Strategic governance and risk management: Unlocking higher stock returns

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Observational analysis reveals business risk mediates financial performance and stock returns, indicating gaps in corporate governance efficacy.

Business risk mediates the relationship between financial performance and stock returns, highlighting its significance in analysis.
Findings show that while financial performance significantly influences stock outcomes, corporate governance does not exhibit a significant mediation effect.
Analysis conducted through structural equation modeling using data from 62 manufacturing companies listed on the Indonesian Stock Exchange from 2021 to 2024.
Insights can aid policymakers and investors in navigating the manufacturing sector's recovery post-COVID-19.

Rahyuda et al. (2025) studied this question.

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Observational analysis reveals business risk mediates financial performance and stock returns, indicating gaps in corporate governance efficacy.