Venture Capital Decision-Making in Frontier-Emerging Markets: Evaluative Logics and Women-Led Ventures in Kazakhstan

This study examines how venture capital investors in Kazakhstan evaluate women-led enterprises within a frontier-emerging market context characterized by institutional transition and evolving entrepreneurial ecosystems. Addressing a gap in the literature on gendered investment behavior beyond mature markets, the research adopts an exploratory mixed-methods design combining survey data ( n = 21) with open-ended qualitative responses from VC professionals. Descriptive and bivariate analyses are used to examine associations between investor characteristics and evaluation criteria, while exploratory factor analysis is employed as a heuristic tool to assess whether survey items cluster around broadly interpretable evaluative orientations shaping investment judgments. The findings suggest the presence of two indicative evaluative orientations—market orientation and impact orientation—that appear to structure how respondents in this sample prioritize dimensions such as scalability, innovation, teamwork, and social value. These orientations are interpreted as context-specific and exploratory rather than statistically generalizable. The study contributes to entrepreneurial finance and institutional theory by developing an exploratory evaluative framework that captures the coexistence of commercial and developmental considerations in venture investment decision-making within a transitional economy. The findings further highlight how gendered investment dynamics are shaped by both market criteria and institutional environments, offering implications for policymakers, investors, and scholars seeking to understand capital allocation processes in underexplored venture ecosystems.