Eurasian Journal of Economic and Business Studies
https://ejebs.com/index.php/main
<p><strong>Eurasian Journal of Economic and Business Studies (EJEBS) </strong>is the double-blind peer-reviewed journal focused on publishing scientific research in the field of economic and business development in the Eurasian context. Articles on economic development, business management, organizational strategy, and improving the competitiveness of enterprises in the Eurasian region are especially encouraged.</p> <p><strong>Eurasian Journal of Economic and Business Studies (EJEBS) </strong>performs the work based on the applicable legislation in the field of publication and distribution of the periodic editions, UIB сharter, other local normative acts as well as editorial policy, accepted by the editorial board of the journal.</p> <h2 class="subhead">Journal coverage includes</h2> <ul> <li>Issues of economic development</li> <li>International economic relations</li> <li>Business management and entrepreneurship</li> <li>Financial science and financial institutions</li> <li>Economics of labor and employment</li> <li>Sustainable development and environmental economics</li> <li>Marketing and tourism development strategies</li> </ul>Kenzhegali Sagadiyev University of International Businessen-USEurasian Journal of Economic and Business Studies2789-8253<p>Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a <a href="https://creativecommons.org/licenses/by/4.0/">Creative Commons Attribution (CC-BY) 4.0 License</a> that allows others to share the work with an acknowledgment of the work’s authorship and initial publication in this journal.</p>Evaluating the Impact of ESG on Regional Development in Kazakhstan: Empirical Analysis
https://ejebs.com/index.php/main/article/view/459
<p>Environmental, social, and governance (ESG) principles have become increasingly vital for fostering sustainable regional development in emerging economies in recent years. This study assesses the relationship between ESG factors and regional economic performance using a panel dataset covering 18 regions from 2005 to 2023. The research used panel data econometric methods, including fixed effects (FE) and random effects (RE) models, to control for regional heterogeneity and estimate the impact of key ESG indicators. The Hausman test is used to determine the appropriate model specification, while regression analysis quantifies the relationships between solid and air pollutant emissions, R&D expenditure, labor force size, and regional GDP. The empirical results indicate that solid pollutant emissions have a significant adverse effect on regional GDP (FE coefficient = –17.94, RE coefficient = –18.57), while R&D expenditure (FE = 0.33, RE = 0.30) and labour force size (FE = 8.55, RE = 7.37) contribute positively and significantly to GDP growth. Regions with high R&D investment demonstrate up to 15% higher GDP growth, whereas variations in pollutant emissions account for a 20% gap in economic output. These findings suggest that regional ESG strategies require targeted policy interventions to mitigate environmental damage while fostering innovation-driven economic growth. Future research should investigate long-term causal mechanisms, sector-specific ESG influences, and qualitative governance factors to enhance regional sustainability frameworks.</p>Kuralay Nurgaliyeva
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2025-03-302025-03-3069151710.47703/ejebs.v69i1.459Assessment of ESG Efficiency of Oil and Gas Sector in Kazakhstan
https://ejebs.com/index.php/main/article/view/455
<p>The oil and gas industry plays a key role in the global and national economy, necessitating the need to develop sustainable development strategies to ensure long-term growth and resource security. The purpose of the study is to provide a comprehensive analysis of the ESG (environmental, social, and governance) efficiency of oil and gas companies in Kazakhstan based on the developed methodological approaches. The research employs a combined approach integrating quantitative and qualitative methods. Quantitative analysis includes statistical methods, econometric modeling, and index assessment, while qualitative evaluation is based on expert reviews, best practice analysis, and corporate reports. Correlation and cluster analyses are used to examine ESG performance and classify companies into different sustainability categories. The study is based on data from the RAEX analytical agency and the Bureau of National Statistics, covering the period from 2013 to 2023. The findings reveal significant disparities in ESG efficiency among Kazakhstan’s oil and gas enterprises. While leading companies demonstrate strengths in environmental sustainability (E-Rank = 6), they require improvements in social responsibility (S-Rank = 18) and governance (G-Rank=7). Correlation analysis indicates a strong relationship between industry wages and pollution levels, highlighting potential economic-environmental trade-offs. Achieving sustainable growth in Kazakhstan’s oil and gas sector requires technological modernization, and enhanced collaboration between regulatory bodies and private enterprises. Future research should explore the long-term financial and operational impacts of ESG policies on industry competitiveness.</p>Galymzhan BeisembayevAssel Akhmetkyzy
