FACTORS AFFECTING THE FINANCIAL STABILITY OF ENTERPRISES: A THEORETICAL AND EMPIRICAL ANALYSIS

Abstract

Financial stability is a cornerstone of enterprise sustainability and a prerequisite for long-term value creation. This article provides a comprehensive analysis of the factors that influence the financial stability of enterprises, categorizing them into internal determinants — including capital structure, liquidity management, profitability, and operational efficiency — and external determinants such as macroeconomic conditions, regulatory environment, and market competition. Drawing on contemporary financial theory and empirical evidence from transitional economies, the study develops a multidimensional framework for assessing enterprise financial stability and proposes practical recommendations for strengthening corporate financial resilience, with particular relevance for Uzbekistan's business environment.