This article examines models of corporate accountability from a comparative corporate law perspective, with particular attention to their applicability to emerging and transition economies such as Uzbekistan. It conceptualizes corporate accountability as a framework of enforceable legal and institutional mechanisms designed to subject corporate power to control and oversight, and distinguishes it clearly from voluntary corporate social responsibility (CSR). The study analyses shareholder-oriented, stakeholder-oriented, public-interest, and ESG-based models of corporate accountability, focusing on their doctrinal expression, institutional enforcement mechanisms, and interaction with different ownership structures. Drawing on comparative insights, the article argues that reliance on voluntary CSR initiatives is insufficient in contexts characterized by concentrated ownership and significant state participation. Instead, it proposes a hybrid and enforceable model of corporate accountability as the most viable approach for strengthening corporate governance, protecting affected stakeholders, and promoting long-term corporate sustainability in Uzbekistan.

Corporate accountability, corporate governance, comparative corporate law

C. A. Williams, “Corporate social responsibility and corporate governance,” in The Oxford Handbook of Corporate Law and Governance, J. N. Gordon and W.-G. Ringe, Eds. Oxford, U.K.: Oxford Univ. Press, 2018. [Online]. Available: https://doi.org/10.1093/oxfordhb/9780198743682.013.31. Accessed: Feb. 4, 2026.

K. Akinsola, “The evolving role of corporate governance in shaping business practices and legal accountability in the 21st century,” SSRN Electronic Journal, Jan. 28, 2025. [Online]. Available: https://ssrn.com/abstract=5115523. doi: 10.2139/ssrn.5115523.

B. Sjåfjell and C. M. Bruner, Eds., “Corporate law, corporate governance and sustainability: Case studies,” in The Cambridge Handbook of Corporate Law, Corporate Governance and Sustainability. Cambridge, U.K.: Cambridge Univ. Press, 2019, pp. 129–518.

M. Yan and D. Zhang, “From corporate responsibility to corporate accountability,” Hastings Business Law Journal, vol. 16, no. 1, pp. 43–86, 2020. [Online]. Available: https://repository.uclawsf.edu/hastings_business_law_journal/vol16/iss1/3. Accessed: Feb. 4, 2026.

A. Dahlsrud, “How corporate social responsibility is defined: An analysis of 37 definitions,” Corporate Social Responsibility and Environmental Management, vol. 15, no. 1, pp. 1–13, 2008.

K. Macdonald, “The meaning and purposes of transnational accountability,” Australian Journal of Public Administration, vol. 73, no. 4, pp. 426–441, 2014.

C. Valor, “Corporate social responsibility and corporate citizenship: Towards corporate accountability,” Business and Society Review, vol. 110, no. 2, pp. 191–212, 2005.

A. Afsharipour and M. Gelter, “Introduction,” in Research Handbook on Comparative Corporate Governance, A. Afsharipour and M. Gelter, Eds. Cheltenham, U.K.: Edward Elgar Publishing, 2021.

OECD, OECD Public Governance Reviews: Uzbekistan. Paris, France: OECD Publishing, 2024. [Online]. Available: https://www.oecd.org/gov/public-governance-reviews/uzbekistan.htm. Accessed: Feb. 4, 2026.

L. Jansen, P. Cunningham, S. Diehl, and R. Terlutter, “Corporate social responsibility in controversial industries: A literature review and research agenda,” Corporate Social Responsibility and Environmental Management, vol. 31, pp. 4398–4427, 2024, doi: 10.1002/csr.2813.

K. Jackson, “Towards a stakeholder–shareholder theory of corporate governance: A comparative analysis,” Hastings Business Law Journal, vol. 7, no. 2, pp. 309–350, 2011. [Online]. Available: https://ssrn.com/abstract=4519736.

J. M. Karpoff, “Working paper on corporate governance,” ECGI — European Corporate Governance Institute, Working Paper, 2021. [Online]. Available: https://www.ecgi.global/documents/karpofffinal. Accessed: Feb. 4, 2026.

OECD, OECD Guidelines on Corporate Governance of State-Owned Enterprises 2024. Paris, France: OECD Publishing, 2024. doi: 10.1787/18a24f43-en.

A. Kaur, B. Liu, L. Ma, and S. Suardi, “Corporate accountability in ESG disclosure: The role of readability and length,” SSRN Electronic Journal, Jan. 10, 2025. [Online]. Available: https://ssrn.com/abstract=5130377. doi: 10.2139/ssrn.5130377.

M. V. Marrewijk and M. Werre, “Multiple levels of corporate sustainability: Between agency and communication,” Journal of Business Ethics, vol. 44, no. 2–3, pp. 107–119, 2003.

S. Joseph and J. Kyriakakis, “From soft law to hard law in business and human rights and the challenge of corporate power,” Leiden Journal of International Law, vol. 36, no. 2, pp. 335–361, 2023, doi: 10.1017/S0922156522000826.

S. C. Atherton and C. A. Atherton, “Fiduciary principles: Corporate responsibilities to stakeholders,” Journal of Religion and Business Ethics, vol. 2, no. 2, Art. no. 5, 2011. [Online]. Available: https://via.library.depaul.edu/jrbe/vol2/iss2/5.

Y. Lu, Y. Karbhari, and X. Yang, “The impact of greenwashing on stock price synchronicity,” Business Ethics, the Environment & Responsibility, 2025.

M. Yan, “Operationalising stakeholder governance: Some lessons from China’s new Company Law,” Journal of Contemporary China Law, pp. 211–245, 2025, doi: 10.1080/14735970.2025.2503032.

J. Lee, A. M. Serafin, and C. Courteau, “Corporate disclosure, ESG and green fintech in the energy industry,” The Journal of World Energy Law & Business, vol. 16, no. 6, pp. 473–491, Dec. 2023, doi: 10.1093/jwelb/jwad018.