American Journal of Business Management, Economics and Banking
American Journal of Business Management, Economics, and Banking is a peer-reviewed international, open-access journal. This journal publishes articles in Economics, Business Management, Banking, and Accounting. Authors can submit original research for the double-blind peer-reviewed journal. ISSN (E): 2832-8078 JIF 2024: 8.960
FOREIGN AIDS, REMITTANCES AND ECONOMIC DEVELOPMENT IN SUB –SAHARA AFRICAN COUNTRIES
The study is centred on the interrelationship between foreign aids, remittances and economic development in sub-Sahara African countries from 2000-2022. The study adopted unit root test, co- integration test tool, error correction model and granger causality model as statistical technique. Secondary data were gathered from world bank data base of various years. All the variables were stationary at first difference. The co-integration test shows that there is presence of long run relationship between the study variables. . The ECM results show that: only personal remittance contributes to the building of human development index of Sub –Sahara African (SSA) countries; Bilateral aid (BLA) is insignificant in contributing to the development of the SSA while multilateral aid, remittance from export (RE) failed to promote economic development in the region proxies as Human development index. The granger causality result shows that all the dependent variables support human development index in the development process. The study conclude that personal remittance is the key driver for economic development in the sub-Sahara region. However, the study recommends that regional government should encourage or promote more remittances from migrants by deepening the financial system, promote local production which will boost export; Create an enabling environment within the region to attract more investors from developed economy.
Economic development, multilateral aid, bilateral, personal remittance, remittance from export.
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CONTEMPORARY APPROACHES TO ENHANCING CREDIT RISK MANAGEMENT MECHANISMS IN THE BANKING SYSTEM OF UZBEKISTAN
The increasing complexity of banking operations, rapid digital transformation, and growing economic uncertainty have significantly increased the importance of effective credit risk management in modern banking systems. This study examines contemporary approaches to enhancing credit risk management mechanisms in the banking system of Uzbekistan. The research analyzes existing credit risk management practices, identifies key challenges affecting the quality of risk assessment, and evaluates international experiences related to Basel III standards, IFRS 9 requirements, artificial intelligence, machine learning, and early warning systems. The study employs comparative, analytical, and statistical methods to assess current trends in credit risk management and banking sector stability. Based on the findings, practical recommendations are proposed to improve credit risk assessment procedures, strengthen risk monitoring systems, and increase the resilience of commercial banks. The results indicate that the integration of advanced digital technologies and international risk management standards can significantly enhance the effectiveness of credit risk management and contribute to the sustainable development of Uzbekistan’s banking sector.
Credit risk management, banking system, commercial banks, credit risk assessment, Basel III, IFRS 9, artificial intelligence, machine learning, non-performing loans, financial stability, Uzbekistan.
FINANCING INVESTMENTS DIRECTED TO THE REAL SECTOR OF THE ECONOMY IN DEVELOPED COUNTRIES
This study examines the modern features of financing investments directed to the real sector of the economy in developed countries. The research analyzes the main sources of investment financing, including the role of bank loans, capital market instruments, venture capital, and private equity mechanisms. It also highlights the participation of the state in investment processes and its impact on economic efficiency. Based on the experience of developed countries, diversified and innovative approaches to financing the real sector are revealed. The results of the study contribute to the effective use of investment resources and ensuring economic growth.
Real sector, investments, financing, developed countries, capital market, bank loans, venture capital, private investment, economic growth, investment policy.
The article is devoted to the innovative development of agriculture and the issues of introducing innovative technologies into the agricultural sector. In modern conditions, the development of agriculture is determined by the level of implementation of innovative technologies and innovative activities of agribusiness. The main areas of innovative development in agriculture, as well as financial support for innovative agribusiness activities, are discussed. Based on the analysis, the following conclusions are drawn.
Agriculture, innovation, agribusiness, innovative development, agricultural production. efficiency.
METHODOLOGICAL APPROACHES TO CORPORATE ESG RATING ASSESSMENT
The article examines the role of the ESG approach in achieving the Sustainable Development Goals, substantiates the feasibility of ESG-based investments, identifies challenges associated with assessing corporate ESG ratings, and highlights the benefits of adopting this approach within the national economy.
