The Role of Corporate Governance and Financial Performance in Influencing Stock Returns through Dividend Policy: Evidence from the Automotive Subsector in Indonesia (2014–2023)

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Dividend policy significantly mediates the relationship between corporate governance, financial performance, and stock returns.
Key metrics like Return on Equity and Current Ratio positively influence stock returns, indicating financial performance's role.
Panel regression techniques were employed using data from 12 automotive firms listed on the Indonesia Stock Exchange.
The results support signaling and agency theories, highlighting the importance of aligning governance strategies to improve market performance.

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Quantitative analysis shows dividend policy significantly mediates the effects of governance and financial performance on stock returns.

Shabrina et al. (2025) studied this question.

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