caerCentral Asian Economic ReviewCentral Asian Economic Review2789-43982789-4401Университет Нархозcaer-62Research ArticleНАЦИОНАЛЬНАЯ ЭКОНОМИКА: ВЕКТОРЫ РАЗВИТИЯNATIONAL ECONOMY: DEVELOPMENT VECTORSГИПОТЕЗЫ ОЦЕНОК КАЗАХСТАНСКИХ КОМПАНИЙ И ИХ ВЛИЯНИЕ НА ПРИНЯТИЕ УПРАВЛЕНЧЕСКИХ РЕШЕНИЙHYPOTHESES OF KAZAKHSTAN COMPANIES ASSESSMENT AND THEIR IMPACT ON MANAGERIAL DECISION MAKINGАдамбековаА. А.AdambekovaA. A.

Адамбекова Айнагуль Амангельдиновна – доктор экономических наук, профессор

Алматы

Almaty

ainagul.adambekova@narxoz.kzТурехановаА. О.TurekhanovaA.

Туреханова Алия Омаровна – магистрант НАО

Алматы

Almaty

ms.turekhanova@gmail.ruБекболатоваЖ.BekbolatovaZh.

Бекболатова Жаннат Каировна – докторант PhD

Алматы

Almaty

bekbolatova@inbox.ruУниверситет НархозКазахстанNarxoz UniversityKazakhstanИнститут промышленной автоматизации и цифровизации имени Б. Буркитбаева, Satbayev UniversityКазахстанBurkitbaev Institute of Industrial Automation and Digitalization, Satpaev UniversityKazakhstan202028042020026682Copyright © Адамбекова А.А., Туреханова А.О., Бекболатова Ж., 20202020Адамбекова А.А., Туреханова А.О., Бекболатова Ж.Adambekova A.A., Turekhanova A., Bekbolatova Z.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://caer.narxoz.kz/jour/article/view/62

Целью данного исследования – является изучение оценки в ведущих публичных компаниях в Казахстане и влияние неправильной оценки компании на поведенческий подход к корпоративным финансам.Методология. Мы выбрали 6 крупных листингующих компаний Казахстана. Сформировали и проверили три гипотезы с помощью статистического анализа; все количественные данные были собраны из аудированных финансовых годовых отчетов за период 2015 по 2018года.Оригинальность / ценность исследования. Это исследование является первым, в котором исследуется связь между неправильной оценкой и корпоративными решениями на развивающихся рынках, таких как Казахстан.Результаты исследования. Анализ показывает, что эмиссия акций и общее финансирование фирм увеличиваются с переоценкой капитала. Часть обзора литературы охватывает теории, касающиеся взаимосвязи между переоценкой / недооценкой капитала и решениями о финансировании. На основании теории созданы три гипотезы. Наши данные подтверждают гипотезу о том, что переоценка и недооценка капитала влияют на финансовые решения.Вывод. Эта исследовательская работа показала, что фирмы привлекают больше капитала и особенно выпускают больше акций, когда их акции переоценены.

The purpose of this study is to examine under and overvaluation in top public companies in Kazakhstan and affect on behavioral approach to corporate finance, in the case incorrect valuation.Methodology. We choosed of six listed companies between the years 2015-2018. We test the three hypotheses via a statistica analysis; all quantitative data were collected from audited financial annual reports.Originality / value of the research. This study is the first to investigate the relationship between incorrect valuation and corporate decision in emerging markets such as Kazakhstan.Findings. The analysis reveal that equity issuance and total financing by firms increase with equity overvaluation. Literature review part covers the theories regarding the relationship between over/undervaluation equity and financing decisions. Based on the theory three hypotheses are created. Our evidence supports the hypothesis that over valuation and under valuation equity affects financing decisions.Conclusion. This research paper showed that firms raise more capital and especially issue more equity, when their shares are overvalued.

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The authors declare that there are no conflicts of interest present.