Sustainable development, ESG factors, green economy, green investments, responsible investments, green financing, green projects
ENSURING THE LIQUIDITY OF ECONOMIC ENTITIES
This article examines the issues of ensuring the liquidity of economic entities operating in the Republic of Uzbekistan. In the course of the research, the opinions of economists regarding the liquidity of economic entities were studied, and an analysis of the liquidity of economic entities operating in Uzbekistan was conducted. Based on the results of the analysis, relevant conclusions and proposals were developed.
Economic entities, financial stability, liquidity, balance sheet liquidity, asset liquidity, solvency.
TRANSFORMATION TRENDS AND CHALLENGES IN THE GLOBAL FINANCIAL SYSTEM UNDER CONDITIONS OF FINANCIAL GLOBALIZATION
The article examines the changes in global financial markets, the processes of reforming the world financial system, and the main causes of global imbalances. Accordingly, firstly, the current trends in the world financial system, and secondly, the problems that have arisen for the world financial system as a result of fluctuations in the global financial market are studied. Also, the impact of changes in the global financial architecture on the economy of developed and developing countries and the measures used to prevent its negative consequences are highlighted. In this process, the impact of digitalization processes on the world financial system, including the strengthening of competition between traditional and new forms of financial intermediation, the emergence and wide spread of private digital currencies and crypto-assets, researching the processes and defining prospective directions on this basis is an urgent issue. In this regard, the description of the latest trends related to ensuring the stability of the financial system in foreign countries, methods of stimulating economic growth in the conditions of an economic crisis or recession, and effective measures to prevent the debt problem are the main directions of the research. Therefore, attention was paid to the development of scientific conclusions and recommendations based on the research of the impact of global financial trends on the international financial system.
Global financial system, financial architecture, capital market, balance of payments, recession, inflation, SWIFT, crypto-assets.
FINANCIAL MECHANISMS FOR GREEN INVESTMENTS: CHALLENGES AND PROSPECTS IN DEVELOPING COUNTRIES
This paper examines the financial mechanisms underpinning green investments in developing countries, highlighting systemic barriers and emerging opportunities. Using recent statistical data from international organizations, the study provides an analytical framework for understanding the dynamics of sustainable financing and proposes strategic recommendations for policymakers and investors.
Green finance, sustainability, economic growth, technological innovation.
FACTORS AFFECTING THE EFFICIENCY OF FINANCIAL FUNDS OF NON-STATE HIGHER EDUCATIONAL INSTITUTIONS
This аrticle аnаlyzes the mаin fаctоrs аffecting the efficiency оf finаnciаl resоurces in privаte higher educаtiоn institutiоns. The increаsing cоmpetitiоn in the educаtiоnаl services mаrket, chаnges in student enrоllment, mаnаgement effectiveness, implementаtiоn оf innоvаtive technоlоgies, аnd the develоpment оf investment аctivities аre cоnsidered key fаctоrs ensuring the finаnciаl sustаinаbility оf privаte higher educаtiоn institutiоns. The study findings indicаte thаt rаtiоnаl mаnаgement оf finаnciаl resоurces, diversificаtiоn оf incоme sоurces, аnd the аpplicаtiоn оf mоdern mаnаgement mechаnisms cоntribute significаntly tо imprоving the оperаtiоnаl efficiency аnd cоmpetitiveness оf higher educаtiоn institutiоns.
Privаte higher educаtiоn institutiоns, finаnciаl resоurces, finаnciаl efficiency, educаtiоnаl services mаrket, investments, mаnаgement, cоmpetitiveness, incоme diversificаtiоn, finаnciаl sustаinаbility, resоurce mаnаgement.
WAYS TO ENSURE THE FINANCIAL STABILITY OF INSURANCE COMPANIES
Financial stability is a fundamental prerequisite for the sustainable operation and growth of insurance companies. The insurance industry plays a crucial role in economic development by providing risk protection, mobilizing savings, and contributing to financial market stability. However, insurance companies face numerous challenges, including market volatility, inflation, regulatory changes, catastrophic losses, and operational risks. This study examines the key factors affecting the financial stability of insurance companies and identifies effective strategies for maintaining solvency and long-term sustainability. Using a qualitative analysis of academic literature, regulatory frameworks, and industry practices, the study highlights the importance of adequate capital management, risk diversification, reinsurance arrangements, sound investment policies, regulatory compliance, and technological innovation. The findings indicate that a comprehensive approach integrating financial, operational, and regulatory measures significantly enhances insurers' resilience against economic shocks. The study concludes that financial stability can be strengthened through proactive risk management, effective governance, and the adoption of advanced technologies.
