Eurasian Journal of Economic and Business Studies

Smart Cities and Regional Development in Kazakhstan: Assessment of Spatial Transformation

Akan Nurbatsin — 2025-09-30

The smart city paradigm has attained international visibility as a multidimensional policy framework for overcoming urbanization problems via the convergence of digital technologies, sustainable infrastructure, innovation systems, and data-driven management. This study aims to evaluate the spatial capacity of Kazakhstan’s regions for implementing smart city initiatives using enterprise-level data from the 2024 World Bank Enterprise Survey (B-READY). The paper uses five dimensions of smart city readiness: digitalization, infrastructure reliability, environmental sustainability, innovation potential, and management efficiency. Based on the application of multifactorial linear regression with regional fixed effects, significant interregional differences have been identified. Thus, the share of electronic payments in Astana reaches 74.5%, while in the northern regions it is only 65.0%. A statistically significant negative relationship has been established between innovation activity and the level of digitalization (β = -18.26, p = 0.023), which may indicate a sectoral segmentation of the digital economy. Cluster analysis, based on standardized values of five smart city readiness indicators, allowed the regions of Kazakhstan to be grouped into three clusters, each of which reflects a different level of institutional, digital and infrastructural readiness to implement the concept of smart cities. The research contributes to the sparse empirical literature on smart city readiness in Central Asia by providing a firm-level, quantitative evaluation of spatial inequalities and institutional drivers. Policy recommendations include targeted infrastructural investments, support for innovation, and administrative reform in underperforming regions. Subsequent research should integrate longitudinal data and citizen-level surveys to better contextualize Kazakhstan's urban digitalization.

Competency Mapping for Industry 4.0: An Empirical Study of Kazakhstan’s Entrepreneurial Sector

Assel Sadenova — 2025-09-30

Amid rapid digitalization and the ongoing transformation of the economy, the need to revise approaches to the assessment and development of human capital is growing. This study aims to develop an empirically grounded competency map to support strategic human capital management in Kazakhstan’s entrepreneurial sector. The research employed a cross-sectional survey of 368 enterprises, selected through proportional stratified sampling to reflect the official structure of small, medium, and large businesses. The data was collected using an online questionnaire that included 12 key competencies: cognitive, soft, digital, environmental, and technological skills. Primary data processing employed indexing and tabular aggregation methods, while the analysis involved descriptive statistics, analysis of variance (ANOVA), and clustering techniques, implemented using Jamovi software. The results show that basic cognitive and soft competencies such as adaptability (59.9%) and environmental thinking (65.9%) are most common in all types of enterprises, while advanced digital and technological skills, including working with robotic systems (33.4%) and artificial intelligence (38.0%), remain underdeveloped., especially in the SME sector. ANOVA revealed statistically significant differences (p < 0.05) for 11 of the 12 competencies in terms of enterprise size, with large companies demonstrating a higher level of digital and technological skills. The findings formed the basis for the development of a visualized radar map reflecting the integrated competency profile by enterprise size. The results presented contribute to the formation of evidence-based strategies for the development of human capital under conditions of industrial and digital transformation.

Spatial Zoning of Agrotechnological Hubs in Kazakhstan: Developing a Methodological Framework

Nurbakhyt Nurmukhametov — 2025-09-30

The development of Kazakhstan's agro-industrial complex requires the search for practical tools for the territorial location of innovation infrastructure. The purpose of this study is to develop a methodology for spatial zoning of agro-technological hubs in Kazakhstan based on quantitative assessment of innovation and agricultural potential of regions. The study uses microdata from World Bank Enterprise Surveys for 2024 on the formal agroindustrial sector and related industries, including processing, production, agricultural machinery and services. Using ten indicators normalised using the min–max method and aggregated with equal weights, it was constructed integral indicators such as the Innovation Potential Index (IPI) and the Agricultural Production Potential Index (API). The average values for these indices vary from IPI=0.052 to API=0.240 for the least developed regions and IPI=0.231 to API=0.413 for the most developed ones. The results showed that areas with high potential require consolidation of hubs, development of applied research, and development; territories with medium potential need technology transfer mechanisms, management practices; and regions with low potential need basic competencies formation, digitalization and modernization of infrastructure. The method is replicable and transportable to future WBES waves; limitations include the focus on the formal sector (WBES does not cover primary farms and informal units), as well as the cross-sectional design. Overall, the methodology can be used to monitor the dynamics of regional development and inform strategic adaptation, and it can be applied to future waves of WBES and other countries' industries.

