Objectives: This study aimed to examine the impact of ownership structure, fundamental factors, and technical analysis on stock returns, as well as the impact of these factors on firm value.

Methodology: This research is an explanatory descriptive research with a quantitative approach where the study encompasses a population of 148 manufacturing companies listed on the Indonesia Stock Exchange. From this population, a purposive sample of 50 companies is selected for in-depth analysis.

Finding: The findings indicated that the ownership structure did not have a substantial impact on stock returns, despite showing a positive trend. Similarly, fundamental factors were found to have a positive influence on stock returns but the effect was not statistically significant. In contrast, the utilization of analytical techniques was associated with a significant and positive impact on stock returns. Additionally, the study revealed that ownership structure, fundamental factors, analytical techniques, and stock returns collectively had a noteworthy and positive effect on firm value. Finally, the investigation demonstrated that ownership structure, fundamental factors, and technical analysis played a significant role in determining firm value through their impact on stock returns.

Conclusion: Overall, the company's value can be significantly enhanced through stock returns by considering ownership structure, fundamental factors, and technical analysis in a positive manner.

Afriyani, Jumria, & Tui, S. (2020). Influence of Fundamental Factors and Technical Analysis on Stock Return and Company Value of Manufactures Listed at the Indonesian Stock Exchanges. IOSR Journal of Business and Management (IOSR-JBM), 22(6), 16–22. https://doi.org/10.9790/487X-2206091622

Akbar, R., & Herianingrum, S. (2015). Pengaruh price earning ratio (PER), price book value (PBV) dan debt to equity ratio (DER) terhadap return saham (studi terhadap perusahaan properti dan real estate yang listing di indeks saham syariah indonesia). Jurnal Ekonomi Syariah Teori & Terapan, 2(9), 698–713. https://doi.org/10.20473/vol2iss20159pp698-713

Alipudin, A., & Hidayat, N. (2014). Keputusan investasi, pendanaan, kebijakan dividen dan price to book value perusahaan pertambangan di Bursa Efek Indonesia. Jurnal Riset Akuntansi & Perpajakan (JRAP), 1(01), 48–59. https://doi.org/10.35838/jrap.v1i01.58

Alkurdi, A., Hamad, A., Thneibat, H., & Elmarzouky, M. (2021). Ownership structure’s effect on financial performance: An empirical analysis of Jordanian listed firms. Cogent Business and Management, 8(1), 1939930. https://doi.org/10.1080/23311975.2021.1939930

Aminah, L. S. (2021). The Effect Of Current Ratio, Net Profit Margin, and Return On Assets On Stock Return:(Study on Food and Beverages Companies Listed on the Indonesia Stock Exchange 2015-2017 Period). MARGINAL: Journal Of Management, Accounting, General Finance And International Economic Issues, 1(1), 1–9. https://doi.org/10.55047/marginal.v1i1.8

Arief, H., Oktaviar, C., Saratian, E. T. P., & Soelton, M. (2023). The Influence of Sales Growth, Profitability and Activity on Financial Distress. JUDICIOUS, 4(1 SE-Marketing Management), 157–164. https://doi.org/10.37010/jdc.v4i1.1277

Artantiwi, P. P., & Hamidah. (2018). The Effect of Managerial Ownership, Institutional Ownership, and Foreign Ownership on Firm Value: An Empirical Study on Manufacturing Companies. Proceedings of the Journal of Contemporary Accounting and Economics Symposium 2018 on Special Session for Indonesian Study JCAE Symposium - Volume 1, 679–685. https://doi.org/10.5220/0007019806790685

Asmirantho, E., & Somantri, O. K. (2017). THE EFFECT OF FINANCIAL PERFORMANCE ON STOCK PRICE AT PHARMACEUTICAL SUB-SECTOR COMPANY LISTED IN INDONESIA STOCK EXCHANGE. JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi), 3(2). https://doi.org/10.34204/jiafe.v3i2.778

Berdiyeva, O., Islam, M. U., & Saeedi, M. (2021). Artificial intelligence in accounting and finance: Meta-analysis. International Business Review, 3(1), 56–79. https://doi.org/10.37435/nbr21032502

