%0 Journal Article
	%A Gulnara Moldasheva
	%D 2015
	%J International Journal of Economics and Management Engineering
	%B World Academy of Science, Engineering and Technology
	%I Open Science Index 103, 2015
	%T Ownership, Management Responsibility and Corporate Performance of the Listed Firms in Kazakhstan
	%U https://publications.waset.org/pdf/10002666
	%V 103
	%X The research explores the relationship between
management responsibility and corporate governance of listed
companies in Kazakhstan. This research employs firm level data of
selected listed non-financial firms and firm level data “operational”
financial sector, consisted from banking sector, insurance companies
and accumulated pension funds using multivariate regression analysis
under fixed effect model approach. Ownership structure includes
institutional ownership, managerial ownership and private investor’s
ownership. Management responsibility of the firm is expressed by the
decision of the firm on amount of leverage. Results of the cross
sectional panel study for non-financial firms showed that only
institutional shareholding is significantly negatively correlated with
debt to equity ratio. Findings from “operational” financial sector
show that leverage is significantly affected only by the CEO/Chair
duality and the size of financial institutions, and insignificantly
affected by ownership structure. Also, the findings show, that there is
a significant negative relationship between profitability and the debt
to equity ratio for non-financial firms, which is consistent with
pecking order theory. Generally, the found results suggest that
corporate governance and a management responsibility play
important role in corporate performance of listed firms in
Kazakhstan.
	%P 2534 - 2542