Ayyagari, M., Beck, T., & Demirguc‐Kunt, A. (2007). Small and medium enterprises across the globe. Small Business Economics, 29(4), 415–434.
Bartik, T. J. (1991). Who benefits from state and local economic development policies? W.E. Upjohn Institute for Employment Research.
Bebchuk, L. A., & Stole, L. A. (1993). Do short‐term objectives lead to under or overinvestment in long‐term projects. Journal of Finance, 48, 719–729.
Benlemlih, M., & Bitar, M. (2018). Corporate social responsibility and investment efficiency. Journal of Business Ethics, 148, 647–671.
Berger, A. N., & Udell, G. F. (2006). A more complete conceptual framework for SME finance. Journal of Banking & Finance, 30(11), 2945–2966.
Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 118(3), 969–1005.
- Chen, F., Hope, O. K., Li, Q., & Wang, X. (2011). Financial reporting quality and investment efficiency of private firms in emerging markets. Accounting Review, 86(4), 1255–1288.
Paper not yet in RePEc: Add citation now
Chen, R., El Ghoul, S., Guedhami, O., & Wang, H. (2017). Do state and foreign ownership affect investment efficiency? Evidence from privatizations. Journal of Corporate Finance, 42, 408–421.
Chen, S., Sun, Z., Tang, S., & Wu, D. (2011). Government intervention and investment efficiency: Evidence from China. Journal of Corporate Finance, 17(2), 259–271.
Chen, Y., Yang, S., & Li, Q. (2022). How does the development of digital financial inclusion affect the total factor productivity of listed companies? Evidence from China. Finance Research Letters, 47, 102956.
- Consultative Group to Assist the Poor (CGAP). (2015). What is digital financial inclusion and why does it matter? http://www.cgap.org/blog/what-digital-financialinclusion-and-why-does-it-matter.
Paper not yet in RePEc: Add citation now
DeYoung, R. (2002). New bank start‐ups: Entrepreneurs funding other entrepreneurs. Journal of Entrepreneurial Finance and Business Ventures, 7, 61–76.
Ding, N., Gu, L., & Peng, Y. (2022). Fintech, financial constraints and innovation: Evidence from China. Journal of Corporate Finance, 73, 102194.
Eberly, J. C. (1997). International evidence on investment and fundamentals. European Economic Review, 41(6), 1055–1078.
Fazzari, S. M., Hubbard, R. G., & Petersen, B. C. (1988). Financing constraints and corporate investment. Brookings Papers on Economic Activity, 1, 141–195.
Fuster, A., Plosser, M., Schnabl, P., & Vickery, J. (2019). The role of technology in mortgage lending. Review of Financial Studies, 32(5), 1854–1899.
Hadlock, C. J., & Pierce, J. R. (2010). New evidence on measuring financial constraints: Moving beyond the KZ index. Review of Financial Studies, 23(5), 1909–1940.
Han, S., & Qiu, J. (2007). Corporate precautionary cash holdings. Journal of Corporate Finance, 13(1), 43–57.
Huang, S. (2022). Does FinTech improve the investment efficiency of enterprises? Evidence from China's small and medium‐sized enterprises. Economic Analysis and Policy, 74, 571–586.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76, 323–329.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3, 305–360.
- Jutla, D., Bodorik, P., & Dhaliwal, J. (2002). Supporting the E‐business readiness of small and medium‐sized enterprises: Approaches and metrics. Internet Research, 12(2), 139–164.
Paper not yet in RePEc: Add citation now
- Kam‐Wah, L. (2011). The cost of debt when all‐equity firms raise finance: The role of investment opportunities, audit quality and debt maturity. Journal of Banking & Finance, 35(8), 1931–1940.
Paper not yet in RePEc: Add citation now
Lewbel, A. (1997). Constructing instruments for regressions with measurement error when no additional data are available, with an application to patents and R&D. Econometrica, 65(5), 1201–1213.
Li, Y., Sun, G., Gao, Q., & Cheng, C. (2023). Digital financial inclusion, financial efficiency and green innovation. Sustainability, 15(3), 1879.
Lin, M., Prabhala, N. R., & Viswanathan, S. (2013). Judging borrowers by the company they keep: Friendship networks and information asymmetry in online peer‐to‐peer lending. Management Science, 59(1), 17–35.
Lu, Z., Wu, J., Li, H., & Nguyen, D. K. (2022). Local bank, digital financial inclusion and SME financing constraints: Empirical evidence from China. Emerging Markets Finance and Trade, 58(6), 1712–1725.
Lv, P., & Xiong, H. (2022). Can FinTech improve corporate investment efficiency? Evidence from China. Research in International Business and Finance, 60, 101571.
- McNichols, M. F., & Stubben, S. R. (2008). Does earnings management affect firm's investment decisions? Accounting Review, 83(6), 1571–1603.
Paper not yet in RePEc: Add citation now
- Modigliani, F., & Miller, H. M. (1958). The cost of capital, corporation finance, and the theory of investment. American Economic Review, 48, 261–297.
Paper not yet in RePEc: Add citation now
Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5, 147–175.
Myers, S. C. (1984). The capital structure puzzle. Journal of Finance, 39, 575–592.
Myers, S. C., & Majluf, N. C. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13, 187–222.
Naeem, K., & Li, M. C. (2019). Corporate investment efficiency: The role of financial development in firms with financing constraints and agency issues in OECD non‐financial firms. International Review of Financial Analysis, 62, 53–68.
Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329–340.
- Richardson, S. (2006). Over‐investment of free cash flow. Review of Accounting Studies, 11, 159–189.
Paper not yet in RePEc: Add citation now
Roll, R. (1986). The hubris hypothesis of corporate takeovers. Journal of Business, 59, 197–216.
- Stein, J. (2003). Agency, information and corporate investment. In G. M. Constantinides, M. Harris, & R. Stulz (Eds.), Handbook of the economics of finance (pp. 111–165). Elsevier.
Paper not yet in RePEc: Add citation now
Stiglitz, J. E., & Weiss, A. (1981). Credit rationing in markets with imperfect information. American Economic Review, 71(3), 393–410.
- Tobin, J. (1969). A general equilibrium approach to monetary theory. Journal of Money, Credit and Banking, 1(1), 15–29.
Paper not yet in RePEc: Add citation now
- Xue, L., & Zhang, X. (2022). Can digital financial inclusion promote green innovation in heavily polluting companies? International Journal of Environmental Research and Public Health, 19(12), 7323.
Paper not yet in RePEc: Add citation now
Yang, Y., Shi, S., & Wu, J. (2022). Digital financial inclusion to corporation value: The mediating effect of ambidextrous innovation. Sustainability, 14(24), 16621.
Zeng, S., Jiang, C., Ma, C., & Su, B. (2018). Investment efficiency of the new energy industry in China. Energy Economics, 70, 536–544.