Volume 02 Issue 06-2022
87
American Journal Of Social Sciences And Humanity Research
(ISSN
–
2771-2141)
VOLUME
02
I
SSUE
06
Pages:
87-97
SJIF
I
MPACT
FACTOR
(2021:
5.
993
)
(2022:
6.
015
)
OCLC
–
1121105677
METADATA
IF
–
5.968
Publisher:
Oscar Publishing Services
Servi
ABSTRACT
Discussed are the debatable issues of determining the priority directions for the development of the theory of
formation of the financial policy of an enterprise in modern market conditions, which in turn helps to strengthen the
methodological base for studying the problems of creating an effective system of corporate financial management.
KEYWORDS
Financial policy, financial strategy, financial tactics, financial result, financial condition of an enterprise, financial
stability of an enterprise, mechanism for managing the financial stability of an enterprise.
INTRODUCTION
Effective implementation of the strategy and tactics of
financial management is not possible in the absence of
the financial policy of the organization. Influencing the
goals, objectives, types and methods of functioning of
economic entities, financial policy should determine
the prospects for the development of the
organization, innovative areas of its activity, and be
developed under the conditions of risks and cyclical
economic processes.
The formation of financial policy on an appropriate
theoretical and methodological basis helps to ensure a
balance
between
the
organization
and
the
Research Article
ON THE QUESTION OF DETERMINING PRIORITY DIRECTIONS OF THE
DEVELOPMENT OF THE THEORY FOR FORMING THE FINANCIAL POLICY
OF THE ENTERPRISE
Submission Date:
June 08, 2022,
Accepted Date:
June 18, 2022,
Published Date:
June 29, 2022
Crossref doi:
https://doi.org/10.37547/ajsshr/Volume02Issue06-15
Xamdamov Sardor Farmon ugli
Researcher at Tashkent state university of economics, Tashkent, Uzbekistan
Journal
Website:
https://theusajournals.
com/index.php/ajsshr
Copyright:
Original
content from this work
may be used under the
terms of the creative
commons
attributes
4.0 licence.
Volume 02 Issue 06-2022
88
American Journal Of Social Sciences And Humanity Research
(ISSN
–
2771-2141)
VOLUME
02
I
SSUE
06
Pages:
87-97
SJIF
I
MPACT
FACTOR
(2021:
5.
993
)
(2022:
6.
015
)
OCLC
–
1121105677
METADATA
IF
–
5.968
Publisher:
Oscar Publishing Services
Servi
environment, the sustainable functioning of an
economic entity. The financial policy of the
organization is interconnected with the financial policy
of the state, the priority goal of which is the smoothing
of economic cycles; recovery and restructuring of the
economy; increasing the efficiency of the use of
financial resources; development of economic sectors;
a qualitative improvement in the standard of living of
the population; ensuring financial, economic and social
stability in the country on the basis of economic
growth.
The scope of modern financial policy is not limited to
financial management of the organization. Relevant
for research in this subject area are the problems of
theory
development,
organizational
and
methodological
support
of
financial
policy,
methodology for its modeling and methodological
development tools in organizations. It is required to
create a mechanism for the implementation of
financial policy, which is part of the management
system of a modern organization. The study of these
problems determines the need for a systematic
approach.
In financial, economic and legal science and practice,
despite the active use of the concept of the financial
policy of an organization, there is no normative or
generally recognized interpretation of it, the goals and
objectives of financial policy and its development are
ambiguously formulated. The order of formation of the
financial policy of the organization requires
structuring. The criteria for identifying the types of
financial policy of the organization have not been
established, there is ambiguity in the composition and
understanding of its varieties, a mixture of types and
tools for the formation of financial policy.
The lack of classification of types of financial policy of
the organization hinders the development of its new
directions. It does not provide an analysis of the impact
of the choice of alternative methods of financial
management on the indicators of the solvency of the
organization. The role of professional judgment in the
formation and evaluation of the financial policy of the
organization is not defined.
The issues of developing certain types of financial
policy are often considered outside the relationship
between them and without taking into account the
external and internal conditions of the organization's
activities. In particular, decisions on investment,
dividend, credit policy and other financial issues cannot
be made independently of each other. Aspects of
modeling in the processes of forming the financial
policy of an organization in order to select and evaluate
an interconnected set of financial and economic
decisions in the management of assets, liabilities,
income, expenses and financial results are not
emphasized. The composition of indicators for
assessing the financial policy is not substantiated.tics.
