{"id":5114,"date":"2025-12-29T07:59:00","date_gmt":"2025-12-29T07:59:00","guid":{"rendered":"https:\/\/interfinance.tsue.uz\/?p=5114"},"modified":"2026-03-02T08:04:36","modified_gmt":"2026-03-02T08:04:36","slug":"improving-the-participation-of-metallurgical-industry-enterprises-of-uzbekistan-in-the-stock-market","status":"publish","type":"post","link":"https:\/\/interfinance.tsue.uz\/?p=5114","title":{"rendered":"IMPROVING THE PARTICIPATION OF METALLURGICAL INDUSTRY ENTERPRISES OF UZBEKISTAN IN THE STOCK MARKET"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong><em>Sarvinoz Ergasheva<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Independent researcher at the Department of Corporate Finance<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>and Securities, Tashkent State University of Economics,<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Tashkent, Uzbekistan. Email: <\/em><a href=\"mailto:meliboyeva.ergasheva@gmail.com\"><em>meliboyeva.ergasheva@gmail.com<\/em><\/a><em><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>ORCID:<\/em><em> <\/em><em>0009-0009-0337-6760<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>ABSTRACT<\/em><\/strong>. <em>This research paper investigates the prospects for expanding the participation of metallurgical industry enterprises in the stock market of the Republic of Uzbekistan and enhancing their investment attractiveness. The relevance of the study is driven by the tasks set in the \u201cUzbekistan &#8211; 2030\u201d strategy, which aims to increase the capitalization of the capital market and prepare large-scale state-owned enterprises, specifically the Navoi Mining and Metallurgical Company (NMMC) and the Almalyk Mining and Metallurgical Complex (AMMC), for Initial Public Offerings (IPO).<\/em> <em>Based on statistical data from 2020 &#8211; 2025, the study employs econometric modeling (multi-factor regression analysis) to examine the financial stability of metallurgical enterprises and the factors influencing their shareholder value. The results indicate that global metal prices (LME) and corporate dividend policies are the primary drivers determining stock quotations. Furthermore, the analysis of the Secondary Public Offering (SPO) of \u201cUzmetkombinat\u201d JSC serves as a benchmark for evaluating retail investor appetite.<\/em> <em>The paper concludes with scientifically grounded proposals for implementing ESG (Environmental, Social, and Governance) standards in industrial enterprises, improving the \u201cPeople&#8217;s IPO\u201d mechanism, and expanding the institutional investor base.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Keywords<\/em><\/strong><em>.<\/em><em> Metallurgy, stock market, IPO, econometric model, regression analysis, capitalization, NMMC, AMMC, \u201cUzmetkombinat\u201d JSC, investment policy.<\/em><\/p>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/interfinance.tsue.uz\/wp-content\/uploads\/2025\/12\/14Sarvinoz-Ergasheva.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of 14+Sarvinoz Ergasheva.\"><\/object><a id=\"wp-block-file--media-85d7d71e-3e21-47c6-a63b-f11702172958\" href=\"https:\/\/interfinance.tsue.uz\/wp-content\/uploads\/2025\/12\/14Sarvinoz-Ergasheva.pdf\">14+Sarvinoz Ergasheva<\/a><a href=\"https:\/\/interfinance.tsue.uz\/wp-content\/uploads\/2025\/12\/14Sarvinoz-Ergasheva.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-85d7d71e-3e21-47c6-a63b-f11702172958\">Download<\/a><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sarvinoz Ergasheva Independent researcher at the Department of Corporate Finance and Securities, Tashkent State University of Economics, Tashkent, Uzbekistan. Email: meliboyeva.ergasheva@gmail.com ORCID: 0009-0009-0337-6760 ABSTRACT. This research paper investigates the prospects for expanding the participation of metallurgical industry enterprises in the <a href=\"https:\/\/interfinance.tsue.uz\/?p=5114\" class=\"read-more\">Read More &#8230;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[],"class_list":["post-5114","post","type-post","status-publish","format-standard","hentry","category-2025-6-issue-1-6"],"_links":{"self":[{"href":"https:\/\/interfinance.tsue.uz\/index.php?rest_route=\/wp\/v2\/posts\/5114","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/interfinance.tsue.uz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/interfinance.tsue.uz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/interfinance.tsue.uz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/interfinance.tsue.uz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5114"}],"version-history":[{"count":2,"href":"https:\/\/interfinance.tsue.uz\/index.php?rest_route=\/wp\/v2\/posts\/5114\/revisions"}],"predecessor-version":[{"id":5118,"href":"https:\/\/interfinance.tsue.uz\/index.php?rest_route=\/wp\/v2\/posts\/5114\/revisions\/5118"}],"wp:attachment":[{"href":"https:\/\/interfinance.tsue.uz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/interfinance.tsue.uz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/interfinance.tsue.uz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}