The importance of corporate culture in enhancing the governance of joint-stock companies

https://doi.org/10.35912/jomabs.v2i3.3027
Published: Jun 10, 2025

Abstract:

Purpose: This study aims to explore the role of corporate culture in enhancing the governance mechanisms of joint-stock companies. It seeks to conceptualize how cultural values interact with formal governance structures to influence corporate accountability and ethical conduct.

Research methodology: This study adopts a qualitative descriptive methodology to examine the conceptual dimensions of corporate culture in joint-stock companies by synthesizing philosophical, normative, and functional-organizational frameworks from scholarly literature published between 2000 and 2023. Using content analysis, it categorizes recurring themes such as values, rituals, and leadership patterns while referencing Deal and Kennedy’s four-level model to explore how culture influences governance..

Results: In the current phase of economic renewal, joint-stock companies like “Uzsalaman” JSC and “Maxam Chirchiq” JSC are focusing on enhancing production efficiency by aligning with market needs, modernizing equipment, and developing corporate culture. Assessing efficiency requires sector-specific indicators that reflect costs, profit, and output while considering internal capabilities and external conditions. A comprehensive, multi-indicator evaluation system rather than a single universal metric offers a more accurate and adaptable measure of production performance in line with international standards.

Conclusions: A cohesive and value-driven team is vital for building an effective corporate culture in joint-stock companies, as it reinforces both formal structures and shared organizational values. Strategic cultural development should align with internal and external conditions through structured programmes that address motivation, communication, and management systems. Strengthening corporate culture ultimately enhances productivity, reduces turnover, and improves governance performance.

Limitations: This study is limited by its conceptual focus and lacks empirical validation through field data from joint-stock companies.

Contribution: The study provides a theoretical foundation linking corporate culture to governance effectiveness, offering strategic insights for improving organizational performance in joint-stock enterprises.

Keywords:
1. corporate culture
2. corporate governance
3. employee satisfaction
4. company mission
5. organizational behaviour
Authors:
Nazokat Akramova
Tashkent State University of Economics, Tashkent, Uzbekistan
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How to Cite
Akramova, N. (2025). The importance of corporate culture in enhancing the governance of joint-stock companies. Journal of Multidisciplinary Academic Business Studies, 2(3), 397–406. https://doi.org/10.35912/jomabs.v2i3.3027
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Vol. 2 No. 3 (2025): May
Articles
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References

    Akramova, N. (2023). ??????????? ???????????? ?????????? ???????????? ????????? ?????????. Economics and Innovative Technologies, 11(1), 195-204. doi:http://dx.doi.org/10.55439/EIT/vol11_iss1/a20

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    Banning, F., Reale, J., & Roos, M. (2023). The Complexity of Corporate Culture as a Potential Source of Firm Profit Differentials. arXiv preprint arXiv:2305.14029. doi:https://doi.org/10.48550/arXiv.2305.14029

    Dutta, D., Mishra, S. K., & Budhwar, P. (2022). Ethics in Competency Models: A Framework Towards Developing Ethical Behaviour in Organisations. IIMB Management Review, 34(3), 208-227. doi:https://doi.org/10.1016/j.iimb.2022.10.002

    Ghaleb, B. D. S. (2024). The Importance of Organizational Culture for Business Success. Jurnal Riset Multidisiplin Dan Inovasi Teknologi, 2(3), 727-735. doi:https://doi.org/10.59653/jimat.v2i03.1098

    Gorton, G. B., & Zentefis, A. K. (2024). Corporate culture as a theory of the firm. Economica, 91(364), 1391-1423. doi:https://doi.org/10.1111/ecca.12537

    Hundschell, A., Backmann, J., Tian, A. W., & Hoegl, M. (2022). Leaders' Cultural Gap Bridging Behaviors and Subordinates' Work Engagement in Multinational Teams. Journal of International Management, 28(3). doi:https://doi.org/10.1016/j.intman.2021.100916