The foregoing indicates the relevance of the problem
of
developing
the
theoretical
foundations,
methodology and methods of forming the financial
policy of an enterprise.
LITERATURE REVIEW
It should be noted that at the beginning of the 21st
century, courses on financial policy were introduced in
the educational institutions of our country. This took
place within the framework of such a discipline as
"financial management".
Evaluation of textile and clothing industry clustering
capabilities in Uzbekistan were reseearcged by
Ergashxodjaeva, S. J. [20], Kyvyakin, K. S., Tursunov, B.
Volume 02 Issue 06-2022
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American Journal Of Social Sciences And Humanity Research
(ISSN
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2771-2141)
VOLUME
02
I
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06
Pages:
87-97
SJIF
I
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FACTOR
(2021:
5.
993
)
(2022:
6.
015
)
OCLC
–
1121105677
METADATA
IF
–
5.968
Publisher:
Oscar Publishing Services
Servi
O.[12,13,16,17], evaluation of competitiveness of brands
of local sewing and knitting enterprises were studied
by Hakimov, Z.[15], innovative and export potential of
the agro-industrial complex of Uzbekistan were
inverstigated by Yuldashev, N. K., [14], Umarkhodjaeva,
M. [18], Saidova, M., [19] and others.
Also, some foreign researchers as well as Kaya M.[21],
Abdyldaev, M.[22], Polat, C.[23], ÖZDEN K. [24],
Maksudunov A. [25,27], ELEREN A. [26] researched of
some marketing issues of durable consumer goods.
There was a division of training in financial policy into 2
parts: long-term financial policy and short-term policy.
But, unfortunately, there is still no consensus on the
definition of the concept of "financial policy". There is
also a problem in the formation of financial policy. This
is a very important point, because at its core, financial
policy is a way to rationally allocate funds. Therefore,
this issue will always be relevant and over time it needs
to be finalized. In the scientific literature and works of
famous scientists, several groups can be distinguished
that reflect one or another point of view regarding
these problems.
Authors such as V.G. Kogdenko [1], S.O. Shokhin [2],
E.V. Seregin say that "financial policy is financial
management" [3]. This interpretation can be partly
agreed. This is explained by the fact that, as mentioned
earlier, financial policy was studied within the
framework of financial management. It is because of
this that there is such an opinion. But it is impossible to
fully agree with this interpretation. Financial
management is a discipline, and financial policy,
therefore, is a part of financial management, so it is
impossible to say with certainty that these concepts
are equivalent.
HE. Likhacheva, S.A. Shchurov, Yu.V. Mordovskaya
argue that “Financial policy is a set of measures for the
purposeful formation, organization and use of finance
to achieve the goals of an enterprise or an algorithm of
actions” [4], [5], [6]. Here the concept is disclosed to a
greater extent and reflects many aspects of financial
policy. It can be seen that the authors place more
emphasis on the fact that financial policy is directly
related to the enterprise. One cannot but agree with
them, since any company is obliged to develop such a
policy in order to achieve its goals, which we see in the
definition.
Also, the authors call financial policy "algorithm of
actions" and this is quite an appropriate definition.
When developing a policy, any company will gradually
prescribe all its aspects. The implementation of each
item of this "strategy" will just be a step towards the
implementation of financial policy. If at some stage
something did not go according to plan, then the
company can return to the previous point, find errors,
correct them and continue implementing the financial
policy. But even in this interpretation, no matter how
detailed it is described, we cannot see a clear
definition. The authors gave too many concepts
(event, organization, algorithm), but we did not see a
single definition.
The following definition, which was proposed by V.V.
Bocharov and Yu.N. Lapshin, says the following:
“Financial policy is a course, goal, strategy, ideology”
[7], [8]. Analyzing this definition in more detail, we
understand that the course is a concept that is directly
related to the goal, directing us to its implementation.
As for the goal itself, it is part of a planned event. If we
take the financial plan as the basis, then this is part of
financial management. Thus, we again see the equality
between "financial management" and "financial
policy", which was discussed earlier. Ideology, in turn,
represents a category that allows you to look at
something, be it some kind of object or process.
Volume 02 Issue 06-2022
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American Journal Of Social Sciences And Humanity Research
(ISSN
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VOLUME
02
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06
Pages:
87-97
SJIF
I
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FACTOR
(2021:
5.
