Abstract
This study explores how companies in Kazakhstan manage their capital structure and financing in the context of an emerging economy undergoing financial reforms. It adopts a qualitative case study approach to examine the mix of equity, debt, and hybrid financial tools in use, with a focus on the influence of institutions like the Astana International Financial Centre (AIFC) and broader market conditions. Key theoretical lenses – the Trade-Off Theory, Pecking Order Theory, and Financialization Theory – guide the analysis of corporate financing decisions. The findings highlight that Kazakhstani firms predominantly rely on internal funds and bank loans, consistent with pecking-order preferences, while equity markets remain in a nascent stage despite recent initial public offerings (IPOs) and AIFC initiatives. Hybrid instruments such as convertible bonds are rarely utilised, reflecting market unfamiliarity and structural barriers. The research underscores the implications for corporate strategy (e.g. diversifying funding sources and managing currency risk) and for policy (e.g. strengthening capital markets, enhancing investor base). It offers context-specific insights into Kazakhstan’s financial landscape and provides recommendations to improve corporate capitalization strategies and support economic development.