WAYS TO ATTRACT JOINT-STOCK COMPANIES TO THE CAPITAL MARKET BASED ON THE EXPERIENCE OF FOREIGN COUNTRIES

Abstract

The development of capital markets has become one of the most pressing challenges for transition economies seeking sustainable economic growth. This article examines the mechanisms through which joint-stock companies (JSCs) can be more effectively attracted to capital markets, drawing on the successful international experiences of the United States, the European Union, and Japan. The central purpose of this study is to identify and systematize the key institutional, regulatory, digital, and governance instruments that have demonstrably increased JSC participation in mature capital markets, and to evaluate their applicability to Uzbekistan's evolving financial system. The scientific significance lies in providing a structured comparative framework that integrates regulatory, reporting, and market infrastructure dimensions into a cohesive reform agenda. Methodologically, the study employs comparative institutional analysis, benchmarking, and descriptive statistical assessment of capital market development indicators across the selected countries. The main findings indicate that JSC attraction to capital markets depends on five mutually reinforcing pillars: a robust regulatory framework aligned with international standards, universal adoption and enforcement of IFRS, capital market liberalization including relaxation of foreign ownership constraints, modern digital trading and disclosure infrastructure, and strengthened corporate governance codes. For Uzbekistan, where market capitalization stands at approximately 8% of GDP and fewer than 80 JSCs are listed, these findings offer a concrete reform pathway. The practical significance of this work lies in its actionable policy recommendations, which can guide Uzbekistan's Capital Market Development Agency and relevant ministries in designing reform measures that accelerate JSC engagement with the capital market and strengthen the country's investment climate.