Green Economic Development in Kazakhstan: The Role of Public Regulation and Business-Led Investment

Laila Kirbassova — 2025-09-30

The transition to a green economy is one of the key priorities for sustainable development, particularly in resource-dependent countries like Kazakhstan. The relevance of this research is determined by the need to balance investment incentives and fiscal instruments to accelerate environmentally oriented transformation. The aim of the article is to identify the mechanisms that have a decisive influence on the formation of a green economy in the Republic of Kazakhstan. The methodology is based on correlation and regression analysis and covers four groups of indicators: environmental investments, tax revenues for resource use, the scale of green construction, and the prevalence of ecological innovations, from 2016 to 2023. The results showed that investment measures do not have a statistically significant effect on the spread of environmental innovations (R² = 0.620, p > 0.3). On the contrary, fiscal instruments, in particular taxes on the use of natural resources, demonstrated a positive relationship with the volume of green construction (R² = 0.504, p = 0.048). Tax pressure can stimulate the behavioral transformation of businesses towards environmentally sustainable practices. Institutional conditions demonstrated higher efficiency compared to investment incentives. The mandatory regulatory instruments in the formation of green economy elements proved effective. The limited effectiveness of voluntary investment measures confirms the stronger regulatory role of fiscal mechanisms. State policy should focus on strengthening institutional regulation and developing targeted tax instruments to promote sustainable economic transformation in Kazakhstan.

Assessment of SME Loan Portfolio Quality in Kazakhstan: Empirical Analysis from 2013 to 2023

Aizada Seisenbayeva — 2025-09-30

The article is devoted to the assessment of the quality of the loan portfolio of small and medium-sized businesses (SMEs) in Kazakhstan to identify periods of credit instability and hidden risks that can limit the investment potential of enterprises. The methodological framework encompasses an analysis of the overdue debt structure, calculation of the sustainability coefficient and delinquency index, as well as cluster analysis to identify periods with varying degrees of credit risk. The results showed that the share of loans without delay increased from 69.2% in 2013 to 94.2% in 2023, while the share of problem loans over 90 days decreased from 23.9% to 3.9%. The overdue debt index decreased from 0.31 to 0.06, and the sustainability coefficient exceeded 5.5 in 2022, indicating an improvement in payment discipline and the ability of SMEs to service debts. The cluster analysis identified two periods: the crisis (2017-2018) and the recovery (2021-2023), which confirms the need for a differentiated policy in managing credit risks. The study confirmed the presence of cyclicity in the dynamics of SME credit risks and showed that the stabilization of the loan portfolio is possible only with a combination of macroprudential tools, government support programs and digitalization of credit monitoring. Future studies could focus on ESG factors and the level of digitalization of enterprises in credit risk assessment models, as well as comparative cross-country studies to identify adaptive policies in the context of regional differences.

Exploring Public Perceptions of Neuromarketing: Ethical Challenges in the Kazakhstani Context

Laura Abdaryeva — 2025-09-30

Neuromarketing, situated at the intersection of neuroscience and marketing, presents new opportunities for examining the underlying mechanisms of consumer behavior, while also generating a wide range of ethical concerns. The purpose of the article is to conduct an empirical assessment of public perceptions and ethical risks associated with the use of neuromarketing in Kazakhstan, with an emphasis on issues of privacy, manipulation, informed consent and regulatory enforcement. The work employs a quantitative cross-sectional design, based on an online survey conducted using the principle of a “snowball” sampling approach in social networks and university newsletters. The study involved 211 respondents, primarily young and middle-aged individuals, with a predominance of urban residents and those with higher levels of education. The study revealed a low level of public awareness about neuromarketing (36%), while ethical concerns were expressed very clearly (84.4%), supporting the principle of transparency (76.3%), and 81.5% supported stricter regulation. Commercial applications were supported by only 42.2%, while social practices (healthcare, education) were approved. More than half of the respondents (61.6%) expressed unwillingness to participate in neuromarketing research personally. Gender differences turned out to be statistically insignificant, while age demonstrated a significant effect: older groups were more likely to support increased regulation. The data obtained confirm the high sensitivity of society and indicate the need for the development of national regulatory standards in the field of neuromarketing. Further investigation is advisable to be conducted on more representative samples using mixed methods for a deeper understanding of the dynamics of public perception.

ESG Approach to Financial Sustainability of Kazakhstan’s Oil and Gas Companies

Aliya Uralova — 2025-09-30

The purpose of the study was to assess the impact of asset structure. It retained earnings on the strategic sustainability of oil and gas companies in Kazakhstan in the context of ESG integration. The analysis covers the period 2015–2024 and is based on the official financial statements of JSC KazMunayGas. The methodology included correlation analysis, regression modelling, ANOVA, and collinearity diagnostics. The results demonstrate that long-term assets and property, plant, and equipment (PPE) explain 97.6% of the variation in total assets (R² = 0.976, p <0.05), while retained earnings account for 71.4% of the variation in total equity (R² = 0.714, p = 0.002). Conversely, current assets and cash equivalents show no significant effect on retained earnings (R² = 0.076, p> 0.5). All three hypotheses were confirmed: long-term assets and PPE significantly explained total assets, and retained earnings significantly explained equity. The obtained results demonstrated that long-term capital-intensive investments and reinvestment of profits constitute the main drivers of ESG-oriented sustainability. In contrast, short-term liquidity plays only a supporting role. Based on these findings, government policy should strengthen the integration of ESG indicators into mandatory reporting standards and provide incentives for reinvestment of retained earnings in sustainable projects. For corporate practice, prioritizing long-term investments and transparent ESG disclosure is recommended to align Kazakhstan’s oil and gas sector with both national sustainable development priorities and international ESG standards.

