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<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="ru"><front><journal-meta><journal-id journal-id-type="publisher-id">business</journal-id><journal-title-group><journal-title xml:lang="ru">Путеводитель предпринимателя</journal-title><trans-title-group xml:lang="en"><trans-title>Entrepreneur’s Guide</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">2073-9885</issn><issn pub-type="epub">2687-136X</issn><publisher><publisher-name>JSC “Publishing Agency “Science and Education”</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.24182/2073-9885-2026-19-3-166-177</article-id><article-id custom-type="elpub" pub-id-type="custom">business-2283</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>МИРОВАЯ ЭКОНОМИКА И ПРЕДПРИНИМАТЕЛЬСТВО</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="en"><subject>WORLD ECONOMY AND ENTREPRENEURSHIP</subject></subj-group></article-categories><title-group><article-title>Франчайзинг как инструмент модернизации малого и среднего бизнеса в Узбекистане: детерминанты роста и институциональные ограничения</article-title><trans-title-group xml:lang="en"><trans-title>Franchising as a tool to modernize small and medium–sized businesses in Uzbekistan: growth determinants and institutional constraints</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Азимова</surname><given-names>М. Р.</given-names></name><name name-style="western" xml:lang="en"><surname>Asimova</surname><given-names>M. R.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Независимый соискатель</p><p>Ташкент</p></bio><bio xml:lang="en"><p>Independent applicant</p><p>Tashkent</p></bio><email xlink:type="simple">mazimova@mdist.uz</email><xref ref-type="aff" rid="aff-1"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="ru"><institution>Сингапурский институт развития менеджмента в Ташкенте</institution><country>Узбекистан</country></aff><aff xml:lang="en"><institution>Singapore institute for management development in Tashkent</institution><country>Uzbekistan</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2026</year></pub-date><pub-date pub-type="epub"><day>04</day><month>08</month><year>2026</year></pub-date><volume>19</volume><issue>3</issue><fpage>166</fpage><lpage>177</lpage><permissions><copyright-statement>Copyright &amp;#x00A9; Азимова М.Р., 2026</copyright-statement><copyright-year>2026</copyright-year><copyright-holder xml:lang="ru">Азимова М.Р.</copyright-holder><copyright-holder xml:lang="en">Asimova M.R.</copyright-holder><license xml:lang="ru" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>Данная работа распространяется под лицензией Creative Commons Attribution 4.0.</license-p></license><license xml:lang="en" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>This work is licensed under a Creative Commons Attribution 4.0 License.</license-p></license></permissions><self-uri xlink:href="https://www.pp-mag.ru/jour/article/view/2283">https://www.pp-mag.ru/jour/article/view/2283</self-uri><abstract><p>В статье исследуется вопрос, можно ли превратить франчайзинг в инструмент обновления для узбекского малого и среднего бизнеса (МСБ). Сейчас экономика переживает двойную трансформацию: институциональную и цифровую, и идут они не всегда в ногу. На основе синтеза институциональной теории и концепции абсорбционной способности анализируется влияние технологического трансфера, институционального доверия и регуляторного давления на эффективность франчайзинговых сетей. Эмпирическая часть опирается на панельные данные и эконометрическое моделирование. Установлено, что технологический трансфер и институциональное доверие положительно влияют на результативность франчайзи, тогда как регуляторное давление оказывает сдерживающее воздействие. Показано, что эффект технологий усиливается при высоком уровне институционального доверия, а административный пресс, напротив, снижает отдачу. Обоснованы три сценария развития франчайзинга до 2030 года, отражающие альтернативные траектории институционального и технологического развития.</p></abstract><trans-abstract xml:lang="en"><p>The article explores whether franchising can be turned into a renewal tool for Uzbek small and medium sized businesses (SMEs). Now the economy is undergoing a double transformation: institutional and digital, and they are not always in step. Based on the synthesis of institutional theory and the concept of absorption capacity, the impact of technological transfer, institutional trust and regulatory pressure on the efficiency of franchise networks is analyzed. The empirical part relies on panel data and econometric modeling. Technology transfer and institutional trust have been found to have a positive impact on franchisee performance, while regulatory pressure has a chilling effect. The effect of technology has been shown to increase with a high level of institutional trust, while the administrative press, on the contrary, reduces returns. Three scenarios for the development of franchising until 2030 have been substantiated, reflecting alternative trajectories of institutional and technological development.</p></trans-abstract><kwd-group xml:lang="ru"><kwd>франчайзинг</kwd><kwd>МСБ</kwd><kwd>Узбекистан</kwd><kwd>институциональная экономика</kwd><kwd>трансфер технологий</kwd><kwd>абсорбционная способность</kwd><kwd>институциональное доверие</kwd><kwd>цифровизация</kwd><kwd>панельные данные</kwd><kwd>эконометрический анализ</kwd><kwd>регуляторная среда</kwd><kwd>модернизация</kwd></kwd-group><kwd-group xml:lang="en"><kwd>franchising</kwd><kwd>SMES</kwd><kwd>Uzbekistan</kwd><kwd>institutional economics</kwd><kwd>technology transfer</kwd><kwd>absorption capacity</kwd><kwd>institutional trust</kwd><kwd>digitalization</kwd><kwd>panel data</kwd><kwd>econometric analysis</kwd><kwd>regulatory environment</kwd><kwd>modernization</kwd></kwd-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">North, D. 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