The Eurasian Journal of Economic and Business Studies (EJEBS) is a double-blind, peer-reviewed academic journal that publishes high-quality research on economic and business development within the Eurasian context. The journal particularly welcomes submissions exploring economic growth, business management, organizational strategy, and the competitiveness of enterprises across the Eurasian region.
The Eurasian Journal of Economic and Business Studies is included in the List of scientific publications recommended by the Science and Higher Education Quality Assurance Committee of the Ministry of Science and Higher Education of the Republic of Kazakhstan for the publication of main results of scientific research. (Order No. 155, April 19, 2022). Certificate of registration of the periodical No. KZ54VPY00015159 dated 23.09.2019. The journal has been published since 2019.
Aims and Scope
The purpose of the journal is to provide high-quality coverage of various aspects of economics, entrepreneurship, business, and tourism economics, such as the integration of advanced theoretical and applied developments on topical issues of planning, organization, motivation, and control in various fields of economics. The journal publishes review articles devoted to existing and new methods, techniques, and approaches in the fields of economics, business, and tourism. The journal publishes the works of modern and innovative researchers, including significant theoretical and empirical papers.
Reports on various topics related to various disciplines in economics are welcome. The journal aims to break down barriers between disciplines and influence economic development. Materials will be reviewed based on content, policy relevance, and readability.
JOURNAL COVERAGE INCLUDES
- Issues of economic development
- International economic relations
- Business management and entrepreneurship
- Financial science and financial institutions
- Economics of labor and employment
- Sustainable development and environmental economics
- Marketing and tourism development strategies
Frequency: Quarterly
DOI Prefix: 10.47703
ISSN: 2789-8253 (Print)/ 2789-8261 (Online)
Abstracting and Indexing Information:
The EJEBS is recommended by the Committee for Quality Assurance in the Field of Science and Higher Education of the Ministry of Science and Higher Education of the Republic of Kazakhstan.
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- Российский индекс научного цитирования
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Languages of Publication: English
Open Access Policy: Open Access
Publication Fee: 65,000 KZT (or its equivalent in other currencies at the exchange rate on the payment date)
Current issue
Improving the efficiency of agricultural enterprises in Kazakhstan requires a comprehensive accounting of production, financial, technological, and risk factors, since an increase in nominal output does not always reflect a real improvement in performance. The aim of this study is to develop an economic-mathematical model for the quantitative assessment and forecasting of the effective development of agricultural enterprises in Kazakhstan amid a growing innovation-driven economy. The information base was compiled using official statistical data of Kazakhstan for 2010-2025 on gross agricultural output, volume indices, gross harvest and yield of grain and leguminous crops, the introduction of water-saving technologies, and technical modernization of the industry. The methodological framework combines indicator standardization, entropy weighting, an innovation- and risk-augmented production function, an optimization formulation for resource allocation, and scenario-based forecasting of an integral efficiency index. The results showed that in 2019-2025, nominal agricultural output increased by 88.5%, while the real physical volume increased by about 24%. In 2025, the yield of grain and leguminous crops reached 16.31 c/ha, exceeding the previous year’s level by 7.2%. In the innovation scenario, the profit of a conditional enterprise increases by about 28.6%, and the return on costs increases from 53.85% to 67.22%. By 2030, the value of the integral index in a given innovation scenario reaches 140.26 points versus 110.41 points in the inertial scenario. The results obtained can be used in intra-company planning, evaluation of investment decisions, and monitoring the effectiveness of agricultural policy.
Mongolia’s high dependence on mineral exports, external financing, and China’s economic environment increases the vulnerability of the national financial system to cross-border external shocks. The aim of the study is to develop and calibrate a model of the systemic dynamics of Mongolia’s financial contagion, enabling assessment of the transmission channels of external financial shocks, the consequences of major infrastructure projects, and the long-term dynamics of financial and macroeconomic indicators in 2024-2050. The research methodology includes system-dynamic modeling, scenario analysis, sensitivity analysis, and Monte Carlo simulation. The initial information base consists of official data from the National Statistical Office of Mongolia, the Bank of Mongolia, the Mongolian Stock Exchange, and the Ministry of Finance for 2010-2024. The basic scenario, three scenarios for the implementation of individual megaprojects, the scenario of their simultaneous implementation and the scenario of repeated external shocks are considered; uncertainty is estimated based on 500 Monte Carlo iterations. The results show that in the baseline scenario, the real gross domestic product increases from 60.0 trillion tugriks in 2024 to 108.9 trillion tugriks in 2050, or 1.8 times. External shocks lead to a decrease in the stock index of 10-15% and foreign direct investment by 4-5 billion US dollars, but their long-term impact is mostly offset over ten years. The results obtained confirm the expediency of the phased implementation of megaprojects and the strengthening of the stabilization mechanisms of Mongolia’s financial policy.
