The study looked at how a company's earnings per share affect its dividend per share and stock price. They analyzed data from 16 companies in the LQ45 index from 2011-2015. The results showed that higher earnings per share led to higher dividends per share, which in turn increased the stock price. Interestingly, the indirect impact of earnings per share on stock price through dividends per share was greater than the direct impact. In simple terms, when a company's earnings per share go up, it tends to boost both dividends and stock prices.