Insurance companies, financial stability, solvency, risk management, capital adequacy, reinsurance, investment strategy.
DIRECTIONS FOR FORMING AN EFFECTIVE SYSTEM OF FINANCING INNOVATION ACTIVITIES
The article examines the essence, features of innovations, theoretical foundations of financing innovative activities. The volume and trend of changes in the gross domestic product and expenses for financial support of innovation activities are analyzed. The distribution of expenses on innovations in Uzbekistan by sources of financing is studied. A SWOT analysis of ensuring the effectiveness of the system of financing innovative activities of enterprises is considered. Based on the research findings, recommendations have been developed to improve the financing of innovative activities.
Innovation, investment, financing, efficiency, gross domestic product, innovation activities, sources of financing, methods and technologies, research and development, patents, enterprises and start-ups, projects.
TAX ARREARSNING MACROECONOMIC THEORETICAL FOUNDATIONS AND ITS RELATIONSHIP WITH STATE BUDGET STABILITY
This article provides a comprehensive analysis of the macroeconomic theoretical foundations of tax arrears and their relationship with government budget stability. Tax arrears are examined as a significant fiscal risk factor, and their interactions with macroeconomic cycles, public debt dynamics, and fiscal sustainability mechanisms are theoretically justified. The study discusses the concept of fiscal sustainability, theories on the impact of debt on macroeconomic stability, institutional features of tax policy that encourage debt accumulation, and the concept of revenue sustainability. Furthermore, the paper highlights the role of tax arrears in weakening the government revenue base, widening fiscal gaps, and increasing vulnerability to macroeconomic shocks. The findings of the research contribute to the development of theoretical conclusions and policy implications aimed at improving tax debt management mechanisms and strengthening budgetary stability.
Tax arrears, fiscal sustainability, macroeconomic stability, government budget, fiscal risks, public debt, tax policy.
WEAKNESSES OF INTEGRATING ERP, EAM AND BI INFORMATION SYSTEMS WITH LONG-TERM ASSET ACCOUNTING AND EFFECTIVE SOLUTIONS
This study investigates the weaknesses of integrating Enterprise Resource Planning (ERP), Enterprise Asset Management (EAM) and Business Intelligence (BI) information systems with long-term asset accounting in the oil and gas transport sector of Uzbekistan. Drawing on a single-firm case study of "Sarbon-Neftegaz" Joint-Stock Company — a subsidiary of "Uzbekneftegaz" JSC operating a fleet of 134 vehicles — the paper identifies four systemic integration weaknesses: data fragmentation across isolated departmental platforms; the absence of a unified asset master register; IAS 16 [1]-non-compliant depreciation policy; and the lack of real-time BI dashboards for strategic decision-making. Using quantitative financial data from 2022–2024 alongside qualitative field observations, the study proposes a three-layer integration architecture that combines ERP financial modules, EAM maintenance and GPS-telematics feeds, and a BI analytical layer. The proposed framework is validated through a cost-benefit projection demonstrating potential annual savings of UZS 3,364 million (29.4% of total asset value), a 60% reduction in reporting lead time, and an increase in vehicle utilisation from 74.3% to 85.0%. The findings contribute to the sparse empirical literature on ERP–EAM–BI integration in developing-country extractive-sector subsidiaries and provide a replicable implementation roadmap for analogous organisations.
ERP integration, EAM, business intelligence, long-term asset accounting, IAS 16, oil and gas transport, strategic management accounting, vehicle fleet, data fragmentation, Uzbekistan.
SPECIFIC FEATURES OF DEVELOPING ACCOUNTING POLICY IN THE ACTIVITIES OF AGRICULTURAL PRODUCERS
This article examines the specific features of developing accounting policy for agricultural producers — particularly enterprises engaged in growing tree, shrub, and flower seedlings and providing landscape design services. The study analyzes industry-specific accounting policy challenges in biological assets (IAS 41), property, plant, and equipment (IAS 16), inventories (IAS 2), and revenue recognition (IFRS 15). The methodology combines regulatory analysis, comparative analysis, economic statistics, and observation. Findings indicate that proper classification of biological assets, selection of seasonality-sensitive depreciation methods, and stage-by-stage revenue recognition for complex service contracts constitute strategic elements of accounting policy for entities in this sector. Practical recommendations for Uzbek agricultural enterprises are proposed.