993
)
(2022:
6.
015
)
OCLC
–
1121105677
METADATA
IF
–
5.968
Publisher:
Oscar Publishing Services
Servi
Summing up, we understand that the authors offered
us signs of financial policy, but did not give a specific
definition of its content. Therefore, such a definition is
also not appropriate, since the characteristic is far from
the content itself.
M.V. Vasilyev and N.A. Maliev say: “Financial policy is a
diverse economic phenomenon that contains many
meaningful features” [9], [10]. Here we clearly see that
the authors did not offer a specific definition of the
concept, but simply emphasized that this is a kind of
phenomenon that has signs. One can draw a parallel
with the previous version of the definition and see that
in both cases we are told only about the characteristic,
but here they did not give specifics at all. After all, any
economic phenomenon has its own signs and
characteristics, and you can say that about anything.
Therefore, such a definition cannot be called exact, and
also, as with the previous ones, it cannot be partially
agreed.
METHODOLOGY
This scientific article used the methods of systematic
and comparative analysis, economic and statistical
analysis and generalization, statistical comparison and
grouping, economic modeling, forecasting.
ANALYSIS AND RESULTS
Based on the foregoing, we can say that some
economists have come to the conclusion that the
concept of "financial policy" does not exist. Basically,
in many books, the concept of "financial policy" is
found in the titles of chapters or some sections. What
this concept represents is not written anywhere. That
is, we cannot study and analyze it, since the subject of
the analysis itself is missing. Many authors who argue
that "financial policy" is a combination of some
activities or an algorithm also recognize the
independence of this "unit". This is explained by the
fact that an event is an action, and their totality is a
management process. Therefore, we again see
equality between the two concepts - "financial policy"
and "financial management".
Thus, summing up the above, it can be noted that most
scientists, one way or another, recognize the equality
between the concepts of "financial policy" and
"financial management". It was also noted that many
authors give only a general description of "financial
policy", describing some of its features, but do not give
it a specific definition. This suggests that this concept
needs to be refined, and even now there is no single
definition. As for the problem of financial policy
formation, not all scholars note this aspect. Next, we
note several opinions that are reflected in the
literature and consider the problem of financial policy
formation in more depth.
Sometimes "financial policy" is considered as part of
the accounting policy, where the rules for maintaining
accounting records are considered. In particular, this is
mentioned in the works of S.I. Lutsenko, who states:
"the purpose of reviewing credit relations is the choice
of the company's financial policy, and its further
formation." In this definition, the author means the
capital structure by financial policy [11]. Here one can
also trace what the author means in the way the policy
itself is formed. If this is a capital structure, then,
obviously, there are some measures for its formation.
This is precisely what financial policy pursues.
P.N. Shulyak understands the formation of financial
policy as follows: "the choice of general principles that
the company is going to adhere to in the field of
pricing." In this case, the scientist means by financial
policy - price, which is a type of financial policy.
Therefore, the same situation can be traced here as in
the definitions earlier. The only difference is that the
Volume 02 Issue 06-2022
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American Journal Of Social Sciences And Humanity Research
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VOLUME
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Pages:
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SJIF
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(2021:
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)
(2022:
6.
015
)
OCLC
–
1121105677
METADATA
IF
–
5.968
Publisher:
Oscar Publishing Services
Servi
author compares financial policy with pricing policy
instead of "financial management". But at the same
time there is no specific definition, this “phenomenon”
is described as a kind or subspecies of something. So
the definition proposed by the scientist is not correct
and also needs to be improved.
Next, consider the understanding of the concept of
"financial policy" of such scientists as Z. Body and R.
Merton. In their works, they argue that the formation
of financial policy means "carrying out a dividend policy
that establishes the rules for paying shareholders their
profits" [12], [13]. Under the dividend policy, the
authors mean a certain set of principles that are the
basis of financial management. Unfortunately, the
concept has not been fully disclosed, and the problem
of policy formation has remained open. We see only a
general description of the definition and some of its
functions.
