[1] Maxım, L. G. (2024). The close connection between liquidity and profitability: Analysis of the retail market. PressAcademia procedia, 18(1), 80–81. https://dergipark.org.tr/en/pub/pap/issue/83208/1436117
[2] Tetiana, K., & Vitalii, H. (2024). Use of dynamic indicator models for assessing bank liquidity. Scientific journals of vinnitsa national agrarian university, 1(67), 130–142. http://efm.vsau.org/en/particles/use-of-dynamic-indicator-models-for-assessing-bank-liquidity
[3] Saeedi, A., & Dadar, O. (2007). Study of the relationship between stock liquidity index and previous lags in TSE listed companies. Industrial management studies, 6(16), 75-97. (In Persian). https://jims.atu.ac.ir/article_4443.html
[4] Eyshi Ravandi, M., Moeinaddin, M., Taftiyan, A., & Rostami Bashmani, M. (2024). Examining the impact of investment on stock returns on the Iranian Stock Exchange. Dynamic management and business analysis, 3(1), 40-52. (In Persian). https://www.dmbaj.com/article_714926.html
[5] Ghasemi, A., Nezafati alamshiri, M., Najafi, Y., & Hamidian, M. (2024). The relationship between stock liquidity and dividend policies in banks with financial constraints. Quarterly studies in banking management and islamic banking, 10(3), 128–145. (In Persian). https://jifb.ibi.ac.ir/article_212189.html
[6] Spiropoulos, H., & Zhao, R. (2023). Stock liquidity, cash flow sensitivity and the value of cash. International review of economics & finance, 88, 1565–1581. https://doi.org/10.1016/j.iref.2023.07.035
[7] Yu, J., & Li, E. (2024). A study of the effect of stock liquidity on enterprise risk-taking level. Highlights in business, economics and management, 44, 273–290. DOI:10.54097/jhjhnc43
[8] Mukherjee, T., Dutta, S. R., & Sen, S. S. (2023). Stock liquidity and firm value: The mediating role of capital structure. Colombo business journal, 14(2). https://account.cbj.sljol.info/index.php/sljo-j-cbj/article/view/158
[9] Jamiu, Y., Olajide, A., & Isaac, O. (2024). The role of asymmetric information in shaping investment strategies: implications for financial market stability. Al-ghary journal of Economic and administrative sciences, 20, 646–666. http://dx.doi.org/10.36325/ghjec.v20i4.17548
[10] Wulandari, J. P., & Siagian, A. (2024). Enhancing transparency to mitigate information asymmetry: A study of LQ 45 Companies. KnE social sciences, 166–180. https://doi.org/10.18502/kss.v9i25.16960
[11] Pourrezaei Nav, A., Didar, H., & Ghayour, F. (2024). Investigating the effect of credit ratings on the relationship between corporate governance qualities and liquidity based on the international composite liquidity survey. Financial accounting research, 16(1), 27–50. (In Persian). https://doi.org/10.22108/far.2024.141603.2048
[12] Khoramdin, J., & Yahyizadehfar, M. (2009). The role of liquidity factors and illiquidity risk on excess stock return in Tehran Stock Exchange. Accounting and auditing review, 15(4), 101-118. (In Persian). https://dor.isc.ac/dor/20.1001.1.26458020.1387.15.4.7.1
[13] Chen, X. Y. (2024). A literature review of corporate governance. Edelweiss applied science and technology, 8(6), 8945–8949. https://doi.org/10.55214/25768484.v8i6.3916
[14] Angwaomaodoko, E. A. (2025). Corporate governance and firm performance: Investigating the impact of governance structures on economic outcome. Path of science, 10(12), 1001–1011. http://dx.doi.org/10.22178/pos.112-1
[15] Dandara, L., & Revenco, V. (2024). Shareholders’ rights in joint-stock companies: legal regulations and opportunities for effective corporate governance. Journal of research on trade, management and economic development, 22(2), 60–80. https://doi.org/10.59642/JRTMED.2.2024.04
[16] Fatah, R. D. (2024). The impact of corporate governance mechanisms on firm performance. British journal of interdisciplinary research, 1(1), 35–49. https://doi.org/10.58934/bjir.v1i1.2
[17] Laporšek, S., Dolenc, P., Grum, A., & Stubelj, I. (2021). Ownership structure and firm performance–the case of slovenia. Economic research-ekonomska istraživanja, 34(1), 2975–2996. https://hrcak.srce.hr/file/434889
[18] Nelea, C. (2024). Perfectioning of analysis of the earnings per share intended for fundamenting economic decisions. Revista economică, 76(1), 76–84. https://doi.org/10.56043/reveco-2024-0007
