Managerial Accounting as an Information Basis for Investment Analysis

The purpose of this study is to examine and elucidate the role of managerial accounting as an informational foundation for investment analysis in an ESG environment.

The methodology is based on analytical and deductive methods, integrating relevant scientific papers’ review results and addressing the research objectives. A review of research and professional business reviews served as the basis for substantiating the identified factors that influenced the transformation of managerial accounting systems toward ESG integration. The method of data visualization through tables and charts was used.

The study's uniqueness lies in the fact that investment analysis is typically viewed as a financial analysis tool exclusively based on fundamental and technical analysis methods for portfolio investment purposes. The proposed approach, however, takes into account the impact of current business trends, namely the implementation of ESG principles in management. Managerial accounting is being transformed from an internal control tool into a basis for investment analysis, integrating financial and non-financial information.

The study provides evidence for the main factors driving the transition to ESG-integrated managerial accounting. These include geopolitical and macro risks, AI, ML, Big Data, digital finance, online platforms, and others. The role of the relationship between managerial accounting, managerial analysis, and investment analysis in investment decision-making is presented and substantiated. It is noted that managerial analysis is complemented by ESG assessments and risk-adapted metrics. Investment analysis actively utilizes artificial intelligence and fintech tools for forecasting and stress testing of sustainability. In this context, investment analysis integrated into business management acts not as an external analytical tool, but as an integral part of managerial accounting.

1. The Initiative of the President of Kazakhstan to Establish a UN Center in Almaty was Unanimously Supported by UN Member States [Электронный ресурс]. – 04.03.2025. – URL: https://www.gov.kz/memleket/entities/mfa/press/news/details/950911?lang=en

2. Adambekova A.A., Adambekov N.T., Amankeldy N.A., Salimbaeva R.A. Scientific justification for thespecific application of ESG principles // Вестник КазНУ. – 2023. – № 4. – https://doi.org/10.26577/be.2023.v146.i4.03

3. Elhady A.M., Shohieb S. AI driven sustainable finance: computational tools, ESG metrics, and globalimplementation // Future Business Journal. – 2025. – Vol. 11. – Art. 209. – https://doi.org/10.1186/s43093-025-00610-x

4. Atkinson A.A., Kaplan R.S., Matsumura E.M., Young S.M. Managerial accounting: Information forDecision-Making. – 7th ed. – Cambridge: Cambridge Business Publisher, 2019. – 500 p.

5. Tajgashinova K.T. Uglublennyj upravlencheskij uchet: uchebnik. – Almaty: Lem, 2021. – 184 s.

6. Teh D., Khan T. Sustainability-Focused Accounting, Management, and Governance Research: A Bibliometric Analysis // Sustainability. – 2024. – Vol. 16, № 23. – Art. 10435. – https://doi.org/10.3390/su162310435

7. Zheng Y. How managerial accounting enhances ESG information disclosure quality in the digital transformation era: a pathway analysis // Journal of Applied Economics and Policy Studies. – 2025. – Vol. 18, № 10. – https://doi.org/10.54254/2977-5701/2025.29355

8. Silitonga R.M., Putra V.P., Sukwadi R., Jou Y.-T. Accounting, Artificial Intelligence (AI), Environmental Social and Governance (ESG): An Integrative Viewpoint // The Accounting Journal of BINANIAGA. – 2024. – Vol. 9, № 1. – P. 39–50. – https://doi.org/10.33062/ajb.v9i01.47

9. Jackson D., Allen C. Enablers, barriers and strategies for adopting new technology in accounting // International Journal of Accounting Information Systems. – 2024. – Vol. 52. – Art. 100666. – https://doi.org/10.1016/j.accinf.2023.100666

10. Piartrini P.S., Putri A.N. The influence of Accounting Information Quality on Investment Decisions: Investor Perspective in the Capital Market // Dinasti International Journal of Economics, Finance & Accounting. – 2024. – Vol. 5, № 1. – https://doi.org/10.38035/dijefa.v5i1.2453

11. Alrawashedh N.H. Managerial accounting methods for financial decisions: Case of industrial companies in Jordan // Investment Management and Financial Innovations. – 2023. – Vol. 20, № 4. – P. 60–68. – http://dx.doi.org/10.21511/imfi.20(4).2023.06

12. Raghavan K. ESG Reporting Impact on Accounting, Finance // Journal of Global Awareness. – 2022. – Vol. 3, № 1. – https://doi.org/10.24073/jga/3/01/09

13. Amanseikova B., Kudaibergenov N., Berdimurat N. Sustainable development of logistics systems: features of accounting and cost analysis // Rivista di Studi sulla Sostenibilita. – 2022. – P. 63–78. – https://doi.org/10.3280/RISS2021-002006

14. Rinaldi L., Bonacchi M., Mazzola L., Via N.D., Perego P. Exploring the role of managerial accountingin building sustainability and resilience [Электронный ресурс]. – AICPA & CIMA, 2025. – URL: https://www.aicpa-cima.com/about/download/exploring-the-role-of-management-accounting-in-building-sustainability-and-resilience

15. Contemporary Issues in Managerial Accounting – 04.11.2025. – URL: https://www.aicpa-cima.com/resources/article/academic-research-report

16. Certified Management Accountant (CMA) Certification – URL: https://www.accounting.com/certifications/certified-management-accountant/

17. CFA Institute. Quantitative Investment Analysis. – 4th ed. – Hoboken, NJ: Wiley, 2020. – 612 p.

18. Ascani I., Ciccola R., Chiucchi M.S. A Structured Literature Review about the Role of ManagementAccountants in Sustainability Accounting and Reporting // Sustainability. – 2021. – Vol. 13, № 4. – Art. 2357. – https://doi.org/10.3390/su13042357

19. Burkhanbekov B., Amerkhanov A. Accounting Advisory – 2025. – URL: https://www.pwc.com/kz/en/services/audit-assurance-services/financial-accounting.html

20. Adambekova Zh., Adambekova A., Mukan M., Torebekova B. ESG commitment: scientific rationale forrelevance and review of practice // Vestnik KazEUFMT. – 2024. – № 2. – P. 301–310. – https://doi.org/10.52260/23047216.2024.2(55).38