Bilayudha, F., & Kiswanto, K. (2015). Determinan Nilai Perusahaan pada Perusahaan Pertambangan yang Terdaftar di BEI. Accounting Analysis Journal, 4(3), 1–9. https://doi.org/10.15294/aaj.v4i3.8312

Brunnermeier, M., & Krishnamurthy, A. (2020). Corporate debt overhang and credit policy. Brookings Papers on Economic Activity, 2020(2), 447–502. https://doi.org/10.1353/ECA.2020.0014

Chen, K. H., Su, X. Q., Lin, L. F., & Shih, Y. C. (2021). Profitability of moving-average technical analysis over the firm life cycle: Evidence from Taiwan. Pacific Basin Finance Journal, 69(October), 101633. https://doi.org/10.1016/j.pacfin.2021.101633

Chen, X., & Chiang, T. C. (2016). Stock returns and economic forces-An empirical investigation of Chinese markets. Global Finance Journal, 30(May), 45–65. https://doi.org/10.1016/j.gfj.2016.01.001

Chhajer, P., Mehta, V., & Gandhi, V. (2020). Factors influencing stock returns: Evidence from national stock exchange, India. International Journal of Management, 11(5), 631–643. https://doi.org/10.34218/IJM.11.5.2020.057

Chowdhry, B., Davies, S. W., & Waters, B. (2019). Investing for impact. The Review of Financial Studies, 32(3), 864–904. https://doi.org/10.1093/rfs/hhy068

Da, Z., Liu, Q., & Schaumburg, E. (2014). A closer look at the short-term return reversal. Management Science, 60(3), 658–674. https://doi.org/10.1287/mnsc.2013.1766

Dai, Z., Dong, X., Kang, J., & Hong, L. (2020). Forecasting stock market returns: New technical indicators and two-step economic constraint method. The North American Journal of Economics and Finance, 53(July), 101216. https://doi.org/10.1016/j.najef.2020.101216

Dewi, L. S., & Abundanti, N. (2019). Pengaruh profitabilitas, likuiditas, kepemilikan institusional dan kepemilikan manajerial terhadap nilai perusahaan. E-Jurnal Manajemen Universitas Udayana, 8(10), 6099. https://doi.org/10.24843/ejmunud.2019.v08.i10.p12

Esanoveliansyah, V., & Ichwanudin, W. (2021). ANALISIS PENGARUH RASIO KEUANGAN TERHADAP RETURN SAHAM (STUDI KASUS PERUSAHAAN MANUFAKTUR SUB SEKTOR TEKSTIL DAN GARMENT PERIODE 2007-2019). Jurnal Riset Keuangan Dan Akuntansi, 7(2), 34–45. https://doi.org/10.25134/jrka.v7i2.4861

Fahmi, I. (2014). Manajemen Risiko Teori, Kasus, dan Solusi. Bandung: Alfabeta.

Ferdinand, A. (2014). Metode penelitian manajemen: Pedoman penelitian untuk penulisan skripsi tesis dan desrtasi ilmu manajemen. Universtas Dipoegoro.

Fitriani, D., Iqbal, S., & Andayani, W. (2020). Efektifitas Free Float Dalam Mendongkrak Likuiditas Bursa Efek Indonesia. MIX JURNAL ILMIAH MANAJEMEN, 10(1), 296885. https://doi.org/10.22441/mix.2020.v10i1.009

Fu, R., Kraft, A., Tian, X., Zhang, H., & Zuo, L. (2020). Financial reporting frequency and corporate innovation. The Journal of Law and Economics, 63(3), 501–530. https://doi.org/10.1086/708706

Gesaputri, I. A. B., Rasmini, N. K., & Ratnadi, N. M. D. (2021). Determinants of Systematic Risk in Manufacturing Sector of Indonesia. Review of International Geographical Education Online, 11(8). https://doi.org/10.48047/rigeo.11.08.32

Gloria, & Apriwenni, P. (2020). EFFECTIVE TAX RATE DAN FAKTOR -FAKTOR YANG MEMENGARUHI. Jurnal Akuntansi, 9(2), 17–31. https://doi.org/10.46806/ja.v9i2.759

Gunadi, G. G., & Kesuma, K. W. (2015). Pengaruh ROA, DER, EPS terhadap return saham perusahaan food and beverage BEI. Udayana University.