Effective asset management of quasi-public sector organizations is an important condition for improving economic efficiency, quality of corporate governance and sustainability of business processes. The purpose of this study is to develop a conceptual model of asset management audit adapted to the conditions of Kazakhstan and to propose an Asset Management Effectiveness Index (AMEI). The methodology includes a systematic review of the literature on the PRISMA protocol, a thematic analysis of selected studies, and an illustrative analysis of the activities of JSC NC KazMunayGas. Scientific publications for 2012-2020 and consolidated financial statements of KazMunayGas under IFRS for 2022-2023 were used as initial data. Based on the results of the thematic analysis, seven key areas were identified: independence of auditors, application of INTOSAI standards, asset management audit methodology, corporate governance and accountability, features of Kazakhstan’s quasi-public sector, audit quality control mechanisms, and financial benchmarking. On this basis, a five-stage audit and AMEI model is proposed, which includes five equally weighted components, evaluated on a scale from 0 to 10. KazMunayGas’s illustrative data shows that in 2022-2023, revenue decreased from $18,860 million to $18,236 million. The results show the practical significance of the proposed model for a comprehensive assessment of the asset management system; however, calculating and empirically validating AMEI require access to internal audit documentation and informed business decisions in quasi-public sector organizations.
Road traffic accidents create significant losses of public welfare associated with premature deaths and injuries, which necessitates their monetary assessment when justifying transport and social policy measures. The purpose of the study is to assess and compare the economic burden of registered road crash outcomes in Almaty and Astana and to evaluate the robustness of the resulting estimates to changes in key calculation parameters. The initial data are organized as a “city–year” panel of 18 observations, based on official statistics from the Bureau of National Statistics of the Republic of Kazakhstan, the Committee on Legal Statistics and Special Accounting, and the World Bank’s World Development Indicators. The methodology is based on the Value of a Statistical Life (VSL) and Willingness-to-Pay (WTP) approaches. The results showed that the total monetized burden for 2015-2023 amounted to 809.75 billion tenge in Almaty and 303.88 billion tenge in Astana, or 1.114 trillion tenge in the two cities. The estimated burden in Almaty was 2.66 times that in Astana. Depending on the scenario, the cumulative burden ranged from 776.58 billion to 1,590.08 billion tenge, while the higher losses in Almaty persisted across all robustness checks. The results confirm the importance of accounting for deaths and injuries in the economic assessment of road safety measures and in conducting a cost–benefit analysis. Thus, the city ranking remains stable across the checks, whereas the magnitudes of the decomposition depend on the initial administrative observation.
In resource-constrained settings, the sustainability of micro, small, and medium-sized enterprises largely depends on how effectively managerial practices are translated into marketing capabilities, market outcomes, and financial performance. This study aims to examine whether integrated marketing communication, campaign effectiveness, and brand market performance sequentially mediate the relationship between leadership styles and financial performance. A quantitative cross-sectional research design was employed, and data collected from 398 owners, founders, and marketing managers of Indonesian MSMEs were analyzed using partial least squares structural equation modeling in WarpPLS. Transactional leadership is positively and significantly associated with integrated marketing communication (β = 0.660; t = 9.486; p < 0.001), whereas the association between transformational leadership and integrated marketing communication is not statistically significant (β = 0.080; t = 1.038; p = 0.150). The model explains the variance in integrated marketing communication (R2 = 0.433), campaign effectiveness (R2 = 0.714), brand market performance (R2 = 0.803), and financial performance (R2 = 0.336). Integrated marketing communication has no statistically significant direct association with financial performance (β = −0.070; p = 0.180), while campaign effectiveness (β = −0.280; p < 0.001) and brand market performance (β = −0.330; p < 0.001) are negatively associated with financial performance. Overall, the findings indicate that transactional leadership is a more important antecedent of integrated marketing communication than transformational leadership and that improvements in marketing and brand outcomes do not necessarily translate into immediate gains in financial performance among Indonesian MSMEs.
The intensive utilization of production resources in Kazakhstan’s energy sector and the increase in interdependence between industries make it particularly important to assess the stability and efficiency of the economic system structure. In particular, the coal, petroleum, natural gas and electric power industries constitute the main energy base of the national economy and reflect the interconnection between industries. Therefore, the analysis of intersectoral relationships and structural transformation in the energy sector has become the main direction of modern economic research. In addition, changes in the flow of resources within the energy system directly affect the long-term stability and efficiency of the economy. The purpose of this research is to use a comparative Leontief input-output analysis to examine changes in intersectoral relationships within Kazakhstan’s energy sector and evaluate structural transformations from 2020 to 2024. The methodological basis of this research is a comparative input-output analysis based on the Leontief inter-industry equilibrium framework. This study uses the official statistics of the Republic of Kazakhstan for 2020-2024, including production indicators of the energy sector and intersectoral intermediate consumption data. The analysis is based on a reduced four-sector input-output framework representing the main energy industries of Kazakhstan (coal, oil, natural gas, and electricity), rather than the complete national input-output table. In addition, the intermediate consumption matrix (Zt), the technical coefficient matrix (At), the Leontief inverse matrix ((I − At)−1), and backward linkage (BL) and forward linkage (FL) indicators were calculated. The findings reveal that moderate structural adjustments occurred within Kazakhstan’s energy system during 2020-2024. The electricity sector exhibited the highest multiplier effect, confirming its role as the core sector of the system. The obtained results characterize the changing production interdependencies within the energy system, the restructuring of intersectoral linkages, and the systemic evolution of the energy sector.
