Strategic Management Accounting Based on Key Performance Indicators: Evidence from Enterprise-Level Analysis

In the context of increasing market uncertainty and intensifying competition, strategic management accounting (SMA) plays a critical role in supporting long-term decision-making at the enterprise level. To explore the roles of KPI-oriented SMA integration in firm performance, the paper uses annual data from (2020–2024) firm-level panel data for non-financial joint-stock companies operating in Uzbekistan for Navoiyazot JSC to apply fixed-effects regression models. Using the empirical results, the study shows that KPI driven SMA has a positive effect on profitability while too much leverage has a negative impact on firm performance and modernization of SMA tools are significantly link with firm performance. The findings highlight the importance of institutionalizing strategic management accounting frameworks in transition economies and provide practical implications for enterprise-level financial governance in Uzbekistan.