[
Amihud, Y. (2002). Illiquidity and stock returns: cross-section and time-series effects. Journal of financial markets, 5(1), 31-56. https://doi.org/10.1016/S1386-4181(01)00024-6
]Search in Google Scholar
[
Amihud, Yakov, et Haim Mendelson. (1986). « Asset pricing and the bid-ask spread ». Journal of Financial Economics 17(2), 223-49. https://doi.org/10.1016/0304-405X(86)90065-6
]Search in Google Scholar
[
Ang, A., Hodrick, R. J., Xing, Y., & Zhang, X. (2006). The cross‐section of volatility and expected returns. The journal of finance, 61(1), 259-299. https://www.jstor.org/stable/i370858
]Search in Google Scholar
[
Aworunse, O. S., Olorunsola, H. A., Ahuekwe, E. F., & Obembe, O. O. (2023). Towards a sustainable bioeconomy in a post-oil era Nigeria. Resources, environment and sustainability, 11, 100094. https://doi.org/10.1016/j.resenv.2022.100094
]Search in Google Scholar
[
Bani-Khalaf, O., & Taspinar, N. (2022). Oil and gold return spillover and stock market elasticity during COVID-19 pandemic: A comparative study between the stock markets of oil-exporting countries and oil-importing countries in the Middle East. Resources Policy, 79, 102935. https://doi.org/10.1016/j.resourpol.2022.102935
]Search in Google Scholar
[
Będowska-Sójka, Barbara, et Agata Kliber. 2019. « The causality between liquidity and volatility in the Polish stock market ». Finance Research Letters 30 (October 2018), 110-15. https://doi.org/10.1016/j.frl.2019.04.008
]Search in Google Scholar
[
Bouri, E., Demirer, R., Gupta, R., & Pierdzioch, C. (2020). Infectious diseases, market uncertainty and oil market volatility. Energies, 13(16), 4090. https://www.mdpi.com/1996-1073/13/16/4090
]Search in Google Scholar
[
Brunnermeier, Markus K., et Lasse Heje Pedersen. 2009. « Market liquidity and funding liquidity ». Review of Financial Studies 22(6), 2201-38. http://dx.doi.org/10.2139/ssrn.688065
]Search in Google Scholar
[
Ceyhun, G. Ç. 2023. Navigating the Dichotomy: Maximizing Maritime Trade Profits and Mitigating Black Carbon Impact in the Arctic. Journal of Green Economy and Low-Carbon Development, 2(4), 202-212. https://doi.org/10.56578/jgelcd020403
]Search in Google Scholar
[
Chordia, Tarun, Richard Roll, et Avanidhar Subrahmanyam. 2001. Market liquidity and trading activity . Journal of Finance 56(2), 501-30. https://www.jstor.org/stable/222572
]Search in Google Scholar
[
Chung, K. H., & Chuwonganant, C. (2018). Market volatility and stock returns: The role of liquidity providers. Journal of Financial Markets, 37, 17-34. https://doi.org/10.1016/j.finmar.2017.07.002
]Search in Google Scholar
[
Chung, Kee H., et Hao Zhang. 2014. A simple approximation of intraday spreads using daily data. Journal of Financial Markets 17(1), 94-120. https://doi.org/10.1016/j.finmar.2013.02.004
]Search in Google Scholar
[
Claessens, S. 2006. « Access to Financial Services: A Review of the Issues and Public Policy Objectives ». The World Bank Research Observer 21(2), 207-40. https://doi.org/10.1093/wbro/lkl004
]Search in Google Scholar
[
Derouez, F., Alharbi, F., Mathlouthi, N., Ifa, A., Alrawad, M., & Ahmed, N. (2025). How Does The Stock Market Development React To Energy Consumption? Evidence From The ARDL Panel Approach. Economics - innovative and economics research journal, 13(1), 247–265. https://doi.org/10.2478/eoik-2025-0006
]Search in Google Scholar
[
Dumitrescu, E. I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic modelling, 29(4), 1450-1460. https://doi.org/10.1016/j.econmod.2012.02.014
]Search in Google Scholar
[
Fama, E. F., & French, K. R. (1993). Common risk factors in the returns on stocks and bonds. Journal of financial economics, 33(1), 3-56. https://doi.org/10.1016/0304-405X(93)90023-5
]Search in Google Scholar
[
Fama, Eugene. 1970. « Efficient Capital Markets: A Review of the Theory ». The Journal of Finance 25(2), 383-417. https://doi.org/10.2307/2325486
]Search in Google Scholar
[
Granger, C. W. (1969). Investigating causal relations by econometric models and cross-spectral methods. Econometrica: journal of the Econometric Society, 424-438. https://doi.org/10.2307/1912791
]Search in Google Scholar
[
Haroon, M. (2024). Energy poverty in the face of stringent environmental policies: an analysis of mitigating role of energy storage in China, J. Energy Storage 81 (2024) 110396, https://doi.org/10.1016/j.est.2023.110396
]Search in Google Scholar
[
