Purpose:  The article aims to study the impact of public governance on the relationship between consumer confidence and the stock market index.   Theoretical framework: The concept of consumer confidence index: According to consumer confidence, and stock market index is a way to measure expected changes in income. Katona also argues that consumer trust includes emotional and intellectual factors.   Design/methodology/approach: Data is collected from 2012 to 2021 from 10 middle-income countries. The public governance variable is measured by 6 component variables, including (1) Voice and accountability, (2) Political stability, (3) Government efficiency, (4) Regulatory quality, (5) the rule of law, and (6) Control of corruption. Consumer confidence is measured by the consumer confidence index (CCI) and the stock market index (SMI). The authors use P. VAR model to solve the set goal.   Findings: The research results show that public governance positively affects the relationship between consumer confidence and the stock market price index in high-middle-income countries. In contrast, public administration does not influence the relationship between consumer confidence and the stock market index in low-income countries.   Research, Practical & Social implications: Based on the research results, the authors propose policy implications for middle-income countries for investors' confidence and investment activities on the stock market, contributing to boosting capital in the future more efficient circular economy.   Originality/value: Government must increase its accountability to the people and investors for all activities and decisions of the Government. Creating a stable political environment, prioritizing dispute settlement by peaceful negotiations.