CORPORATE GOVERNANCE QUALITY, FOREIGN DIRECT INVESTMENT, AND ECONOMIC GROWTH: A PANEL ECONOMETRIC ANALYSIS OF CENTRAL ASIAN COUNTRIES (2003–2024)..

Pulatov, Yusufjon

Муҳандислик ва Иқтисодиёт · 2026-yil

Annotatsiya

This study examines the relationship between governance quality, foreign direct investment (FDI), and economicgrowth in Central Asia from 2003 to 2024. The research utilizes the Bertelsmann Transformation Index (BTI) anda random-effects GLS panel model to analyze the direct and indirect effects of governance reforms on growth throughforeign direct investment (FDI). The results demonstrate that improvements in governance are positively associated withFDI inflows, though insignificantly, indicating that existing institutional reforms have not yet increased the ability to attractinvestment. Similarly, foreign direct investment brings about a positive and modest impact on economic growth, suggestinglimited spillover benefits. When all factors are analyzed simultaneously, governance demonstrates a significantnegative short-term impact on growth, while the indirect effect via FDI remains weak. The results indicate that CentralAsia is still in a transitional phase and implementing its governance reforms, while foreign direct investment continues torely on resources. To transform developments in governance into sustainable, investment-driven growth, it is essential toenhance institutional confidence, diversify investments, and improve public sector efficiency.

Maqola ma’lumotlari
MualliflarPulatov, Yusufjon
JurnalМуҳандислик ва Иқтисодиёт
Nashr sanasi2026-06-01
Jild4
Son6
TilIngliz

Kalit so‘zlar

governance, Foreign Direct Investment, BTI Index, economic growth, reforms, Central Asia

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