<![CDATA[This study aims to examine the effect of ownership structure (institutional ownership, managerial ownership, and foreign ownership), firm fundamentals (profitability, leverage, dividend policy, and firm size), and market variables (book-to-market ratio, trading volume, and stock volatility) on the stock returns of Sharia-compliant firms listed on the Indonesia Stock Exchange during the 2020 pandemic crisis. The study utilizes a sample of 322 Sharia-compliant firms in 2020 and employs multiple linear regression analysis. The results indicate that managerial ownership and institutional ownership do not have a significant effect on stock returns, while foreign ownership has a negative effect. Regarding firm fundamentals, Return on Assets (ROA) and market capitalization have a positive effect on stock returns, whereas leverage and dividend policy do not show significant influence. Among market variables, the book-to-market ratio has a positive effect on stock returns, while trading volume and stock volatility are found to be insignificant. These findings suggest that during a crisis period, firm fundamentals and stock valuation remain the primary determinants influencing investment decisions in the Sharia stock market.]]>
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