Таҳририят: Бош муҳаррир – Т. Аҳмедов Масъул муҳаррир – А. Юлдашев

Figure 1. The correlation matrix of the variables of interest
Sales
Export
Female top 
manager
Int. cert.
Firm 
age
Comp.
Finance
Formal 
training
Corruption
Sales
1.000
Export
0.332
1.000
Female top 
manager
-0.142
-0.050
1.000
International 
certificate
0.337
0.372
-0.060
1.000
Firm age
0.224
0.080
-0.015
0.142
1.000
Competition
-0.230
0.032
0.009
-0.046
-0.074
1.000
Finance
0.216
0.116
0.017
0.109
0.025
-0.094
1.000
Formal train
-
ing
0.274
0.201
-0.004
0.230
0.106
-0.156
0.124
1.000
Corruption
-0.063
0.066
-0.036
-0.005
-0.019
0.125
0.016
-0.027
1.000
Source: 
The authors’ estimates.

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110
Iqtisodiyot: 
tahlillar va prognozlar
The empirical results show (Table 1) that 
corruption negatively affects total annual sales, which 
is statistically different from zero at a one percent 
significance level. The estimates suggest all else being 
equal, that corruption decreases the total annual sales 
of private firms in Uzbekistan by 25%.
Meanwhile, a firm’s export, possession of an 
internationally recognized quality certificate, having 
a loan from financial institutions, and formal training 
are found to be positively correlated with total annual 
sales. In contrast, having a female top manager and a 
high number of competitors
4
are associated negatively 
with total annual sales. In this case, having a female top 
manager is associated with a decrease of 38.4% in total 
annual sales, while the high number of competitors is 
associated with a 58.2% reduction in total annual sales.