THE IMPACT OF THE OPTIMAL STRUCTURE OF PRIVATE CAPITAL ON THE FINANCIAL STABILITY OF JOINT-STOCK COMPANIES
DOI:
https://doi.org/10.5281/zenodo.20698787Abstract
This article provides a comprehensive analysis of the formation of the optimal structure of equity capital in jointstock
companies and its impact on financial stability. The study examines the capital structure of joint-stock companies,
total capital, its sources, and proportional composition. In particular, the structure and dynamics of equity capital are
analyzed using the case of Navoiyazot JSC. Special attention is paid to ensuring balanced financial stability through
the diversification of retained earnings between consumption and accumulation funds. Based on the findings, strategic
directions for increasing equity capital through internal financial resources are proposed, along with tactical measures for
their effective implementation.
Keywords
global financial environment, capital structure, optimal capital structure, authorized capital, reserve fund, retained earnings, targeted financing and revenues, internal financial resources, dividend policy.References
«Aksiyadorlik jamiyatlari va aksiyadorlarning huquqlarini himoya qilish to‘g‘risida»gi O‘zbekiston Respublikasi Qonuni.
-modda. // https://lex.uz/acts/6567
Damodaran, A. Investment Valuation: Tools and Techniques for Determining the Value of Any Asset. Wiley, 2012.
Brealey, R. A., & Myers, S. C. Principles of Corporate Finance.
Donaldson, G. (1961). Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate
Debt Capacity.
Barklam, H. Pecking Order Theory: Explanation and Relevance in Corporate Finance. // Investment Guide. https://
www.investmentguide.co.uk/pecking-order-theory-explanation-and-relevance-in-corporate-finance/
Myers, S. C., & Majluf, N. S. (1984). Corporate Financing and Investment Decisions When Firms Have Information That
Investors Do Not Have. // Journal of Financial Economics, 13, 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
Black, F., & Scholes, M. (1973). The Pricing of Options and Corporate Liabilities. // The Journal of Political Economy, Vol.
, No. 3 (May–June), pp. 637–654. The University of Chicago Press. Stable URL: http://www.jstor.org/stable/1831029
Lintner, J. (1956). Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes. // The
American Economic Review, No. 2, pp. 97–113.
Modigliani, F., & Miller, M. H. (1961). Dividend Policy, Growth, and the Valuation of Shares. // Journal of Business,
(4), 411–433.
Gordon, M. J. (1962). The Investment, Financing, and Valuation of the Corporation. Homewood, IL: R. D. Irwin.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership
Structure. // Journal of Financial Economics, Vol. 3, No. 4, pp. 305–360.
www.openinfo.uz - rasmiy saytiga joylashtirilgan yillik moliyaviy hisobotlar asosidagi muallif hisob-kitoblari.
“Navoiyazot” AJ rasmiy sayti ma’lumotlari.