Thus, we see that the methods of formation and the
very concept of "financial policy" require constant
improvement and over time it is worth making some
adjustments to the already known definitions. Based
on the concepts studied, it is possible to put forward a
new definition of financial policy: “financial policy” is a
set of norms and principles aimed at managing the
finances of organizations”. Thus, it is possible to isolate
the concept of "financial policy" from the concept of
"financial management". This will determine its
purpose, and the stages of formation [14]. Such a
definition is general, it reflects all levels of the system,
including the state, region, education and others. After
all, in the state or region there are plans for the
formation of finance for the development of
industries. In this case, financial policy can become a
tool for the qualitative formation of funds, which will
help the further development of the chosen industry.
The proposed definition also notes the peculiarity of
the formation of financial policy. It lies in the fact that
through this there will be further management of the
company's finances.
Next, it is worth considering what goals financial policy
pursues. It was said that its main task is the qualitative
formation of finance for the development of the
company. Let us consider this issue in more detail, and
highlight the following objectives of financial policy:
•
Political goals. Here the task is set to achieve
certain goals in the foreign and domestic policy of
the enterprise, namely, obtaining advantages and
benefits;
•
Economic goals. These goals pursue the same as
political ones, but here the main role is given to
certain aspects of the company's activities. The
desire to achieve such financial results that would
surpass the results of competitors' activities is
highlighted;
•
Social goals. Such goals are set aside for solving
problems associated with potential consumers.
Here, the policy is a tool that will help to use
resources so that the proposed product meets the
needs of customers. This will increase the client
base in the future and, as a result, increase
revenue.
As a result, we see that there is a connection between
the goals. If the problems associated with consumers
and the products offered are solved, then the
economic goals will also gradually begin to be met. This
will happen due to the fact that the number of
consumers will grow, which will lead to the
development of the company in the future by
increasing income. Therefore, having solved the set
goals, the main one - the political one - will be fulfilled.
Based on the goals of financial policy, we can single out
its main tasks: the need to provide such conditions in
Volume 02 Issue 06-2022
92
American Journal Of Social Sciences And Humanity Research
(ISSN
–
2771-2141)
VOLUME
02
I
SSUE
06
Pages:
87-97
SJIF
I
MPACT
FACTOR
(2021:
5.
993
)
(2022:
6.
015
)
OCLC
–
1121105677
METADATA
IF
–
5.968
Publisher:
Oscar Publishing Services
Servi
which large amounts of financial resources would be
formed; their rational distribution, as well as the
regulation of economic processes. In order to obtain
results and fulfill the tasks set, the necessary financial
instruments and mechanisms are selected. A very
important aspect in everything is the construction of a
high-quality and efficient financial management
system.
Now it is worth highlighting the principles of financial
policy in order to understand on the basis of what its
formation should be based:
•
The first step is always to take into account the
nature of the financial relationship. This implies
that every financial decision should be based on
the characteristics of the industry in which
direction the financial policy is being implemented.
It is also important here to use modern methods of
its implementation;
•
The financial policy must have a well-formed plan
and spell out all the tools that are used in it for the
successful implementation of the plan. Each task
should be carried out, priorities should be set in
those aspects that have great potential and
contribute to the development of subsequent
tasks. That is, every economic entity involved in
financial policy and all persons directly or indirectly
related to this entity should be taken into account;
•
Financial policy should be based on the current
position of the company. With everything, it is
always necessary to evaluate the work of the
subject for past periods. This will help to evaluate
the company with greater accuracy and form a
financial policy that would suit this particular
company individually;
•
There should be no contradictions between the
goals of its implementation and objectives in the
financial policy. This will create a balance and help
you complete your tasks more efficiently;
•
The financial policy should cover every aspect of
the entity's activities. This will help to ensure the
holistic nature of the policy, as well as to better
implement all its goals and objectives to achieve
maximum effect;
•
With regard to risks, financial policy should take
into account all possible scenarios. No one is
immune from force majeure, therefore, when
forming a financial policy, it is necessary to develop
at least 3 models for its implementation: for the
profitable activity of the subject, for unprofitable
and balanced activity, when the financial result is
approximately zero [15].
Also in practice, the following areas for the
implementation of financial policy are distinguished:
• Budget policy;
• Tax;
• Customs;
• Currency;
• Social insurance;
• Monetary;
• Investment;
• Price.
Obviously, for each company, the financial policy will
be formed individually, depending on the main task of
the enterprise. First of all, the analysis of the company
is carried out, where the goals of its activities are
identified and, based on the results obtained, the
directions of financial policy are developed [16], [17].
