Table 1

Studies included in the present study

No.The studyCountryCited byJournal
1Xu and Xu (2019) China4China Finance Review International
2Lensink et al. (2003) India125Journal of Developing Studies
3Poursoleiman et al. (2020) Iran2International Journal of Islamic and Middle Eastern Finance and Management
4Kim (1999) South Korea51Small Business Economics
5Chan et al. (2012a) China137Economics Letters
6Hanazaki and Liu (2007) South Korea, Malaysia, the Philippines, Thailand53Journal of Asian Economics
7Chan et al. (2012b) China197Emerging Markets Review
8Yu et al. (2020) China50Chinese Economic Review
9Ghosh (2006) India1Emerging Markets Review
10Gül and Taştan (2020) Turkey108Emerging Markets Review
11Vijayakumaran (2021) China5International Review of Economics and Finance
12Fu and Liu (2015) ChinaN/AResearch in International Business and Finance
13Rousseau and Kim (2008) South Korea20China Journal of Accounting Research
14Kumar and Ranjani (2018) India43Journal of Banking and Finance
15Ameer (2014) India, Indonesia, Malaysia, Pakistan, South Korea, Thailand9Financial Innovation
16Gupta and Mahakud (2019) India26Journal of Asian Economics
17Bhaumik et al. (2012) India21Financial Innovation
18O'Toole and Newman (2017) Viet Nam58Journal of Banking and Finance
19Kandilov and Leblebicioğlu (2012) Mexico12Review of Finance
20Jaramillo et al. (1996) Ecuador16The World Bank Review
21Aivazian and Santor (2008) Sri Lanka252Journal of Developing Studies
22George et al. (2011) India304Canadian Journal of Economics
23Crnigoj and Verbic (2014) Slovenia100Journal of Multinational Financial Management
24Ganesh-Kumar et al. (2001) India28Economic Systems
25Saeed and Vincent (2012) India105Journal of Developing Studies
26Shin and Park (1999) South Korea15Emerging Markets Trade and Finance
27Lin and Bo (2012) China656Journal of Corporate Finance
28Xu et al. (2013) China60European Journal of Finance
29Ro et al. (2017) South Korea175European Financial Management
30Ding et al. (2013) China11Emerging Markets Trade and Finance
31Demir (2008) Mexico, Turkey311Journal of Banking and Finance
32Gezici et al. (2019) Turkey63World Development
33Pellicani et al. (2019) Brazil10Emerging Markets Trade and Finance
34Srinivasan and Thampy (2017) India1Emerging Markets Trade and Finance
35Kuo and Hung (2012) Taiwan16Journal of Corporate Finance
36Tsai et al. (2014) Taiwan58Corporate Governance: An International Review
37Francis et al. (2011) Brazil, Chile, Hong Kong, India, Indonesia, South Korea, Malaysia, Pakistan, the Philippines, Singapore, South Africa, Taiwan, Thailand, Turkey46Journal of Banking and Finance
38Gupta et al. (2020) India119Emerging Markets Review
39Machokoto et al. (2021) Egypt, Ivory Coast, Kenya, Ghana, Morocco, Nigeria, South Africa, Tunisia, ZambiaN/AInternational Journal of Managerial Finance
40Ahiadorme et al. (2018) GhanaN/AInternational Journal of Managerial Finance
41Crisostomo et al. (2014) Brazil13International Journal of Emerging Markets
42Guizani and Ajmi (2020) Saudi Arabia26International Journal of Managerial Finance
43Sitthipongpanich (2017) ThailandN/AJournal of Economic and Administrative Sciences
44Guizani (2020) Saudi Arabia9International Journal of Managerial Finance
45Guizani (2019) Gulf Cooperation Council (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE)N/AInternational Journal of Finance and Economics
46Altaf and Shah (2018) India2Review of Behavioral Finance
47Yeh and Lin (2020) Taiwan21Decision
48Gugler and Peev (2010) Bulgaria, Serbia& Montenegro, Czech Rep., Estonia, Croatia, Hungary, Latvia, Poland, Romania, Slovenia, Slovakia, UkraineN/AEurasian Business Review
49Sun and Yamori (2009) China16Comparative Economic Studies
50Hung and Tseng (2009) Taiwan29Pacific Economic Review
51Jiang et al. (2019) China9Asia-Pacific Journal of Financial Studies
52Hung and Kuo (2011) Taiwan18Journal of Business Ethics
53Guariglia et al. (2012) Transition economies which are Bulgaria, Czech Republic, Romania, and Poland21Applied Financial Economics
54Mansour et al. (2017) Bahrain, Kuwait, Oman, UAE, Saudi Arabia, Qatar26Economics Letters
55Wan and Zhu (2011) China6Emerging Markets Trade and Finance
   352China Journal of Accounting Research

Note(s): N/A is used to the studies are published within last 1 year. For studies that utilize cross-country datasets, if at least one emerging market is included, the study is classified as an emerging market-related

Source(s): The author

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