S/N

Location

Variables

Positive

1

20 Developing countries

Market capitalisation on real GDP

Abubakar and Kassim (2021)

2

Nigeria

Market capitalisation on real GDP

Akintola and Cole (2020) , Arumona et al. (2020) , Efanga et al. (2020) , Ibrahim and Mohammed (2020) , Idris (2020) , Owen (2020) , Ubesie et al. (2020) , Erasmus et al. (2021) , Imade (2021) , Okafor et al. (2021) , Mamudu & Gayovwi (2020) , Ananwude and Osakwe (2017) , Taiwo et al. (2016) , Nwaolisa et al. (2013)

3

Zimbabwe

Market capitalisation on GDP

Mawanza et al. (2020)

4

Serbia

Market capitalisation on real GDP

Grbić (2020)

5

Malaysia

Market capitalisation on real GDP

Tan and Shafi (2021)

6

Pakistan

Market capitalisation on real GDP

Sharif and Afsan (2016)

7

Nepal

Market capitalisation on real GDP

Bist (2017)

8

Kenya

Market capitalisation on real GDP

Nzomoi and Ikikii (2013)