Accounting policy, biological assets, agricultural producers, depreciation, fair value, revenue recognition, IFRS, industry-specific features.
RESOURCE ADEQUACY FOR IMPROVING CREDIT OPERATIONS OF COMMERCIAL BANKS: CURRENT TRENDS AND DEVELOPMENT PERSPECTIVES
Credit operations represent one of the most important sources of income for commercial banks; however, they are also associated with significant credit risks that may threaten the financial stability of banking institutions. Therefore, effective credit portfolio diversification and comprehensive credit risk management have become essential elements of modern banking practice. This study examines the theoretical and practical aspects of credit portfolio diversification and its role in reducing credit risk concentration and improving the quality of bank loan portfolios. The study is based on statistical data of the banking sector of Uzbekistan, reports of the Central Bank of the Republic of Uzbekistan, international banking standards, and scientific literature related to credit risk management. The analysis focuses on the structure and dynamics of credit portfolios by borrower categories and economic sectors, as well as the relationship between diversification levels and the stability of banking activities.
Commercial banks, credit portfolio, credit portfolio diversification, credit risk, non-performing loans, concentration risk, banking stability, lending activities
IMPROVING THE SYSTEM FOR REFINANCING UNSECURED MICROLOANS AT BANKS
This article analyzes the economic significance and practical effectiveness of the unsecured microloan refinancing system in providing financial support to entrepreneurs. The study substantiates that high collateral requirements are among the main factors limiting small businesses access to financial resources. It highlights the role of unsecured microcredit refinancing mechanisms in ensuring bank liquidity, distributing credit risks, reducing interest rates, and expanding lending volumes.
Small business, unsecured microcredits, refinancing, financial support, banking and financial system, credit.
PROSPECTS FOR THE DEVELOPMENT OF THE GREEN INVESTMENT MARKET IN UZBEKISTAN
This article examines the theoretical and practical aspects of developing the green investment market in Uzbekistan. The study analyzes the essence of the green economy, the economic and environmental significance of green investments, and their financing mechanisms. Additionally, the current state of the green investment market in the country was assessed, and factors influencing its development were identified. Based on international experience, the possibilities of implementing green bonds, ESG principles, and innovative financing instruments were studied. As a result of the study, scientific and practical proposals and recommendations have been developed aimed at developing the green investment market in Uzbekistan, increasing investment attractiveness, and ensuring sustainable economic development.
Green economy, green investments, investment market, ESG principles, sustainable development, renewable energy, green bonds, investment attractiveness, environmental investments, climate finance, artificial intelligence, digital technologies, investment efficiency, economy of Uzbekistan.
THE ROLE OF HUMAN CAPITAL IN INCREASING THE EFFICIENCY OF INVESTMENTS IN FIXED CAPITAL
This article examines the importance of human capital in improving the efficiency of fixed capital investment. It theoretically explains the relationship between human capital and fixed capital, and analyzes the mechanisms by which they influence economic growth. It also explores how investments in human capital are a key factor in increasing labor productivity, fostering innovation, and improving the efficiency of fixed capital utilization. Based on the research findings, practical proposals and recommendations for improving investment policy are developed.
human capital, fixed capital, investment, investment efficiency, labor productivity, innovation, economic growth, investment policy.
WAYS TO INCREASE THE EFFICIENCY OF FINANCIAL RESOURCES IN THE INVESTMENT ACTIVITIES OF COMMERCIAL BANKS
This study examines the theoretical and practical aspects of improving the efficiency of financial resources in the investment activities of commercial banks. The research analyzes the investment activities of banks, mechanisms for managing financial resources, methods of reducing investment risks, and the impact of bank investments on economic growth. In addition, issues such as diversification of investment portfolios, liquidity management, and improvement of risk management systems are considered. The study also substantiates the importance of using fintech technologies, artificial intelligence, and innovative financial instruments in the development of commercial banks’ investment activities in the digital economy. Furthermore, the role of attracting foreign investments and expanding cooperation with international financial institutions in increasing investment efficiency is highlighted. As a result of the research, scientific and practical recommendations for improving the efficiency of financial resources in the investment activities of commercial banks have been developed. These recommendations contribute to strengthening the financial stability and investment potential of the banking system.