Haroon, O., Rizvi, S.A.R., (2020), Flatten the curve and stock market liquidity–an inquiry into emerging economies. Emerg. Mark. Finance Trade 56 (10), 2151–2161. https://www.taylorfrancis.com/chapters/edit/10.4324/9781003214687-3/flatten-curve-stock-market-liquidity-inquiry-emerging-economies-omair-haroon-syed-aun-rizvi
]Search in Google Scholar
[
Jarque, C. M., & Bera, A. K. (1987). A test for normality of observations and regression residuals. International Statistical Review / Revue Internationale de Statistique, 163-172. https://doi.org/10.2307/1403192
]Search in Google Scholar
[
Levin, Andrew, Chien Fu Lin, et Chia Shang James Chu. 2002. « Unit root tests in panel data: Asymptotic and finite-sample properties ». Journal of Econometrics 108(1), 1-24. https://doi.org/10.1016/S0304-4076(01)00098-7
]Search in Google Scholar
[
Lin, J., Zhang, L., & Dong, Z. (2024). Exploring the effect of green finance on green development of China’s energy-intensive industry—A spatial econometric analysis. Resources, Environment and Sustainability, 16, 100159. https://doi.org/10.1016/j.resenv.2024.100159
]Search in Google Scholar
[
Ma, R., Yang, T., Breaz, E., Li, Z., Briois, P., & Gao, F. (2018). Data-driven proton exchange membrane fuel cell degradation predication through deep learning method. Applied energy, 231, 102-115. https://doi.org/10.1016/j.apenergy.2018.09.111
]Search in Google Scholar
[
Mpofu, Q. 2024. Determinants of Human Capital Disclosure in the Mining Industry: Comparative Analysis of South African and Zimbabwean Companies . Journal of Accounting, Finance and Auditing Studies, 10(3), 168-178. https://doi.org/10.56578/jafas100305
]Search in Google Scholar
[
Nagel, Stefan. 2012. « Evaporating Liquidity ». Review of Financial Studies 25(7), 2005-39. https://doi.org/10.1093/rfs/hhs066
]Search in Google Scholar
[
Pástor, Ľ., & Stambaugh, R. F. (2003). Liquidity risk and expected stock returns. Journal of Political economy, 111(3), 642-685. https://doi.org/10.1086/374184.
]Search in Google Scholar
[
Protsenko, I. (2023). Legal Status and Peculiarities of Taxation of E-Residents in Ukraine. Collection of papers new economy, 1, 244-255. https://doi.org/10.61432/CPNE0101244p
]Search in Google Scholar
[
Tinic, Seha M., et Richard R. West. 1986. « Risk, Return, and Equilibrium: A Revisit ». Journal of Political Economy 94(1), 126-47. http://dx.doi.org/10.1086/261365
]Search in Google Scholar
[
Tissaoui, K., Hkiri, B., Talbi, M., Alghassab, W., Alfreahat, K.I., (2021). “Market volatility and illiquidity during the COVID-19 outbreak: evidence from the Saudi stock exchange through the wavelet coherence approaches. N. Am. J. Econ. Finance 58, 101521. https://doi.org/10.1016/j.najef.2021.101521
]Search in Google Scholar
[
Toni, N. (2025). Supply Chain Sustainability And Financial Performance: The Role Of E-Commerce, Digital Banking And Digital Marketing of SMEs. Economics - innovative and economics research journal, 13(1), 487–507. https://doi.org/10.2478/eoik-2025-0027
]Search in Google Scholar
[
Topić - Pavković, B. (2024). Challenges To Global Monetary And Financial Stability. Collection of papers new economy, 2, 31-45. https://doi.org/10.61432/CPNE0201031t
]Search in Google Scholar
[
Treynor, J. L. (1961). Market value, time, and risk. Time, and Risk (August 8, 1961). https://ssrn.com/abstract=2600356 or http://dx.doi.org/10.2139/ssrn.2600356
]Search in Google Scholar
[
Wang, W. S., Ding, J. Z., & Zhou, Y. C. 2024. « Transmission Risk of Stock Price Fluctuations Among Industries in Complex Financial Networks. Journal of Accounting », Finance and Auditing Studies, 10(1), 37-50. https://doi.org/10.56578/jafas100105
]Search in Google Scholar
[
Zaidi, S. A. H., Hussain, M., & Zaman, Q. U. (2021). Dynamic linkages between financial inclusion and carbon emissions: evidence from selected OECD countries. Resources, Environment and Sustainability, 4, 100022. https://doi.org/10.1016/j.resenv.2021.100022
]Search in Google Scholar
[
Zhang, D., Hu, M., Ji, Q., (2020). Financial markets under the global pandemic of COVID19. Finance Res. Lett. https://doi.org/10.1016/j.frl.2020.101528
]Search in Google Scholar
[
Zhou, L., Gong, Z., Tian, L., & Chen, Z. (2024). Exploring the interconnection between international crude oil and silver rates volatilities: Novel evidence from the COVID-19 pandemic. Heliyon, 10(14). https://doi.org/10.1016/j.heliyon.2024.e34545
]Search in Google Scholar