The Effect of Macroeconomic Fundamentals, Capital Structure and Technology on Stock Return with Good Corporate Governance and Financial Performance as Intervening Variables: A Study of Manufacturing Companies on the Indonesia Stock Exchange
Analysis shows macroeconomic fundamentals improve corporate governance and financial performance in manufacturing, highlighting inefficiencies in stock returns.
Key Points
Good corporate governance significantly enhances financial performance with a high effect size (β=0.799, p=0.000).
Macroeconomic fundamentals positively influence good corporate governance, with a notable effect (β=0.449, p=0.009).
Capital structure positively affects both good corporate governance and financial performance, supporting corporate accountability (β=0.513, p=0.021; β=0.307, p=0.001).
Technology does not significantly impact financial performance or stock returns, aligning with the Solow Productivity Paradox.