“…Thus, a key consideration in the financing and investment decisions made by organizations is financial constraint (Xiao & Wang, 2020). An index called KZI, based on some key indicators of access to finance such as debts, equity, Tobin's q, dividends, cash flows and cash was developed by (Kaplan & Zingales, 1997), and has been widely used and proven to be an integral measure of financial constraint of firms (Ahmed et al, 2022;Farooq, 2020;Li & Ling, 2021;Akhbar et al, 2021;Shaikh et al, 2021). However, some scholars argued for other measures such as the ACW index, WW index, SA index as well as the text based index to measure financial constraint (Almeida et al, 2004;Whited & Wu, 2006;Hadlock & Pierce, 2010;Hoberg & Maksimovic, 2015).…”