Abstract :
Previous studies in various industries have shown different results regarding the effect of fundamental factors on stock returns. Therefore, this study aimed to analyze and evaluate whether there was a difference in stock performance and the effect of fundamental factors with the moderating impact of Covid-19 on stock returns in the toll road sector companies listed on the Indonesia stock Exchange from 2011 to 2021. This study used gross domestic product (GDP) growth, exchange rate, market returns, return on equity (ROE), current ratio (CR), total asset turnover (TATO), debt-to-equity ratio (DER), price-to-earnings ratio (PER), and Covid-19 as independent variables.