Capital, investment portfolio, risk management, liquidity, digital economy, fintech technologies, banking investments, investment risks, foreign investment, financial stability, innovative technologies, green economy, investment attractiveness, banking resources, economic growth, diversification.
CONDUCTING INTERNAL AUDITS OF RESEARCH PROJECTS AND COMMERCIALIZATION ACTIVITIES IN HIGHER EDUCATION INSTITUTIONS
This article explores the influence of research activities and commercialization practices on the effectiveness of higher education institutions and highlights the role of internal auditing in evaluating and improving these processes. Furthermore, the study contributes to the growing literature on research funding by examining its observed impacts and offering evidence on its significance in fostering research productivity and commercialization performance.
Higher education, higher education institution, scientific research, research project, works and services, investment, commercialization, research funding, research performance, dynamic assessment, internal audit.
SCIENTIFIC AND THEORETICAL BASIS OF PROCEEDING A STRATEGY FOR THE DEVELOPMENT OF COMMERCIAL BANKS
This article analyzes current trends in the transformation of commercial banks and the introduction of digital technologies. In particular, the strengthening of macroprudential supervision in the banking system, digital transformation, optimization of business processes, and the advantages and limitations of the use of financial technologies are highlighted. Also, based on international and national experience, the issues of strategic development of banks, risk management systems, and cybersecurity are analyzed. The study substantiates the need to pay special attention to the transformation of banks not only to technological innovation, but also to strategic management, service quality, and financial stability.
Commercial banks, digital transformation, banking strategy, financial technologies, fintech, risk management, macroprudential control, cyber security, banking services, innovative development, banking system, liquidity, business processes.
THE PRIVATE SECTOR IN THE MODERN EDUCATION SYSTEM: MECHANISMS FOR MANAGING AND IMPROVING EDUCATION QUALITY
This article analyzes the theoretical and methodological foundations of education quality management, assessment criteria, and advanced foreign experiences in private higher education institutions. During the study, the practical significance of internal, external, and social control mechanisms in quality assurance, as well as the PDCA (Shewhart-Deming) continuous improvement cycle and the Kaizen philosophy, were revealed. In conclusion, it is scientifically substantiated that to ensure competitiveness in the education market, quality management must be a complex and constantly updated system adapted to the needs of the labor market.
Private higher education institutions, education quality, quality management, continuous improvement, PDCA cycle, Kaizen philosophy, assessment criteria, competitiveness.
DIGITAL FISCAL TRANSFORMATION AS A FACTOR OF INCREASING THE EFFICIENCY OF SUPPORT FOR ECONOMIC SECTORS
The article examines priority directions for increasing the efficiency of fiscal instruments used to support economic sectors under conditions of digital fiscal transformation. The study substantiates that the modernization of tax-budget mechanisms is no longer limited to the redistribution of public financial resources, but becomes a system of targeted incentives, digital monitoring, KPI-based financing and performance-oriented public expenditure management. Special attention is paid to digital fiscal administration, electronic tax and budget platforms, Big Data analytics, targeted funds, compensation mechanisms and sector-specific incentives for industry, agriculture, construction materials, logistics and high value-added digital services. The article argues that the transition from input-based budget support to result-oriented fiscal management enables the state to strengthen transparency, reduce administrative costs, increase the return on public expenditure and stimulate sustainable sectoral growth. The proposed approach considers fiscal instruments as an integrated mechanism combining resource allocation, incentive design, risk-based control and evaluation of economic outcomes.
Fiscal instruments; digital fiscal policy; tax incentives; budget expenditures; subsidies; targeted funds; economic sectors; KPI-based financing; fiscal efficiency; public expenditure; digital administration; investment activity; economic growth.