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2025-03-302025-03-30691183110.47703/ejebs.v69i1.455Econometric Analysis of Key Factors Affecting Domestic Tourism Development in Kazakhstan
https://ejebs.com/index.php/main/article/view/458
<p>Today, tourism plays a crucial role in Kazakhstan's economic diversification and regional development, especially in the post-pandemic era. This study aims to identify and quantify the key economic and infrastructural factors influencing tourism development in Kazakhstan. The research employs multiple regression analysis based on econometric modeling of macroeconomic indicators from 2013 to 2024. Based on the study of time series and correlation dependencies of indicators, a close relationship was found between the number of tourists and such variables as gross domestic product, the share of tourism in GDP, the number of organizations in the tourism sector, and income from accommodation facilities. The results indicate a strong positive relationship between domestic tourism growth and GDP per capita (β = 0.0508, p < 0.01) as well as the share of tourism in GDP (β = 447,484, p < 0.05). The number of tourism-related organizations also demonstrates a positive, though weaker, effect (β = 637.8, p<0.1). However, accommodation revenue and hotel occupancy were found to be statistically insignificant. Using methods and SWOT analysis, the strengths and weaknesses of the industry were identified, and opportunities and threats influencing its sustainable development were determined. The article proposes strategic measures to improve the competitiveness of the tourism industry, including the development of regional tourism, diversification of tourism products, the introduction of digital technologies, and environmentally responsible practices. These findings offer valuable insights for policymakers and industry stakeholders to support long-term tourism growth in Kazakhstan.</p>Zarina ToleubayevaKamshat Mussina
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2025-03-302025-03-30691324610.47703/ejebs.v69i1.458Econometric Analysis of the Tourist Flow in Kazakhstan: Trends, Factors and Forecasts
https://ejebs.com/index.php/main/article/view/466
<p>Tourism is an important economic sector that has a multiplier effect on employment, investment, and infrastructure development. However, tourist flows are subject to significant fluctuations caused by external and internal factors. This study aims to analyze the dynamics of tourist flow in Kazakhstan, identify key factors influencing the sector's profitability, and forecast its future development. Research methods include econometric analysis, studying the elasticity of demand, the sensitivity of tourism revenues to various factors, and forecasting the future state of the industry using the Markov model. The results showed that the tourist flow in Kazakhstan is characterized by high variability. The elasticity analysis revealed that a 1% decrease in air ticket prices increases the number of tourists by 0.75-11.3% over the years. Elasticity analysis showed that changes in airfare prices affect the number of tourists, and income sensitivity helped to identify which parameters – the number of tourists, the cost of accommodation, or the number of international flights – have the most significant impact on the financial sustainability of the industry. The forecast showed a 73.5% probability of tourism growth in 2024-2025 but a possible decrease after 2026. The results showed that the tourist flow in Kazakhstan is characterized by high variability, is subject to seasonal and crisis fluctuations, and requires a systematic approach to management. Future research may focus on developing strategies to reduce tourism's dependence on external crises and create mechanisms to ensure its sustainable development.</p>Saule SerikbayevaZhaxylyk AkimovSandugash BissariyevaMauye AnuarkhanGulzhazira Kenzhebayeva
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2025-03-302025-03-30691476310.47703/ejebs.v69i1.466Kazakhstan's Banking Sector: Between Domestic Regulation and Macroeconomic Trends
https://ejebs.com/index.php/main/article/view/464
<p>The banking sector plays a fundamental role in economic stability and development by facilitating financial intermediation, credit allocation, and liquidity management. In emerging economies such as Kazakhstan, the financial system is characterized by high market concentration, limited competition, and a weak connection between banking activity and macroeconomic growth, which can affect financial stability and economic development. The goal of current study is to analyze the impact of bank profitability, market concentration, and macroeconomic factors on the stability of Kazakhstan’s banking sector. The research follows a four-stage methodology, including descriptive statistical analysis, data visualization using Raincloud Plots, multivariate and univariate statistical tests, and Q-Q plots. The analysis evaluates how income influences net profitability and taxation, how market concentration affects credit and deposit allocation, and how macroeconomic conditions interact with banking performance. Findings indicate that bank profitability has a significant impact on net profit and taxation, reinforcing the role of internal financial management in determining banking stability. Market concentration directly influences the allocation of loans and deposits, highlighting the dominant role of a few major banks in shaping financial flows. However, macroeconomic variables, including GDP and inflation, do not show a statistically significant direct effect on banking sector dynamics, suggesting that Kazakhstan’s banking system operates largely independently of economic fluctuations. The results reflected the importance of monitoring market concentration, ensuring competitive financial conditions, and reconsidering regulatory mechanisms to enhance banking efficiency and economic integration. </p>Makpal NurpeissovaGaukhar SaimagambetovaAizhan OmarovaBibigul SaubetovaZhanat Baishukurova