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    Kohtamäki, M., Heimonen, J., Sjödin, D., & Heikkilä, V. (2020). Strategic agility in innovation: Unpacking the interaction between entrepreneurial orientation and absorptive capacity by using practice theory. Journal of Business Research, 118, 12-25. doi:https://doi.org/10.1016/j.jbusres.2020.06.029

    Nisa, S., & Hariyanti, A. I. (2022). Good Corporate Governance, Kinerja Keuangan dan Kinerja Saham Selama Pandemi Covid-19. Jurnal Studi Pemerintahan dan Akuntabilitas, 2(1), 51-64. doi:https://doi.org/10.35912/jastaka.v2i1.1739

    Nurjannah, Rumenta, S., & Rahman, M. A. (2022). Understanding The Relationship Between Communication Style, Good Corporate Governance, Corporate Social Responsibility, Tax Compliance, Ethical Leadership, and Public Trust. Jurnal Publikasi Ilmu Manajemen, 1(4), 286-298. doi:https://doi.org/10.55606/jupiman.v1i4.3618

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    Sadikova, M., Karlibaeva, R., Yusupov, A., & Akramova, I. (2021). Evaluation of the Positive Effects of Corporate Culture in Joint-Stock Companies. Turkish Online Journal of Qualitative Inquiry, 12(6), 6956-6966.

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    Stepanova, L., & Melnikova, N. (2020). Modern problems of Management efficiency in a Joint Stock Company. Paper presented at the International Scientific Conference" Far East Con"(ISCFEC 2020).

    Trinks, A., Mulder, M., & Scholtens, B. (2020). An Efficiency Perspective on Carbon Emissions and Financial Performance. Ecological Economics, 175, 1-12. doi:https://doi.org/10.1016/j.ecolecon.2020.106632

    Utami, D. P., Yuliandari, W. S., & Muslih, M. (2017). Mekanisme Good Corporate Governance dan Transparansi Perusahaan Terhadap Pengungkapan Corporate Social Responsibility. Jurnal Riset Akuntansi Kontemporer (JRAK), 9(1), 19-28. doi:https://doi.org/10.23969/jrak.v9i1.364

