<![CDATA[Purpose: This study aims to examine the influence of financial performance ratios: liquidity (CR), leverage (DER), profitability (ROA), and activity (TATO) on stock returns, and to evaluate firm value (PBV) as a moderating variable in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2018–2022 period. Design/methodology/approach: An explanatory research design was employed using panel data regression analysis. A purposive sampling technique was applied to select 69 companies (345 observations). The most appropriate regression model was determined through the Chow test, Hausman test, and Lagrange Multiplier test. Findings: The results indicate that CR, DER, ROA, and TATO do not significantly affect stock returns. Furthermore, PBV is not proven to moderate the relationship between financial performance and stock returns. These findings suggest that external factors, particularly market fluctuations during crisis conditions, play a more dominant role. Research limitations/implications: This research is limited to the manufacturing sector and incorporates only one moderating variable. Additionally, the observation period includes a time frame heavily influenced by global economic disruptions (Covid-19 pandemic). Future studies are recommended to incorporate macroeconomic or non-financial variables and expand the scope of sectors and time periods. Practical implications: Investors are advised not to rely solely on internal financial ratios when making investment decisions. Broader considerations, such as macroeconomic conditions, market sentiment, and fundamental firm value, should be taken into account. Companies, on the other hand, are encouraged to enhance market perception by strengthening long-term value and improving performance transparency. Originality/value: This study provides empirical insights into the limited role of traditional financial ratios under volatile market conditions and evaluates the effectiveness of PBV as a moderating variable within the context of the Indonesian capital market. Keywords: Financial Performance; Panel Data Regression; Firm Value; Stock Return; Moderating Variable. Paper type: Empirical research article. Keywords: Financial Performance; Panel Data Regression; Firm Value; Stock Return; Moderating Variable.]]>
