In today's competitive world, credit risk poses a significant challenge to lending institutions such as microfinance institutions (MFIs) due to its impact on their long-term institutional and financial viability. In recent years, high employee turnover has also emerged as a threat to the...

We assemble data of non-financial stocks on the Shenzhen small and medium-sized enterprise (SME) board over the 2005-2019 sample period to explore the liquidity drivers of listed SMEs. With the complete dominance of retail investors, two competing hypotheses are derived from familiarity. The...