addressed impact of GPR on the economy (Bloom, 2009), domestic credits, (Zhou, Gozgor, Huang, & Lau, 2020), firm’s capital structure (Kotcharin & Maneenop, 2020), corporate investments, amongst others

, 2014; Davis, and Tama-Sweet, 2012; Ertugrul, Lei, Qiu, and Wan, 2017; Loughran and McDonald, 2020; Baker, Bloom, and Davis, 2016; Ongsakul, Chatjuthamard, Jiraporn, and Chaivisuttangun, 2021; Likitapiwat