Abstract
Women’s entrepreneurship is an important component of inclusive economic development in Kazakhstan; however, its quantitative expansion is still accompanied by organisational, sectoral, financial, and regional inequalities. This study aims to assess the dynamics and structural characteristics of women’s entrepreneurship and identify the institutional and socio-economic factors influencing women’s representation among managers of small and medium-sized enterprises. The research methodology combines descriptive, structural, and comparative analysis, the construction of a comprehensive gender entrepreneurship index, and panel regression modeling using pooled ordinary least squares, regional fixed-effects, and dynamic specifications. The empirical analysis is based on official regional statistics for Kazakhstan for 2022–2025, comprising 68 region-year observations, supplemented by data from national financial and government institutions. The results indicate that the number of women heading small and medium-sized enterprises increased from 912.3 thousand in 2022 to 1,024.0 thousand in 2025, while their share rose from 46.9% to 49.5%. Nevertheless, women-led businesses remained concentrated in individual entrepreneurship, trade, and services, whereas their participation in legal entities and capital-intensive sectors was limited. The comprehensive gender entrepreneurship index increased from 0.506 to 0.564. In the fixed-effects model, government support per capita had a positive and statistically significant effect on women’s representation among managers of small and medium-sized enterprises, with a coefficient of 3.018. The findings substantiate the need for gender-responsive financial instruments, regionally differentiated support measures, sectoral diversification, and programs to improve the sustainability and scalability of women-led businesses.