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2025-03-302025-03-30691648010.47703/ejebs.v69i1.464The Impact of Digitalization and Investment on Agricultural Development in Kazakhstan
https://ejebs.com/index.php/main/article/view/474
<p>Today, digitalization and investment are becoming key drivers of agricultural transformation, but their impact on the agro-industrial sector remains controversial. The study aims to determine how investments in fixed assets, digital literacy, and Internet penetration affect the volume of gross agricultural output in Kazakhstan. The initial data includes panel data from the Bureau of National Statistics of the Republic of Kazakhstan for 2010-2023. The study uses multidimensional linear regression to assess the contribution of each factor (investments in fixed assets, the level of digital literacy, Internet penetration, and the use of mobile phones and computers) to the formation of gross agricultural output. The findings indicate that investments in fixed agricultural assets exhibit a positive but statistically insignificant relationship with agrarian production (β = 4.4474, p = 0.2221). Similarly, mobile phone use and Internet penetration in rural areas do not show a significant correlation with the growth of the agricultural sector. In addition, negative coefficients for digital literacy and Internet activity in rural areas have been identified, which may indicate barriers to introducing digital technologies into the agro-industrial complex. The novelty of this research lies in its empirical evaluation of digitalization’s role in agricultural development within a transitional economy, emphasizing the need for targeted policy interventions. The results suggest that investment efficiency, digital skills training, and improved technological adoption should be prioritized to maximize agricultural productivity. Further research is needed to explore long-term investment effects and sector-specific impacts to refine policy recommendations.</p>Assel BekbossinovaRaigul Doszhan
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2025-03-302025-03-30691819610.47703/ejebs.v69i1.474The Influence of Economic and Environmental Factors on the Adoption of Responsible Production Standards
https://ejebs.com/index.php/main/article/view/477
<p>In the context of global sustainability challenges, understanding the determinants of environmental management standard adoption has become increasingly relevant. This study aims to investigate the impact of economic and ecological factors on the adoption of ISO 14001 certifications in five selected countries: China, Germany, Japan, Sweden, and the United States. Utilizing a fixed-effects panel regression model, the research analyzes longitudinal data from five countries over the period 2012–2022. Data were sourced from the World Bank, International Energy Agency, Global Carbon Atlas, and ISO survey reports. The results indicate that GDP per capita positively impacts the number of certifications (p < 0.01), suggesting that higher economic resources are associated with an increase in the adoption of environmental standards. Additionally, CO2 emissions show a strong positive correlation (p < 0.01), indicating that more significant environmental pressure encourages the adoption of certification. The proportion of renewable energy demonstrates a conditionally significant effect (p < 0.05), highlighting the need for further research. These findings confirm that environmental concerns and economic capacity contribute to adopting sustainable production practices. The study emphasizes the crucial role of economic affluence and environmental priorities in promoting responsible production standards. Future research should extend the analysis by incorporating institutional variables, policy incentives, and sector-specific dynamics to deepen understanding of ISO 14001 diffusion in heterogeneous economic environments.</p>Aknur ZhidebekkyzyBirganym Amangeldiyeva
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2025-03-302025-03-306919711010.47703/ejebs.v69i1.477Banking Profitability, Inflation and GDP Relationship: A Monte Carlo Scenario Analysis for Turkey
https://ejebs.com/index.php/main/article/view/479