Ensuring public finance stability has become one of the most important priorities for governments seeking to maintain sustainable economic development, macroeconomic equilibrium, and social welfare under conditions of increasing global uncertainty. Budget policy serves as a fundamental instrument through which governments influence fiscal sustainability by managing public revenues, expenditures, deficits, and debt obligations. The effectiveness of fiscal management largely depends on how efficiently budgetary mechanisms are designed and implemented. This study investigates the role of budget policy in maintaining public finance stability through theoretical analysis and examination of fiscal instruments. Particular attention is given to expenditure efficiency, revenue mobilization, fiscal discipline, debt sustainability, and international experiences in fiscal governance. The paper argues that sustainable budget policy not only supports macroeconomic resilience but also strengthens institutional capacity and long-term economic competitiveness.
Budget policy, fiscal sustainability, public finance, state budget, fiscal deficit, debt management, macroeconomic stability, government expenditure.
THE INVESTMENT ACTIVITY OF COMMERCIAL BANKS AND THE ROLE OF SECURITIES IN ASSET STRUCTURE: A POST-TRANSFORMATION ANALYSIS OF UZBEKISTAN'S BANKING SYSTEM
This study evaluates the investment activity of commercial banks and investigates the strategic significance of securities within bank asset portfolios, specifically focusing on the ongoing financial transformation in the Republic of Uzbekistan. Structured under the strict IMRAD format, the paper presents a highly expanded Literature Review that integrates foundational financial intermediation theories, modern portfolio optimization frameworks, and contemporary empirical findings on bank asset quality. Analyzing data from the Central Bank of Uzbekistan up to the 2024–2026 fiscal periods, the paper highlights that while credit risks are heavily prioritized, the strategic positioning of sovereign, municipal, and high-grade corporate securities remains an underutilized tool for portfolio insulation. The findings reveal that structural dependencies—exemplified by credit concentration where the top 50 corporate borrowers command 24% of total assets, and 77% of large loans are denominated in foreign currencies—can be mitigated through active balance sheet diversification into high-quality liquid assets (HQLA). Finally, the study offers targeted recommendations for deploying advanced risk-based pricing, predictive AI algorithms, and structural capital market tools to advance the systemic stability of transition economies.
Commercial banks, Investment activity, Securities portfolio, Asset quality, Financial transformation, Basel III, Credit risk, Portfolio diversification, Non-Performing Loans (NPL), Risk management.
OPEN BANKING TECHNOLOGY IN THE BANKING SYSTEM: OPPORTUNITIES FOR CUSTOMERS AND TRANSFORMATION PROCESSES
This article explores the role of "Open Banking" technology as a driver for the transformation of commercial banks in the digital economy. The research analyzes the significance of Open API interfaces in banking ecosystems, data exchange mechanisms, and the financial opportunities created for customers in this process. It scientifically substantiates how digital changes in the banking system of Uzbekistan, particularly the partnership between banks and fintech, affect the speed and quality of customer service. In conclusion, proposals are put forward to overcome existing barriers to the implementation of Open Banking.
Open Banking, digital transformation, API, banking ecosystem, fintech, financial inclusion, cybersecurity.
SERVICE QUALITY AND VISITORS' BEHAVIOURAL INTENTION IN ECO-TOURISM DESTINATIONS IN SOUTH-SOUTH NIGERIA
This study examined the relationship between service quality and visitors' behavioural intention at selected eco-tourism destinations in South-South Nigeria, specifically Obudu Mountain Resort, Cross River State, and Finima Nature Park, Rivers State. Anchored on the Expectancy Disconfirmation Paradigm, the study adopted a descriptive cross-sectional survey design. Three dimensions of service quality (tangibility, responsiveness, and reliability) were examined as predictors of visitors' behavioural intention. A structured questionnaire employing a 4-point Likert scale was administered to a sample of 213 visitors across both destinations, drawn using convenience sampling. Of the questionnaires distributed, 200 were retrieved and analysed using Pearson Product Moment Correlation Coefficient via SPSS version 25. Reliability of the instrument was confirmed using Cronbach's Alpha, with coefficients ranging from 0.71 to 0.81. Findings revealed significant positive relationships between all three dimensions of service quality and visitors' behavioural intention. Tangibility recorded the strongest association, followed by responsiveness and reliability. The study concludes that enhancing the physical environment, staff responsiveness, and service consistency at eco-tourism sites is essential for sustaining positive visitor behavioural intentions. Recommendations include investment in physical infrastructure, targeted staff training, and robust service delivery frameworks tailored to the eco-tourism context.
