ESG Maturity and Firm Valuation in an Emerging Market: Evidence of Sectoral Heterogeneity
Maerdan B. Zeinolla S. Spankulova L. Omarov D. Azhibayeva A.
March 2026Multidisciplinary Digital Publishing Institute (MDPI)
Sustainability (Switzerland)
2026#18Issue 5
This study examines the relationship between ESG governance maturity and market valuation in the context of Kazakhstan. The analysis is based on a balanced panel of 13 listed companies covering the period 2019–2024. Firm value was measured using Tobin’s Q coefficient, and ESG maturity was assessed using a specific index that describes the extent to which environmental, social, and governance practices are institutionally embedded within an organization. The results of the fixed-effects model suggest that there is a positive relationship between the aggregate ESG score and a firm’s market value, but it is not statistically significant. When considering the sectoral breakdown, a difference is observed: ESG maturity is positively and significantly associated with market valuation for companies in the financial sector, while no such relationship was found for the non-financial sector. No significant relationship was found between ESG maturity and return on equity (ROE). The results obtained show that the impact of ESG factors in the case of Kazakhstan is not equally visible in all sectors and that, at the present stage, its influence is mainly more pronounced in the financial sector.
corporate valuation , ESG maturity , Kazakhstan , sustainability , Tobin’s Q model
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Higher School of Economics and Business, Al-Farabi Kazakh National University, Almaty, 050040, Kazakhstan
Faculty of Economics and Entrepreneurship, Kazakh-German University, Almaty, 050010, Kazakhstan
Department of Recreational Geography and Tourism, Faculty of Geography and Environmental Sciences, Al-Farabi Kazakh National University, Almaty, 050040, Kazakhstan
Higher School of Economics and Business
Faculty of Economics and Entrepreneurship
Department of Recreational Geography and Tourism
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