The development of the non-resource sector largely depends not only on the foreign economic environment but also on the stability of public administration institutions and the continuity of economic policy. This study examines the dynamics of non-resource economic performance around major changes in government leadership in Kazakhstan using an event-study framework. The empirical base covers 1995-2019 and includes annual data from the Bureau of National Statistics of the Republic of Kazakhstan, the International Monetary Fund, information on prime minister and minister appointments, and oil price indicators. The study uses descriptive analysis, basic OLS regression, an event-study specification, and robustness checks; standard errors are calculated using the Newey–West HAC method. In the baseline model, the MajorResh coefficient was negative but statistically insignificant for both non-resource GDP (β = −2.95; p = 0.192) and the manufacturing industry (β = −1.37; p = 0.265). At the same time, the event-study analysis revealed a statistically significant decline in the nominal growth of non-resource GDP in the year of the prime minister’s change (β = −4.94; p = 0.016) and a negative relationship in the following year (β = −4.65; p = 0.074). Additional analysis showed a statistically significant negative relationship between changes in the minister of industry and manufacturing output (β = −4.40; p = 0.008), while changes in the minister of finance showed no statistically significant results. The results indicate that the rotation of executive power is primarily associated with a short-term deterioration in the performance of the non-resource economy.
Hospitality organizations continue to experience workforce shortages that affect operational performance, service quality, and employee well-being. These pressures may vary substantially across hotel departments, yet limited empirical attention has been given to how managers respond to department-specific staffing constraints. This study examines workforce shortages and managerial response strategies in hotel operations from a department-level perspective and investigates how specific workforce pressures relate to managerial responses. A mixed-method research design was employed, combining survey data from 70 hotel managers in Kazakhstan with qualitative evidence from seven semi-structured interviews. Descriptive statistics, the Friedman test, and Spearman’s rank correlations were used to examine departmental differences and associations between workforce pressures and managerial responses. The highest level of shortage was observed in housekeeping (M = 3.73, SD = 1.01), followed by food and beverage (M = 3.30, SD = 1.22), kitchen (M = 3.26, SD = 1.21), and front office (M = 3.07, SD = 1.36); the lowest value was recorded in Engineering (M = 2.37, SD = 1.05). The correlation analysis revealed a positive relationship between burnout and salary increases (ρ = .422, p < .001), a shortage of skilled workers and automation (ρ = .337, p = .004), as well as seasonality and a reduction in the volume of services (ρ = .417, p < .001). The results show that management measures in the hospitality industry should consider the nature of the personnel problem and the department’s specific characteristics, combining compensation, technological, and organizational tools.
This study aims to assess regional and socio-demographic disparities in road traffic injury outcomes in Kazakhstan by examining accident incidence, victim distribution, and the severity of consequences across regions, gender and age groups, and road-user categories. The initial information base consisted of official statistical data from the Committee on Legal Statistics and Special Accounts and the Bureau of National Statistics for 2015-2025. The study used methods of descriptive statistics, comparative analysis, indexing of time series with the base year 2015 and normalization of the number of accidents per 100 thousand population. Additionally, the proportion of deaths among victims by region and socio-demographic groups was calculated. The results showed that the number of registered road accidents increased from 18,890 in 2015 to 36,146 in 2025 (+91.35%), and the number of injured increased from 24,055 to 49,220 (+104.6%), while the death toll decreased from 2,453 to 2,330 people. In 2025, the maximum frequency of road accidents was recorded in Almaty city (332 per 100,000 population), and the largest proportion of deaths was in the Turkestan region (14.6%); men accounted for 54.0% of all victims and 71.7% of deaths, while the proportion of deaths increased from 2.2% in the 0–17-year group to 8.4% among persons 60 years of age and older. The results indicate pronounced regional and socio-demographic heterogeneity in road traffic injuries and confirm the need for a differentiated approach to accident prevention that considers regional characteristics, the victim profile, and the potential consequences for human capital and labor potential.
ISSN 2789-8261 (Online)