Volume 02 Issue 06-2022
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SJIF
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OCLC
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1121105677
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IF
–
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Publisher:
Oscar Publishing Services
Servi
In the process of its development, it must be taken into
account that the policy will be valid for the entire
period of the enterprise's existence. Of course, given
the unstable state of the economy, it can change or be
supplemented, but this must be done in a timely
manner, while not deviating from the main task of the
company. A well-formed financial policy can be the key
to a successful and, most importantly, profitable
company.
But, as in any aspect of the company's activities, the
formation of financial policy has its advantages and
disadvantages, which are reflected in Table 1.
Table 1
Positive and negative aspects of the formation of the financial policy of the company
Advantages
Flaws
Creating a financial policy will help the
further development of the company
The complexity of the formation of financial policy
A well-formed financial policy guarantees the
company a stable profit in the future and
minimizes the risks of bankruptcy
The formation of financial policy can delay the creation
of a company indefinitely, since it must be developed
before the opening of the enterprise.
Financial policy can become a guarantee that
the company's funds will be spent efficiently
and for the most necessary purposes.
When developing a financial policy, it is necessary to
consider the prospects of the company and make a
forecast of its activities, which is a very time-
consuming process.
The distribution of enterprise resources will
be more rational
A situation may arise in which the financial policy
needs to be supplemented or changed
When forming a financial policy, an analysis
of the enterprise will be carried out and its
current position will be taken into account,
which will make it possible to make a
forecast of the company's activities
For each enterprise, the financial policy is formed
individually, depending on its features.
A large number of factors that are taken into account
when developing financial policy
The choice of the method of formation of financial
policy can take a long time, as each company needs an
individual approach
* Compiled by the author.
Thus, we understand that financial policy is an
important link in the activities of an enterprise. A well-
designed policy will allow the company to successfully
Volume 02 Issue 06-2022
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American Journal Of Social Sciences And Humanity Research
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VOLUME
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Pages:
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SJIF
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FACTOR
(2021:
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993
)
(2022:
6.
015
)
OCLC
–
1121105677
METADATA
IF
–
5.968
Publisher:
Oscar Publishing Services
Servi
carry out its activities, and its timely adjustment will
ensure the company's profitable activities in the
future. This is a very important issue, which is now
problematic and not fully resolved.
In the modern world, many enterprises are forced to
close due to large losses. There may be several reasons
for such results: the company does not receive income
or manages finances poorly. These problems are just
related to the formation of financial policy. In
enterprises that suffer losses, the financial policy needs
to be improved or even the formation of a new one.
In order for the policy to correspond to a particular
enterprise, the authors propose the following
measures that will complement the well-known
approaches to the formation of financial policy:
1.
Analyze the company's activities and determine its
position in the market (calculate the cost per unit
of output, profitability and asset turnover);
2.
Study the products that the company produces
and identify its shortcomings. If problems are
identified, then this issue should be immediately
reviewed and adjustments made (this may be a
different approach in the production of goods or
the creation of a completely new product);
3.
It is necessary to analyze the enterprise, which will
show its prospects (build a forecast of the
company's activities). This may include projected
costs that take into account the possible expansion
of the enterprise, as well as income. It is also
necessary to predict the possible position of the
company during unprofitable activities, as this can
become a key moment in the existence of the
enterprise in the future;
4.
Determine the target audience of your products, as
future profits and the number of potential
customers will depend on this. The profit of the
enterprise directly depends on this, so it is
important to find a product that would interest as
many people as possible. In other words, you need
to bring something new that is not yet on the
market.
Many approaches to the formation of financial policy
do not take into account the above activities. For
example, if an analysis of a company is carried out, then
it may be incomplete and will not be able to give an
objective assessment of the position of the enterprise.
Studying products, many forget about its quality. It is
important to understand that if the manufactured
products do not meet the standards, then the
company will soon suffer large losses. Therefore, this is
one of the important aspects of the company's
activities, which the financial policy must take into
account. It is on this that the number of potential
customers and, as a result, the profit of the enterprise
depends.
The very first step in the formation of financial policy
should be products, since potential profit depends on
it. It is necessary to determine where the company is
moving and what it will do in the future. There are
times when the initial idea goes wrong and the
company has to rework the concept of its activities,
starting from scratch. So the first step in the formation
of financial policy should be an analysis of the activities
of the enterprise.