  1. Akramova, N. (2023). ??????????? ???????????? ?????????? ???????????? ????????? ?????????. Economics and Innovative Technologies, 11(1), 195-204. doi:http://dx.doi.org/10.55439/EIT/vol11_iss1/a20
  2. Ariyanto, T. P. A., & Idawati, W. (2023). Pengaruh Kompleksitas Perusahaan dan Risiko Perusahaan Terhadap Biaya Audit (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia 2018-2021). Journal of Accounting, Management and Islamic Economics, 1(2), 513-530. doi:https://doi.org/10.35384/jamie.v1i2.468
  3. Banning, F., Reale, J., & Roos, M. (2023). The Complexity of Corporate Culture as a Potential Source of Firm Profit Differentials. arXiv preprint arXiv:2305.14029. doi:https://doi.org/10.48550/arXiv.2305.14029
  4. Dutta, D., Mishra, S. K., & Budhwar, P. (2022). Ethics in Competency Models: A Framework Towards Developing Ethical Behaviour in Organisations. IIMB Management Review, 34(3), 208-227. doi:https://doi.org/10.1016/j.iimb.2022.10.002
  5. Ghaleb, B. D. S. (2024). The Importance of Organizational Culture for Business Success. Jurnal Riset Multidisiplin Dan Inovasi Teknologi, 2(3), 727-735. doi:https://doi.org/10.59653/jimat.v2i03.1098
  6. Gorton, G. B., & Zentefis, A. K. (2024). Corporate culture as a theory of the firm. Economica, 91(364), 1391-1423. doi:https://doi.org/10.1111/ecca.12537
  7. Hundschell, A., Backmann, J., Tian, A. W., & Hoegl, M. (2022). Leaders' Cultural Gap Bridging Behaviors and Subordinates' Work Engagement in Multinational Teams. Journal of International Management, 28(3). doi:https://doi.org/10.1016/j.intman.2021.100916
  8. Khan, T. Y., Badruddin, I. A., Soudagar, M. E. M., Khandal, S. V., Kamangar, S., Mokashi, I., . . . Hossain, N. (2021). Biodiesel production using modified direct transesterification by sequential use of acid-base catalysis and performance evaluation of diesel engine using various blends. Sustainability, 13(17), 9731. doi:https://doi.org/10.3390/su13179731
  9. Kohtamäki, M., Heimonen, J., Sjödin, D., & Heikkilä, V. (2020). Strategic agility in innovation: Unpacking the interaction between entrepreneurial orientation and absorptive capacity by using practice theory. Journal of Business Research, 118, 12-25. doi:https://doi.org/10.1016/j.jbusres.2020.06.029
  10. Nisa, S., & Hariyanti, A. I. (2022). Good Corporate Governance, Kinerja Keuangan dan Kinerja Saham Selama Pandemi Covid-19. Jurnal Studi Pemerintahan dan Akuntabilitas, 2(1), 51-64. doi:https://doi.org/10.35912/jastaka.v2i1.1739
  11. Nurjannah, Rumenta, S., & Rahman, M. A. (2022). Understanding The Relationship Between Communication Style, Good Corporate Governance, Corporate Social Responsibility, Tax Compliance, Ethical Leadership, and Public Trust. Jurnal Publikasi Ilmu Manajemen, 1(4), 286-298. doi:https://doi.org/10.55606/jupiman.v1i4.3618
  12. Pande, S., & Ansari, V. A. (2014). A theoretical framework for corporate governance. Indian Journal of Corporate Governance, 7(1), 56-72.
  13. Putra, M. R. S., & Joeliant, H. B. (2023). Kedudukan Organ Perseroan Perorangan pada Usaha Mikro Kecil dan Menengah Pasca Berlakunya Undang-Undang Nomor 6 Tahun 2023. UNES Law Review, 6(2), 5104-5113. doi:https://doi.org/10.31933/unesrev.v6i2.1341
  14. Sadikova, M., Karlibaeva, R., Yusupov, A., & Akramova, I. (2021). Evaluation of the Positive Effects of Corporate Culture in Joint-Stock Companies. Turkish Online Journal of Qualitative Inquiry, 12(6), 6956-6966.
  15. Saidakhmedova, A. M. (2024). Corporate Governance in Joint-Stock Companies: Challenges and Opportunities for Adopting International Standards. Development of International Entrepreneurship Based on Corporate Accounting and Reporting According to IFRS: Part A, 57-64. doi:https://doi.org/10.1108/S1877-63612024000033A007
  16. Saparovna, M. K., & Sayatovna, S. M. (2015). Features of Corporate Governance in Kazakhstan. Asian Journal of Business Environment, 5(2), 15-22. doi:https://doi.org/10.13106/eajbm.2014.vol5.no2.15.
  17. Sari, R. (2023). Enhancing Corporate Governance Through Effective Oversight and Accountability. Advances: Jurnal Ekonomi & Bisnis, 1(6), 344-356. doi:https://doi.org/10.60079/ajeb.v1i6.291
  18. Stepanova, L., & Melnikova, N. (2020). Modern problems of Management efficiency in a Joint Stock Company. Paper presented at the International Scientific Conference" Far East Con"(ISCFEC 2020).
  19. Trinks, A., Mulder, M., & Scholtens, B. (2020). An Efficiency Perspective on Carbon Emissions and Financial Performance. Ecological Economics, 175, 1-12. doi:https://doi.org/10.1016/j.ecolecon.2020.106632
  20. Utami, D. P., Yuliandari, W. S., & Muslih, M. (2017). Mekanisme Good Corporate Governance dan Transparansi Perusahaan Terhadap Pengungkapan Corporate Social Responsibility. Jurnal Riset Akuntansi Kontemporer (JRAK), 9(1), 19-28. doi:https://doi.org/10.23969/jrak.v9i1.364