Behavioural Intention, Eco-Tourism, Reliability, Responsiveness, Service Quality, South-South Nigeria, Tangibility
AUDIT OF ACCOUNTS PAYABLE: INTERNATIONAL PRACTICES, RISKS, AND IMPROVEMENT DIRECTIONS
The audit of accounts payable is considered one of the most important areas of modern auditing because accounts payable directly influence the liquidity, financial stability, and reliability of corporate financial reporting. In the context of globalization, increasing business transactions, and expanding credit relationships, enterprises face significant risks associated with the recognition, valuation, and disclosure of liabilities. This article investigates theoretical and practical issues related to the audit of accounts payable based on International Standards on Auditing (ISA) and International Financial Reporting Standards (IFRS). The study examines the international and national relevance of accounts payable auditing using statistical indicators and analytical data. Furthermore, the literature review summarizes the scientific views of foreign and local scholars regarding the methodology and significance of accounts payable auditing. The analysis and results section evaluates current auditing procedures, risk-oriented audit approaches, analytical procedures, and digital technologies used in accounts payable auditing. Particular attention is paid to detecting hidden liabilities, preventing fraudulent reporting, and improving internal control mechanisms. The study concludes that improving accounts payable auditing contributes to enhancing the reliability of financial statements, strengthening investor confidence, and ensuring effective corporate governance. The findings of this research may serve as a scientific and methodological basis for auditors, accounting specialists, researchers, and higher educational institutions in improving liability auditing methodologies under modern economic conditions.
Accounts payable audit, liabilities, audit risk, financial reporting, internal control, IFRS, ISA, corporate governance, audit evidence.
THE ASYMMETRIC RESILIENCE OF GREEN BONDS: RECONCILING GEOPOLITICAL VULNERABILITY WITH CORPORATE VALUE CREATION
The rapid expansion of green bonds positions sustainable finance at the core of climate mitigation strategies. However, empirical evidence on their crisis resilience and corporate value effects remains contradictory. This study synthesizes 73 peer-reviewed articles using meta-analytical methods (random-effects models, FAT-PET, PEESE) to resolve these discrepancies. We propose and test the Asymmetric Shock Resilience Hypothesis: green bonds exhibit diametrically opposite behaviors depending on shock origin. During financial or health crises (e.g., COVID-19), they act as safe havens, shielded by concentrated institutional ownership (Herfindahl-Hirschman Index = 0.28 vs. 0.15 for conventional bonds). Conversely, during geopolitical risk (GPR) episodes (e.g., Ukraine war), green bonds demonstrate severe vulnerability, with negative return shocks absent in conventional markets. At the corporate level, global average financial effects are negligible (μ = -0.005, p = 0.225), but this masks strong moderation: developed markets exhibit a significant "greenium" (lower cost of capital), while emerging markets (e.g., China) show negative post-issuance effects (μ = -0.041) due to prohibitive certification costs. We conclude that the greenium is not a static advantage but a contingent premium dependent on systemic stability and market maturity.
Green Bonds; Geopolitical Risk; Asymmetric Resilience; Corporate Value; Meta-Analysis.
ECONOMIC IMPACT OF IMPLEMENTING DIGITAL MANAGEMENT SYSTEMS ON INNOVATIVE DEVELOPMENT PROCESSES IN ENTERPRISES
This article examines the economic impact of implementing Digital Management systems on the innovative development processes of enterprises. The rapid advancement of Industry 4.0 technologies, including artificial intelligence, Big Data, and cloud computing, is reshaping modern management mechanisms and transforming business operations worldwide. Based on the scientific views of both foreign and domestic scholars, the study analyzes the influence of digital management systems on enterprises' innovation activity, labor productivity, and competitiveness. The findings indicate that the implementation of digital management systems contributes significantly to enhancing the level of innovative development, reducing operational costs, and creating new market opportunities for enterprises. Furthermore, the article proposes scientific and practical recommendations aimed at improving digital management practices and accelerating innovative growth in business organizations.
Digital Management, digital transformation, innovative development, digital economy, ERP systems, Big Data, artificial intelligence, cloud technologies, enterprise efficiency, innovation activity, labor productivity, Uzbekistan–2030 Strategy.