Kazakhstan's Scientific Output in Economic Disciplines: Collaboration Networks and Citation Analysis

Diana Amirbekova — 2025-09-30

Kazakhstan’s integration into the global scientific landscape is closely tied to the growth and transformation of its publication activity in economics-related disciplines. This study aims to evaluate the evolution of Kazakhstan’s publication activity in economics-related disciplines from 2010 to 2023, with a particular focus on growth in output, the emergence of dominant research themes, changes in international collaboration patterns, and the extent of global citation visibility. Using bibliometric methods applied to a dataset of 3,914 Scopus-indexed publications, the analysis focuses on three subject areas: business, management and accounting; decision sciences; and economics, econometrics and finance. The results reveal a sharp increase in publications, from 18 papers in 2010 to over 500 in 2023, with a peak of 538 in 2022. The findings show sustained growth in research output, particularly after higher education and science reforms. Keyword analysis reveals a shift from locally focused topics, such as development and policy, toward internationally relevant themes, including technology and energy. Citation analysis confirms increasing visibility, with 19,967 citations across 2,860 publications, led by China (2,444), Russia (1,430), and the United States (1,186). These findings indicate that Kazakhstan’s academic community is gradually transitioning from knowledge consumption to production, pointing to its potential for regional leadership. Future research should assess the quality of international collaborations, expand the disciplinary scope beyond Scopus, and incorporate qualitative approaches to capture the depth of research partnerships more effectively.

More Freedom, Less Equality: The Unexpected Economics of Abortion in Central Asia

Irina Kovaleva — 2025-09-30

Few papers about Central Asia explore the economic effects of abortion on women. This econometric paper the objective is to assess whether abortions in Kazakhstan and Kyrgyzstan are associated with women’s economic empowerment. The study finds that when abortions increase, measures of female relative income decrease, in both simple correlations and Ordinary Least Squares regressions. The annual series for 2002-2022 and comparable aggregates for the two countries are used (a total of 32 observations on key variables), where the gender pay gap is defined as the ratio of the average incomes of women to the incomes of men. This implied that Kazakhstan and Kyrgyzstan had different permanent institutions, such as the labor market. Instrumental-variable analysis, which controls for the impact of the model itself on abortion estimates, showed that a rise of one abortion per 1,000 live births led to a 2% decrease in the female-to-male ratio of average income. The descriptive part reveals a stable negative relationship between abortions and women's relative income: for the 2011-2022 subsample in Kazakhstan, the simple correlation is about -0.63 (statistically significant), which is consistent with the “constraints” hypothesis. The paper concludes that female economic empowerment in Central Asia may depend more on institutions and social structures than on individuals’ short-term reproductive decisions, such as whether to have an abortion. The findings contradict the theory that abortion empowers women economically by freeing them from raising children so that they can pursue education and careers.

Gender Influence on Public Administration Quality and Civil Legislation Modernization in Kazakhstan

Gaukhar Kenzhegulova — 2025-09-30

The purpose of this study was to examine the impact of institutional factors on women's participation in civil law and public administration, and to identify areas for modernizing civil legislation to reduce gender inequality. The analysis covers the period from 2012 to 2023 and is based on official statistical data from the Bureau of National Statistics of Kazakhstan and institutional indicators from the Worldwide Governance Indicators. Correlation analysis, dual comparative assessment, and structural equation modeling (PLS-SEM) were employed to examine the relationships between gender-disaggregated labor market outcomes and institutional quality. The results confirm that democratic indicators are predominantly shaped by male employment and income (β = 0.910, p < 0.01), while the impact of women on democracy remains marginal (β = –0.044). In contrast, governance indicators demonstrate a strong association with women’s participation in the labor market and managerial positions (β = 1.096, p < 0.01), underscoring their role in enhancing transparency and accountability. The persistence of the gender wage gap and unstable female employment reflects structural barriers that are insufficiently addressed by institutional reforms. The findings suggest that modernizing civil legislation requires introducing gender audits, expanding women’s access to decision-making, and institutionalizing gender diversity in state structures. This research contributes to the literature on governance and legal modernization by providing empirical evidence of institutional determinants of gender inequality and offering policy recommendations for strengthening equality in public administration.