Handini, S., & Astawinetu, E. D. (2020). Teori portofolio dan pasar modal Indonesia. Scopindo Media Pustaka.

Hartaroe, B. P., Mardani, R. M., & ABS, M. K. (2018). Pengaruh Price Book Value (PBV), Price Earning Ratio (PER), Debt To Equity Ratio (DER) dan Return On Asset (ROA) Terhadap Return Saham (Studi Empiris pada Perusahaan Food and Beverage yang Terdaftar di BEI Periode 2012-2016). E-JRM: Elektronik Jurnal Riset Manajemen, 7(13).

Hartiyah, S., & Sukowiyono, S. (2017). Kontribusi Good Corporate Governance Terhadap Profitabilitas Dan Return Saham Studi Empiris Pada Perusahaan Keuangan Perbankan Bei. Jurnal Penelitian Dan Pengabdian Kepada Masyarakat UNSIQ, 4(2), 133–143. https://doi.org/10.32699/ppkm.v4i2.416

Hill, J. (2020). Environmental, Social, and Governance (ESG) investing: A balanced analysis of the theory and practice of a sustainable portfolio. Academic Press.

Imaduddin, A., Hendrawaty, E., & Hasnawati, S. (2023). THE EFFECT OF OWNERSHIP STRUCTURE ON COMPANY VALUE IN NON-FINANCIAL ISSUERS, 2016 – 2020. Economía & Negocios, 5(1), 3–18. https://doi.org/10.33326/27086062.2023.1.1632

Isidore, R. R., & Christie, P. (2018). Investment behavior of secondary equity investors: An examination of the relationship among the biases. Indian Journal of Finance, 12(9), 7–20. https://doi.org/10.17010/ijf/2018/v12i9/131556

Jabeen, S., Rizavi, S. S., & Farhan, M. (2022). Herd Behaviour, Fundamental, and Macroeconomic Variables – The Driving Forces of Stock Returns: A Panel-Based Pooled Mean Group Approach. Frontiers in Psychology, 13(March), 758364. https://doi.org/10.3389/fpsyg.2022.758364

Jensen, M. C., & Meckling, W. H. (2019). Theory of the firm: Managerial behavior, agency costs and ownership structure. In Corporate Governance. Gower. Retrieved from https://www.taylorfrancis.com/chapters/edit/10.4324/9781315191157-9/theory-firm-managerial-behavior-agency-costs-ownership-structure-michael-jensen-william-meckling

Kepramareni, P., Yuliastuti, I. A. N., & Dewi, G. A. A. (2020). ENVIRONMENTAL UNCERTAINTY IN MODERATING BUDGETARY PARTICIPATION AND ORGANIZATIONAL COMMITMENT TO BUDGETARY SLACK. MIX JURNAL ILMIAH MANAJEMEN, 10(3), 327357. https://doi.org/10.22441/mix.2020.v10i3.006

Lia, D. A. Z., & Natswa, S. L. (2021). Assessment of Financial Ratio Analysis for Evaluation of Small Medium Enterprises (SME) Performance. International Journal of Multicultural and Multireligious Understanding, 8(8), 202–217. https://doi.org/10.18415/ijmmu.v8i8.2889

Listari, S. (2018). Analisis Faktor - Faktor yang Mempengaruhi Nilai Perusahaan pada Perusahaan-Perusahaan yang Terdaftar Dalam Indeks LQ45 di Bursa Efek Indonesia. Jurnal Ilmiah Manajemen Kesatuan, 6(1), 51–60. https://doi.org/10.37641/jimkes.v6i1.36

Ma, Y., Yang, B., & Su, Y. (2021). Stock return predictability: Evidence from moving averages of trading volume. Pacific Basin Finance Journal, 65(February), 101494. https://doi.org/10.1016/j.pacfin.2021.101494

