Penelitian ini bertujuan untuk menganalisis pengaruh kebijakan dividen dan investment opportunities set (IOS) terhadap kinerja perusahaan dengan corporate governance sebagai variabel moderasi. Objek penelitian mencakup perusahaan sektor pertambangan yang terdaftar di Bursa Efek Indonesia (BEI) pada periode 2021–2024. Kinerja perusahaan diproksikan melalui Return on Equity (ROE), kebijakan dividen diproksikan dengan Dividend Payout Ratio (DPR), dan IOS dihitung berdasarkan rasio belanja modal terhadap total aset. Corporate governance diukur menggunakan indeks 17 indikator berdasarkan prinsip-prinsip tata kelola perusahaan (Good Corporate Governance). Data penelitian berupa laporan keuangan perusahaan dengan metode analisis regresi moderasi panel data menggunakan pendekatan Generalized Least Squares (GLS). Hasil penelitian menunjukkan bahwa kebijakan dividen memiliki kecenderungan pengaruh positif terhadap ROE sebaliknya, IOS tidak menunjukkan pengaruh langsung terhadap ROE. Disisi lain, corporate governance mampu memoderasi hubungan antara kebijakan dividen dan ROE secara negatif, mengindikasikan bahwa semakin ketat tata kelola perusahaan, semakin melemah efek positif kebijakan dividen terhadap kinerja perusahaan. Namun demikian, corporate governance tidak memoderasi pengaruh IOS terhadap ROE secara signifikan. Penelitian ini memberikan implikasi praktis bahwa manajemen perusahaan pertambangan perlu merancang kebijakan dividen yang seimbang, mempertimbangkan dampak jangka panjang dari kebijakan dividen dan pentingnya implementasi tata kelola perusahaan yang tepat. / This study aims to analyze the influence of dividend policy and investment opportunities set (IOS) on firm performance, with corporate governance as a moderating variable. The study focuses on mining sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. Firm performance is proxied by Return on Equity (ROE), dividend policy by Dividend Payout Ratio (DPR), and IOS is calculated using the ratio of capital expenditure to total assets. Corporate governance is assessed through an index comprising 17 indicators aligned with the principles of Good Corporate Governance (GCG). Data analysis was conducted using panel data moderation regression with the Generalized Least Squares (GLS) approach.The results indicate that dividend policy tends to positively influence ROE, whereas IOS shows no direct significant impact on ROE. Conversely, corporate governance negatively moderates the relationship between dividend policy and ROE, suggesting that stricter corporate governance weakens the positive effect of dividend policy on firm performance. However, corporate governance does not significantly moderate the relationship between IOS and ROE. This study offers practical implications, emphasizing that management of mining companies should carefully design balanced dividend policies, considering their long-term effects and highlighting the importance of effective corporate governance implementation.