Small and Medium Enterprises (SMEs) play an important part in Thailand’s economy; however, most SMEs have been struggling with financing their business operation and future growth. Undeniably, public funding is an untapped financing option for SMEs. Thus, the SME exchange is a crucial platform for SMEs to access public funding. In fact, the Market for Alternative Investment (MAI), operated under the Stock Exchange of Thailand, is an alternative capital market for SMEs. Although the MAI has been continuously growing, MAI still has a relatively ...