Mangkey, J. O., Mangantar, M., & Sumarauw, J. (2022). PENGARUH RASIO PASAR DAN RASIO PROFITABILITAS TERHADAP RETURN SAHAM PADA INDUSTRI PERHOTELAN DI BURSA EFEK INDONESIA. Jurnal EMBA : Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 10(2). https://doi.org/10.35794/emba.v10i2.40809

Manoppo, H., & Arie, F. V. (2016). Pengaruh struktur modal, ukuran perusahaan dan profitabilitas terhadap nilai perusahaan otomotif yang terdaftar di Bursa Efek Indonesia periode 2011-2014. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 4(2), 485–497. https://doi.org/10.35794/emba.4.2.2016.13082

Manse, C. A. (2018). Pengaruh good corporate governance terhadap return saham pada sektor pertambangan di BEI periode 2014-2017. Buletin Ekonomi, 22(2), 1–11. https://doi.org/10.33541/buletin%20ekonomi.v22i2.909

Masry, M. (2017). The Impact of Technical Analysis on Stock Returns in an Emerging Capital Markets (ECM’s) Country: Theoretical and Empirical Study. International Journal of Economics and Finance, 9(3), 91–107. https://doi.org/10.5539/ijef.v9n3p91

Meliana, A., & Dewi, N. H. U. (2015). The effect of stock return and ownership structure on investment risk in manufacturing companies listed on the Indonesian Stock Exchange (IDX) 2011 - 2013. The Indonesian Accounting Review, 10(1). https://doi.org/10.14414/tiar.v5i2.649

Miswanto, M., & Oematan, D. S. (2020). EFFICIENCY OF USING ASSET AND FINANCIAL PERFORMANCE: THE CASE OF INDONESIA MANUFAKCTURING COMPANIES. MIX: JURNAL ILMIAH MANAJEMEN, 10(2), 314600. https://doi.org/10.22441/mix.2020.v10i2.003

Muchtar, D., Mat Nor, F., Albra, W., Arifai, M., & Ahmar, A. S. (2018). Dynamic performance of Indonesian public companies: An analysis of financial decision behavior. Cogent Economics & Finance, 6(1), 1488343. https://doi.org/10.1080/23322039.2018.1488343

Muhammad, S. (2018). The Relationship Between Fundamental Analysis and Stock Returns Based on the Panel Data Analysis; Evidence from Karachi Stock exchange (KSE). In Research Journal of Finance and Accounting www.iiste.org ISSN (Vol. 9).

Mulya, Y., & Turisna, R. (2016). Pengaruh kinerja keuangan terhadap return saham pada perusahaan sub sektor otomotif yang terdaftar di bursa efek indonesia. JIMFE (Jurnal Ilmiah Manajemen Fakultas Ekonomi), 2(1), 41–52.

Murwaningsari, E. (2012). Pengaruh struktur kepemilikan terhadap return saham. Media Riset Akuntansi, Auditing & Informasi, 12(1), 45–60.

Musfialdy, M., Edison, E., & Artis, A. (2019). The influence of Corporate Governance Mechanism Towards Company Performance. Indonesian Journal of Economics, Social, and Humanities, 1(2), 111–118. https://doi.org/10.31258/ijesh.1.2.111-118

Mutiarasari, A. (2015). Analisis Debt To Equity Ratio (DER), Return On Asset (ROA), Earning Per Share (EPS) Dan Pengaruhnya Terhadap Return Saham Industri Manufaktur Di Bursa Efek Indonesia Periode 2011-2013. Universitas Negeri Jakarta.

Ndua, D. N., Nyamute, W., Kithinji, A., & Njihia, J. (2023). Ownership Concentration, Capital Structure and Stock Returns of Firms Listed at the Nairobi Securities Exchange. European Journal of Business and Management Research, 8(3). https://doi.org/10.24018/ejbmr.2023.8.3.1981

Nugraha, M. K., & Kurnia. (2017). Pengaruh Kinerja Keuangan, Ukuran Perusahaan, dan Keputusan Investasi Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 6(1), 312–328.

