نبذة مختصرة : The experiment aims to establish major firm-level EM determinants with significant impact between state and private ownership structure companies.Sample includes 20 largest corporations by size and sales across different industries listed on KASE stock exchange operating during last 10 years period 2009-2018. (180 observations available).To estimate the discretionary accruals EM, the Modified Jones (1995) model is utilized.The residuals (discretionary accruals) are regressed on a set of explana-tory variables (ownership structure, capital structure and dividend policy) that hypothesize to determine EM.We also examined the influence of ownership structure, capital structure and dividend policy deci-sions on EM between state and private companies. Overall, the extent of manipulations is significantly higher in companies with private ownership structure though factors that determine EM turned to be different compared to state-owned enterprises.The experimental study is considered the first to relate EM and firm-level determinants between different ownership structures (state vs private) in Kazakhstan. Due to issues with manual data collection and market results generalization based on small population of KASE listed companies, research literature on Kazakhstani data is scarce. So, our experiment definitely brings theoretical value and reduces literature gap. Empirical results believe to bring additional analy-sis to the market participants (investors, owners, regulators, standard-setters etc.) to improve decision-making and corporate reporting.
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