References
- Altman, E. I., & Hotchkiss, E. (2006). Corporate financial distress and bankruptcy (3rd ed.). John Wiley & Sons. https://doi.org/10.1002/9781118267806
- Altman, E. I., & Kuehne, B. J. (2016). Credit markets and bubbles: Is the benign credit cycle over? Economics and Business Review, 2(3), 30–31. https://doi.org/10.18559/ebr.2016.3.3
- Amihud, Y. (2002). Illiquidity and stock returns: Cross-section and time series effects. Journal of Financial Markets, 5(1), 31–56. https://doi.org/10.1016/S1386-4181(01)00024-6
- Amihud, Y., & Mendelson, H. (2000). The liquidity route to a lower cost of capital. Journal of Applied Corporate Finance, 12(4), 7–25. https://doi.org/10.1111/j.1745-6622.2000.tb00016.x
- Bakri, M. A., Nordin, B. A. A., Tunde, M. B., & Theng, L. W. (2020). Moderating role of financial market development on the relationship between stock liquidity and dividend. Asian Academy of Management Journal of Accounting and Finance, 16(2), 77–99. https://doi.org/10.21315/aamjaf2020.16.2.4
- Beck, T., Demirgüç-Kunt, A., & Maksimovic, V. (2005). Financial and legal constraints to growth: Does firm size matter? Journal of Finance, 60(1), 137–177. https://doi.org/10.1111/j.1540-6261.2005.00727.x
- Belsley, D. A., Kuh, E., & Welsch, R. E. (1980). Regression diagnostics. Identifying influential data and source of collinearity. John Wiley & Sons. https://doi.org/10.1002/0471725153
- Berger, A. N., & Udell, G. F. (1998). The economics of small business finance: The role of private equity and debt markets in the financial growth cycle. Journal of Banking and Finance, 22(6–8), 613–673. https://doi.org/10.1016/S0378-4266(98)00038-7
- Bhama, V., Jain, P. K., & Yadav, S. S. (2015). Does firms’ pecking order vary during large deficits and surpluses? An empirical study on emerging economies. Procedia Economics and Finance, 30, 155–163. https://doi.org/10.1016/s2212-5671(15)01279-4
- Białek-Jaworska, A. (2017). Do Polish non-financial listed companies hold cash to lend money to other firms? Economics and Business Review, 3(4), 87–110. https://doi.org/10.18559/ebr.2017.4.6
- Butler, A. W., Grullon, G., & Weston, J. P. (2005). Stock market liquidity and the cost of issuing equity. Journal of Financial and Quantitative Analysis, 40(2), 331–348. https://doi.org/10.1017/S0022109000002337
- Chaklader, B., & Padmapriya, B. (2021). Impact of cash surplus on firm’s capital structure: Validation of pecking order theory. Managerial Finance, 47(12), 1801–1816. https://doi.org/10.1108/MF-08-2020-0417
- Chan, K., Cheng, S., & Hameed, A. (2022). Investor heterogeneity and liquidity. Journal of Financial and Quantitative Analysis, 57(7), 2798–2833. https://doi.org/10.1017/S0022109022000217
- Chen, Z., Gao, K., & Huang, W. (2020). Stock liquidity and excess leverage. Finance Research Letters, 32, 101178. https://doi.org/10.1016/j.frl.2019.04.034
- Chung, K. H., & Zhang, H. (2014). A simple approximation of intraday spreads using daily data. Journal of Financial Markets, 17(1), 94–120. https://doi.org/10.1016/j.finmar.2013.02.004
- Czerwonka, L., & Jaworski, J. (2021). Capital structure determinants of small and medium-sized enterprises: Evidence from Central and Eastern Europe. Journal of Small Business and Enterprise Development, 28(2), 277–297. https://doi.org/10.1108/JSBED-09-2020-0326
- Czerwonka, L., & Jaworski, J. (2022). Capital structure and its determinants in companies originating from two opposite sides of the European Union: Poland and Portugal. Economics and Business Review, 8(1), 24–49. https://doi.org/10.18559/ebr.2022.1.3
- Dang, T. L., Ly Ho, H., Dzung Lam, C., Thao Tran, T., & Vo, X. V. (2019). Stock liquidity and capital structure: International evidence. Cogent Economics and Finance, 7, 1587804. https://doi.org/10.1080/23322039.2019.1587804
- De Jong, A., Verbeek, M., & Verwijmeren, P. (2010). The impact of financing surpluses and large financing deficits on tests of the pecking order theory. Financial Management, 39(2), 733–756. https://doi.org/10.1111/j.1755-053X.2010.01090.x
- Dutta, S. R., Sen, S. S., & Mukherjee, T. (2022). Stock liquidity and capital structure: Evidence from NSE listed top 100 non-finance Indian firms. Orissa Journal of Commerce, 43(1), 38–54. https://doi.org/10.54063/ojc.2022.v43i01.04
- Fama, E. F., & French, K. R. (2002). Testing trade-off and pecking order predictions about dividends and debt. Review of Financial Studies, 15(1), 1–33. https://doi.org/10.1093/rfs/15.1.1
- Fang, V. W., Noe, T. H., & Tice, S. (2009). Stock market liquidity and firm value. Journal of Financial Economics, 94, 150–169. https://doi.org/10.1016/j.jfineco.2008.08.007
- Frank, M. Z., & Goyal, V. K. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67(2). https://doi.org/10.1016/S0304-405X(02)00252-0