[19] Linh, B. T. H., & Tu, D. T. (2024). The impact of agency costs on firm performance: empirical evidence from real estate companies listed on Vietnam Stock Exchange. Advances and applications in statistics, 91(12), 1555–1578. https://doi.org/10.17654/0972361724079
[20] Moez, D. (2024). Does managerial power explain the association between agency costs and firm value? The French case. International journal of financial studies, 12(3), 1–14. https://doi.org/10.3390/ijfs12030094
[21] Ria, R. R. A., & Edy, E. F. S. (2024). Pengaruh agency cost terhadap kinerja perusahaan dengan corporate governance sebagai variabel moderasi. AkMen jurnal ilmiah, 21(3), 310–322. https://doi.org/10.37476/akmen.v21i3.4935
[22] Njoku, O. E., Lee, Y., & Koo, J.-H. (2024). The effects of agency problems and dividend policy on the asymmetric behaviour of selling, general and administrative expenses: Does ownership structure matter? Asian academy of management journal of accounting & finance, 20(2), 29–84. http://dx.doi.org/10.21315/aamjaf2024.20.2.2
[23] Chirairo Fcma Cgma, F., & Molele, M. (2024). The impact of agency capital on company value -an integrated reporting approach -evidence from south Africa. Journal of business and econometrics studies, 1(4), 1–11. http://dx.doi.org/10.61440/JBES.2024.v1.34
[24] Șerban, D., Banţa, V. C., Creţu, R. F., Ţuţui, D., & Gabriela, A. (2025). Key factors in the development of capital markets globally. Journal of management, 1, 119–138. https://B2n.ir/gf9272
[25] Ogundunmade, T. P. (2014). Effect of capital market on economic growth: An analysis using the autoregressive distributed lag (ARDL) approach. Financial statistical journal, 7 (1), 1-15. https://doi.org/10.24294/fsj.v7i1.7495
[26] Quito, B., Guerrero-Riofrío, P., Álvarez-García, J., & Flores-Chamba, J. (2025). Efeito do desenvolvimento financeiro no crescimento económico nas economias desenvolvidas e em desenvolvimento: será a medição do desenvolvimento financeiro relevante? RPER, (70), 161–181. https://doi.org/10.59072/rper.vi70.714
[27] Li, X. (2025). Research on the impact of financial leverage on corporate capital structure. Journal of modern business and economics, 1(3), 1–5. http://dx.doi.org/10.70767/jmbe.v1i3.422
[28] Cevik, S., & Miryugin, F. (2022). Leverage shocks: Firm-level evidence on debt overhang and investment. Review of economics, 73(1), 79–101. https://doi.org/10.5089/9781513564654.001
[29] Rifana, A., & Geetha, D. (2022). Impact of financial leverage on shareholders return and financial performance: evidence from top 100 listed companies in National Stock Exchange. Orissa journal of commerce, 43(2), 126–143. https://doi.org/10.54063/ojc.2022.v43i02.09
[30] HESHMAT, D., Kordlouie, H. R., Ahmadi, F., & Ghasemi, M. (2025). Investigating the threshold effects of financial leverage on dividends paid and financial returns among listed companies. Journal of investment knowledge, 14(54), 381–408. http://www.jik-ifea.ir/article_23544_en.html
[31] Khajavi, S., Weysihesar, S., & Nasirifar, H. (2022). The effect of shareholder structure on stock liquidity with emphasis on the role of financial constraints. Financial accounting research, 13(4), 67–92. (In Persian). https://dor.isc.ac/dor/20.1001.1.20087691.1400.13.4.4.9
[32] Osoolian, M., Tajvidi, E., & Pazouki, Y. (2021). Investigating excess cash, firm value and stock liquidity risk in firms with growth opportunities or financial constraints. Accounting and auditing review, 28(2), 248–273. (In Persian). https://doi.org/10.22059/acctgrev.2021.322165.1008545
[33] Ranaldo, A., & de Magistris, P. S. (2022). Liquidity in the global currency market. Journal of financial economics, 146(3), 859–883. https://doi.org/10.1016/j.jfineco.2022.09.004
[34] Fecht, F., Reitz, S., & Weber, P. (2024). A dealer’s funding liquidity risk and its money market trades in the 2007/08 crisis. Journal of financial stability, 75, 101337. https://doi.org/10.1016/j.jfs.2024.101337
[35] Huang, W., Ranaldo, A., Schrimpf, A., & Somogyi, F. (2025). Constrained liquidity provision in currency markets. Journal of financial economics, 167, 104028. https://doi.org/10.1016/j.jfineco.2025.104028