Particularities Regarding Kazakhstani Organizations' Capital Structure Formation: Sectoral and Institutional Analysis

Abstract

This research examines Kazakhstani organizations’ capital structure formation through sectoral and institutional lenses. By analyzing 2018–2024 financial reports, the study identifies an "institutionally adapted hierarchy" model influenced by banking dominance, limited stock market depth, and significant quasi-public sector involvement. Sectoral analysis reveals that while the extractive industry follows mature international financial patterns, domestically oriented sectors remain vulnerable to monetary policy shifts due to short-term credit reliance. The study recommends diversifying financing sources and stimulating corporate bond markets to enhance enterprise resilience.