For “Uzkimyosanoat” JSC, the IAI amounted to 0.681 in 2024. In addition, a five-stage assessment mechanism, a 13-factor assessment system, an applicability matrix of international experience, a methodology for adapting industry-specific benchmarks, a four-level early warning system, and a three-scenario forecast for 2026–2030 were developed.
Keywords: joint-stock company, financial security, Altman Z-score, Khaydarshina model, Integral Assessment Index, McNemar test, early warning system, chemical industry.
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