<p>Economic and political catastrophes have a negative impact on the state budget and the banking industry. The purpose of the study is to assess the impact of macroeconomic factors on the profitability of the Turkish banking sector between 2016 and 2023, using the Monte Carlo method. The study uses the Monte Carlo method with 10, 50 and 100 iterations. The simulation is based on empirical data from the Association of Turkish Banks and the Turkish Statistical Institute, including gross domestic product, inflation, return on equity and return on assets. The results of the study showed that, when using the Monte Carlo model with 100 iterations, the values of ROE and ROA show moderate growth (to an average of 27.68% and 46.94%, respectively) under scenarios of strong economic development, despite the continued instability of inflation, which confirms the presence of stable but sensitive dependencies between variables. According to the findings, there will be no essential changes in the values of the Gross Domestic Product, Inflation values of the state, Return on Equity and Return on Assets values of the banking industry unless correlative relations and volatility (standard deviation) scores can not diminish or balance in 10, 50 and 100 iterations. The importance of macroeconomic variables and globalization is presented as a key factor contributing to this situation. On the other side, the period was very hard for Turkey and the banking industry. In the final section, a brief suggestion will be provided in light of the Monte Carlo Simulation Model algorithms.</p>Olcay Ölçen
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2025-03-302025-03-3069111112510.47703/ejebs.v69i1.479Analysis of Structural Changes and Employment Dynamics in the Labor Market of Kazakhstan
https://ejebs.com/index.php/main/article/view/462
<p>Understanding structural dynamics and workforce segmentation has become essential for sustainable economic policy and employment regulation in the context of global economic transformation, technological change, and labour market volatility. The goal of the current study is to identify key worker groups with varying levels of employment stability, staff turnover, and personnel cost distribution. The fuzzy clustering algorithm (Fuzzy C-Means) is used as the primary method, which makes it possible to assign objects to several clusters with varying degrees of affiliation. The analysis was based on official statistics of the labor market in the Republic of Kazakhstan for the period 2013-2023. The analysis revealed three stable clusters: stable workforce flow cluster with low staff turnover (0.172) and balanced replacement (0.152); adaptive cluster with moderate instability, turnover of 0.355 and demand for labor up to 30 020 people; unbalanced cluster with high-cost variability (up to 19 billion tenge), compensation (coefficient of variation of 0.386) and maximum admission of graduates (up to 86,227 people). Kazakhstan's labor market is characterized by stability in traditional sectors, moderate adaptation in cyclical industries, and high volatility in technologically advanced and competitive segments. These results suggest the need for a differentiated employment policy that considers industry-specific characteristics and the digital transformation of the economy. Future research should investigate sector-specific models of human resource transformation and explore how employment dynamics can be integrated into strategies for sustainable and innovation-driven development.</p>Botakoz BolatovaGulnar KunurkulzhayevaMadina TleubergenovaAlmagul IbrashevaAgles Sapargali
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2025-03-302025-03-3069112614310.47703/ejebs.v69i1.462The Impact of Internal Migration on the Economic Development of Kazakhstan’s Regions
https://ejebs.com/index.php/main/article/view/487
<p>Internal migration of the population has a significant impact on the socio-economic development of regions, particularly in countries with vast territories and diverse economic conditions, such as Kazakhstan. The purpose of this study is to examine the relationship between internal migration and the gross regional product (GRP) in Kazakhstan's regions. The official statistics of the Republic of Kazakhstan for the period 2013-2023, covering GRP indicators and internal migration flows of the population, were used as the initial data. The analysis included the calculation of average shares of urban and rural migration, as well as the average GRP level for each region. The results showed that at the national level, there was a moderate positive correlation between the share of urban migration and GRP (+0.411, p = 0,219), as well as a negative correlation between rural migration and GRP (- 0.411, p = 0,219), reflecting the general trend in favour of urbanization. At the regional level, the most significant correlations were recorded in the Kyzylorda region and Shymkent сity. The developed typology, based on median values, revealed the existence of four stable spatial development patterns: regions with a high proportion of migrants; regions with a high percentage of urban migrants and low GRP; regions with a small proportion of urban migrants but high GRP; and regions with few urban migrants and a low GRP. Future research paths may aim to expand the model by incorporating additional variables, such as employment, education, and quality of life, in the regions.</p>Aruzhan JussibaliyevaPerizat OrynbetRimma ParmanovaGulmira RysmakhanovaGaliya Bermukhamedova
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2025-03-302025-03-3069114415710.47703/ejebs.v69i1.487