Li Deng

May 30, 2024 | mdpi.com | Ying Zhang |Li Deng |Bo Wei

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Apr 25, 2024 | mdpi.com | Qingmin Chen |Xing Cheng |Li Deng |Kaikai He

All articles published by MDPI are made immediately available worldwide under an open access license. No specialpermission is required to reuse all or part of the article published by MDPI, including figures and tables. Forarticles published under an open access Creative Common CC BY license, any part of the article may be reused withoutpermission provided that the original article is clearly cited. For more information, please refer tohttps://www.mdpi.com/openaccess.

Nov 8, 2023 | onlinelibrary.wiley.com | Li Deng |Peng Huang |Yue Lu |Hongjie Weng

1 INTRODUCTION According to the pecking order theory by Myers (1984), firms prefer internal funds to external funds. When internal funds are not sufficient to support their investment projects, firms may seek external funds such as bank loans and the issuance of corporate debt and equity. Thus, an easy access to external financing is crucial for growing firms with many investment opportunities.