Impact of Business Complexity and Sustainability Finance on Firm Value in Kazakhstan

Sevinch Vafoyeva, Alfira Sofia, R Nelly Nur Apandi

Abstract


This study examines the impact of business complexity and sustainability finance on firm value in Kazakhstan. Using regression analysis on secondary data from firms listed on the Kazakhstan Stock Exchange, the study tests whether these factors influence firm valuation. The results show that neither business complexity nor sustainability finance has a significant effect on firm value. This suggests that these factors do not explain firm valuation in Kazakhstan’s emerging market. The findings indicate that other factors, such as market conditions, governance quality, and industry characteristics, may play a more important role. This study highlights the need for further research on firm value determinants in emerging markets.



Keywords


Business Complexity; Emerging Markets; Firm Value; Sustainability Finance

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References


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DOI: https://doi.org/10.17509/jrak.v14i1.98290

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