As for products, it directly depends on the previous
factor - the company's activities. If an enterprise will
carry out its activities, for example, in the field of
sports, then its products must comply with this.
The key aspect in the formation of financial policy is the
analysis of the enterprise, both the current state and
the future. If through the analysis it was revealed that
now the company is very profitable, then it is not a fact
that tomorrow the picture will be the same. The
Volume 02 Issue 06-2022
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American Journal Of Social Sciences And Humanity Research
(ISSN
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VOLUME
02
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Pages:
87-97
SJIF
I
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FACTOR
(2021:
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993
)
(2022:
6.
015
)
OCLC
–
1121105677
METADATA
IF
–
5.968
Publisher:
Oscar Publishing Services
Servi
forecast is very important and some people forget
about it. Perhaps this is due to the complexity of its
implementation or ignorance of the stages of this
process. Such an analysis will help identify possible
problems in the enterprise, even if its activities are now
profitable. Having found problematic moments in the
company's activities, it will be possible to correct them
in a timely manner in order to receive additional
income and avoid risks in the future.
Many enterprises start their work without foreseeing
all the scenarios for the development of their
company. You need to be prepared that the company
will suffer losses at first, and this is completely normal.
A well-formed financial raft should provide for this, and
even at a loss-making time, it does not allow the
company to reach a state of bankruptcy. In the future,
if you comply with all stages of the formation of
financial policy, the company will begin to make a
profit through quality products that meet the needs of
the target audience.
Thus, for the successful implementation of financial
policy, it is necessary to ensure its phased
implementation using all available tools and
mechanisms. Now there are many methods that will
contribute to high-quality and effective policy
development. Thanks to this, the company will
strengthen its position in the market and become more
competitive.
1.
The formation of the financial policy of an
enterprise is based on a set of principles:
objectivity, sustainability, planning, urgency,
obligation, continuity, consistency, economic
feasibility, scientific validity.
2.
Currently, there is ambiguity in the composition
and understanding of the varieties of the financial
policy of the enterprise. The structure of the
definitions of the types of financial policy of an
enterprise is heterogeneous, reflecting either the
purpose of the corresponding type of financial
policy, or a managerial decision and actions to
implement its elements, or the processes of
forming decisions, as well as a combination of
these features. Certain types of financial policy of
the organization, in particular, in the field of
working capital management, accounts payable,
formation and distribution of profits correspond to
the elements of the financial and economic
processes of the enterprise, which include assets,
sources of financing, income, expenses, financial
results, business operations, their aggregates.
3.
The fundamental elements of the system of
formation of the financial policy of the enterprise
are: disclosure of the concept of the financial policy
of the enterprise, the purpose and principles of its
formation; determination of objects and types of
the financial policy of the enterprise, the
composition of the tasks associated with their
formation; systematization of external and internal
conditions of the organization's activities that
influence the formation of financial policy;
determination
of
the
organizational
and
methodological support for the development of
financial policy, including the generalization of
tools, methods, criteria and the choice of models
applicable to the development and evaluation of
the financial policy of an enterprise; formation and
evaluation of options for the financial policy of the
organization, taking into account the composition
and interrelations of the elements of the system
for its development; revealing the structure and
content of the information base for the formation
of the financial policy of the enterprise;
development of an algorithm for the formation of
the financial policy of the enterprise; establishment
of entities that ensure the formation and
Volume 02 Issue 06-2022
96
American Journal Of Social Sciences And Humanity Research
(ISSN
–
2771-2141)
VOLUME
02
I
SSUE
06
Pages:
87-97
SJIF
I
MPACT
FACTOR
(2021:
5.
993
)
(2022:
6.
015
)
OCLC
–
1121105677
METADATA
IF
–
5.968
Publisher:
Oscar Publishing Services
Servi
implementation of the financial policy of the
enterprise.
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Volume 02 Issue 06-2022
97
American Journal Of Social Sciences And Humanity Research
(ISSN
–
2771-2141)
VOLUME
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SSUE
06
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87-97
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1121105677
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5.968
Publisher:
Oscar Publishing Services
Servi
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GİRİŞİMCİLİK
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ETKİLEYEN
FAKTÖRLER:
KIRGIZİSTAN VE HİNDİSTAN’DA LİSANSÜSTÜ
ÖĞRENCİLER ÜZERİNE KARŞILAŞTIRMALI BİR
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