References
Ajibolade, S. O. and Sankay, O. C. (2013). Working capital management and financing decision: Synergetic effect on corporate profitability, International Journal of Management, Economics and Social Sciences Bahruddin W. A. and Masih , A. (2018). Is the relation between lending interest rate and non- performing loans symmetric or asymmetric ? evidence from ARDL and NARD Barney, J. B. (2001). Strategic factor markets: Expectations, luck, and business strategy. Management Science Journal, 32(10), 1231-1241. Birz, G. and Lott J.R. (2010). The effect of macroeconomic news on stock returns: New evidence from newspaper coverage. Journal of Banking and Finance, 11 ( 35) 2791-2800 Block, R. L. (2011). Investing in REITs, Real estate investment trusts, Journal of Economic Development, 9 (141). Bouchouicha, R and Ftiti, Z. (2020). Real estate markets and the macroeconomy: a dynamic coherence framework, Economic Modelling, 29, (5), 1820-1829 Chaudhry, M. K., Bhargava V. and Weeks, H.S. (2022). Impact of economic forces and fundamental variables on REIT returns, Applied Economics Https://Doi.Org/10.1080/00036846.2022.2059438 Durer, S., and Koten, A. B. (2021). The effect of macroeconomic variables on the stock exchange performance of real estate investment trusts: panel regression analysis. Press Academia Procedia, 13(1), 36-41. Elsevier, B.V. (2022), Macroeconomic determinants of real estate investment trusts dividend return in Nigeria, African Real Estate Society, African Institute of Mathematical Sciences / Next Einstein Initiative. Fasanya, I. O., Oluwasegun, B., and Adekoya, B. (2022 ). Macroeconomic risk factors and REITs returns predictability in 2 African markets: evidence from a new approach Issah, M. and Antwi, S. (2017). Role of macroeconomic variables on firms’ performance: Evidence from the UK: Financial Economics Research, ISSN: Journal homepage: , 5 (1405581), www.tandfonline.com/journals/oaef20 retrieved 02/09/2023) Jayeola, O., Agbatogun, T., and Akinrinlola, T. (2017). Audit quality and earnings management among Nigerian listed deposit money banks. International Journal of Accounting Research, 5(2), 1-5. Johannesburg Security and Exchange Commission (2024). Annual report on REITs. Kodongo, O. and Ojah, K. (2014).Conditional pricing of currency risk in Africa’s equity markets. Emerging Markets. Review, 21, 133–155. Kwakye, B. and Haw C. (2020). Interplay of the macroeconomic and real estate: systematic review of literature, International Journal of Economics and Financial Issues, 10 (5), 262-271 Listiani, N. and Supramono, S. (2020). Sustainable growth rate: between fixed asset growth and firm value. Management and Economics Review, 5(1), 147-159. Liu, J. and Loudon, G. and Milunovich, G. (2012). Linkages between international REITs: the role of economic factors,' Journal of Property Investment and Finance, 30(5), 473- 492. Mansur, I., Cochran, S. J. and Odusami, B. (2020). The determinants of conditionalskewness in REIT returns, Journal of Real Estate Portfolio Management, 26(1), 9-26. Johannesburg Exchange (2024). Deepening the REITS market in South Africa Nor, F. M., Ramli, N. A., Marzuki, A., and Rahim, N. (2019). Corporate sustainable growth rate: The potential impact of COVID-19 on Malaysian companies. The Journal of Muamalatand Islamic Finance Research, 7(83), 25-38. Omodero, C. O. (2019). Effect of corruption on foreign direct investment inflows in Nigeria. Studia Universitatis Economics Series, 29, 54-66. Otambo, T. D. (2016). The effect of macro-economic variables on financial performance of commercial banking sector in Kenya, Unpublished M.Sc.Thesis, University of Nairobi Quan, D. C. and Titman, S. (1999). Do real estate prices and stock prices move together? an international analysis. Real Estate Economics, 27, 183-207. Rahim, N., Nor, F. M., Ramli, N. A., and Marzuki, A. (2019). Determinants of sustainable growth rate and share price performance: the mediating effect of sustainable growth rate. In e-Proceedings, 190. Volos: University of Thessaly Rahim, N., Nor, F. M., Ramli, N. A., and Marzuki, A. (2021). sustainable growth rate for malaysian public-listed shariah-compliant companies: does financing behaviour matter?.International Journal of Industrial Management, 4 (7), 61-69. Sunard, S., Petiwi, A.A.P. and Supromono, S. (2021). Conservative working capital policy: Can it Increase profitability and sustainable growth rate? Turkish Journal of Computer andMathematics education, 12(3), 5630-5637. Tan, Y. and Floros, C. (2012). Bank profitability and inflation: the case of China. Journal of Economic Studies, 39(21), 675-696 Uloghobui, Z.M. (2025), Effect of macroeconomic fundamentals on real estate investment trust scheme returns in Sub-Sahara Africa: a comparative analysis, An unpublished PhD dissertation, Nnamdi Azikiwe University, Awka, Anambra State, Nigeria Uloghobui, Z. M. and Okonkwo, V.I. (2024). Inflation rate and real estate investment trust scheme returns in Nigeria: 2011 to 2022, Finance, Accounting and Management Studies , Issue – 1, -168. Van-Horn, J. (1989), Fundamentals of Financial Management, 7th Edition, New York: Prentice Hall Victor, E.S. and Razali M. N. (2019B). Identification of macroeconomic factors on excessive returns: A literature review. Planning Malaysia Journal, 17.19 (597) Wong, W. W. (2017). The macroeconomic forces that drive REITs returns in Australia. ERES 2017: 24th Annual Conference of the European Real Estate Society, 1-14. Retrieved fromhttps://eres.architexturez.net/system/files/P_20170115032427_715.pdf&https://eres. architexturez.net/system/files/183.pdf World Bank (2024). Global REITs reports, 9(11). Xiaoyu, H. (2022). Exploring how macroeconomic factors affect REITs and evaluating its downside risk– empirical evidence from China and the US, Junior Management Science 7(4), 874-898