- Halov, N. (2006). Dynamics of asymmetric information and capital structure. https://pages.stern.nyu.edu/~nhalov/Halov.pdf
- Hasan, I., Jackowicz, K., Kowalewski, O., & Kozłowski, Ł. (2017). Do local banking market structures matter for SME financing and performance? New evidence from an emerging economy. Journal of Banking and Finance, 79, 142–158. https://doi.org/10.1016/j.jbankfin.2017.03.009
- Ho, L., Lu, Y., & Bai, M. (2021). Liquidity and speed of leverage adjustment. Australian Journal of Management, 46(1). https://doi.org/10.1177/0312896220918913
- Jiang, F., Ma, Y., & Shi, B. (2017). Stock liquidity and dividend payouts. Journal of Corporate Finance, 42, 295–314. https://doi.org/10.1016/j.jcorpfin.2016.12.005
- Koralun-Bereźnicka, J. (2018). Firm size and debt maturity as indirect determinants of capital structure: Evidence form European panel data. Applied Economics Letters, 25(18), 1319–1322. https://doi.org/10.1080/13504851.2017.1420869
- Kumar, S., Sureka, R., & Colombage, S. (2020). Capital structure of SMEs: A systematic literature review and bibliometric analysis. Management Review Quarterly, 70, 535–565. https://doi.org/10.1007/s11301-019-00175-4
- Lipson, M. L., & Mortal, S. (2009). Liquidity and capital structure. Journal of Financial Markets, 12(4), 611–644. https://doi.org/10.1016/j.finmar.2009.04.002
- Liu, W. (2006). A liquidity-augmented capital asset pricing model. Journal of Financial Economics, 82(3), 631–671. https://doi.org/10.1016/j.jfineco.2005.10.001
- Martinez, L. B., Scherger, V., & Guercio, M. B. (2019). SMEs capital structure: Trade-off or pecking order theory: A systematic review. Journal of Small Business and Enterprise Development, 26(1), 105–132. https://doi.org/10.1108/JSBED-12-2017-0387
- Matuszak, P. (2020). What determines the scale of state ownership in enterprises? Some evidence from post-socialist countries. Economics and Business Review, 6(4), 95–117. https://doi.org/10.18559/ebr.2020.4.6
- Moritz, A., Block, J. H., & Heinz, A. (2016). Financing patterns of European SMEs—an empirical taxonomy. Venture Capital, 18(2), 115–148.
- Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
- Nadarajah, S., Ali, S., Liu, B., & Huang, A. (2018). Stock liquidity, corporate governance and leverage: New panel evidence. Pacific-Basin Finance Journal, 50, 216–234. https://doi.org/10.1016/j.pacfin.2016.11.004
- Nehrebecka, N., & Dzik-Walczak, A. (2018). The dynamic model of partial adjustment of the capital structure. Meta-analysis and a case of Polish enterprises. Zbornik Radova Ekonomskog Fakultet au Rijeci, 36(1), 53–79. https://doi.org/10.18045/zbefri.2018.1.55
- Neville, C., & Lucey, B. M. (2022). Financing Irish high-tech SMEs: The analysis of capital structure. International Review of Financial Analysis, 83, 102219. https://doi.org/10.1016/j.irfa.2022.102219
- Nguyen, T., Alpert, K., & Faff, R. (2021). Relative bond-stock liquidity and capital structure choices. Journal of Corporate Finance, 69, 102026. https://doi.org/10.1016/j.jcorpfin.2021.102026
- Nguyen, T. D. K., & Ramachandran, N. (2006). Capital structure in small and medium--sized enterprises: The case of Vietnam. ASEAN Economic Bulletin, 23(2), 192–211.
- Petersen, M. A. (2009). Estimating standard errors in finance panel data sets: Comparing approaches. Review of Financial Studies, 22(1), 435–480.
- Pham, T. P., Singh, H., & Vu, V. H. (2023). The impact of bank loan announcements on stock liquidity. International Review of Economics and Finance, 86, 848–864. https://doi.org/10.1016/j.iref.2023.02.009
- Qu, W., Wongchoti, U., Wu, F., & Chen, Y. (2018). Does information asymmetry lead to higher debt financing? Evidence from China during the NTS reform period. Journal of Asian Business and Economic Studies, 25(1), 109–121. https://doi.org/10.1108/jabes-04-2018-0006
- Rashid, A., & Mehmood, H. (2017). Liquidity and capital structure: The case of Pakistani non-financial firms. Economics Bulletin, 37(2), 675–685.
- Shen, C. H. (2014). Pecking order, access to public debt market, and information asymmetry. International Review of Economics and Finance, 29, 291–306. https://doi.org/10.1016/j.iref.2013.06.002
- Shyam-Sunder, L., & Myers, S. C. (1999). Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics, 51(2), 219–244. https://doi.org/10.1016/S0304-405X(98)00051-8
- Stereńczak, S., & Kubiak, J. (2022). Dividend policy and stock liquidity: Lessons from Central and Eastern Europe. Research in International Business and Finance, 62, 101727. https://doi.org/10.1016/j.ribaf.2022.101727
- Stiglitz, J. E., & Weiss, A. (1981). Credit rationing in markets with imperfect information. The American Economic Review, 71(3), 393–410.
- Wang, X., & Wei, S. (2021). Does the investment horizon of institutional investors matter for stock liquidity? International Review of Financial Analysis, 74, 101648. https://doi.org/10.1016/j.irfa.2020.101648