Oded, J. (2020). Payout policy, financial flexibility, and agency costs of free cash flow. Journal of Business Finance & Accounting, 47(1–2), 218–252. https://doi.org/10.1111/jbfa.12407

Oktiwiati, E. Dela, & Nurhayati, M. (2020). Pengaruh Profitabilitas, Struktur Modal, Dan Keputusan Investasi Terhadap Nilai Perusahaan (Pada Sektor Farmasi Yang Terdaftar Di Bursa Efek Indonesia Tahun 2013-2017). MIX: Jurnal Ilmiah Manajemen, 10(2), 314601. https://doi.org/10.22441/mix.2020.v10i2.004

Pawirosumarto, S. (2016). Pengaruh kualitas sistem, kualitas informasi, dan kualitas layanan terhadap kepuasan pengguna sistem e-learning. MIX: Jurnal Ilmiah Manajemen, 6(3), 416–433. Retrieved from https://publikasi.mercubuana.ac.id/index.php/Jurnal_Mix/article/view/1280

Payne, G. T., & Petrenko, O. V. (2019). Agency theory in business and management research. In Oxford Research Encyclopedia of Business and Management. https://doi.org/10.1093/acrefore/9780190224851.013.5

Petrusheva, N., & Jordanoski, I. (2016). Comparative analysis between the fundamental and technical analysis of stocks. Journal of Process Management and New Technologies, 4(2), 26–31. https://doi.org/10.5937/jpmnt1602026p

Purnamasari, D. (2015). The effect of changes in return on assets, return on equity, and economic value added to the stock price changes and its impact on earnings per share. Research Journal of Finance and Accounting, 6(6), 80–90.

Putri, R. A., & Rokhim, R. (2016). The Effect of Ownership Structure and Cash Flow to The Non-Financial Firms’dividend Payout Ratio Listed In IDX. MIX: Jurnal Ilmiah Manajemen.

Rachmatika, D. (2016). Analisis Pengaruh Beta Saham, Growth Opportunities, Return On Asset dan Debt to Equity Ratio Terhadap Return Saham (Studi Komparatif Pada Perusahaan di BEJ yang Masuk LQ-45 Tahun 2001-2004 Periode Bullish Dan Bearish). program Pascasarjana Universitas Diponegoro.

Rusydina, A., & Praptoyo, S. (2017). Pengaruh Rasio Keuangan Terhadap Return Saham. Jurnal Ilmu Dan Riset Akuntansi, 6(7).

Safdar, H. T., Saleem, M., & Humaira, A. (2015). Institutional Ownership and Corporate Value : Evidence From Karachi Stock Exchange ( Kse ) 30-Index Pakistan. Banking & Finance, 6(1), 41–49. Retrieved from https://hrcak.srce.hr/144013

Saratian, E. T. P., Arief, H., Ramli, Y., & Soelton, M. (2020). Moody’s Rating for Palm Oil Plantation in Papua, Indonesia. Archives of Business Research, 8(8), 262-280.

Saratian, E. T. P., Yuliantini, T., Soelton, M., Arief, H., & Oktaviar, C. (2021). Investment Rating for Replanting Palm Oil Plantation Companies in Sumatera, Indonesia. American International Journal of Business Management (AIJBM) 4(03), 56-65

Sari, D. P., Paramu, H., & Utami, E. S. (2017). Analisis Pengaruh Rasio Keuangan Dan Ukuran Aset Pada Pertumbuhan Laba Perusahaan Manufaktur Yang Terdaftar Pada Bursa Efek Indonesia Periode 2010-2013. E-Journal Ekonomi Bisnis Dan Akuntansi, 4(1), 63–66. https://doi.org/10.19184/ejeba.v4i1.4578

Setiadi, I. H. P. A. D. (2019). Pengaruh Faktor Fundamental dan Risiko Sistematis Terhadap Harga Saham (Studi Kasus Pada Bank Umum Yang Terdaftar Di Bursa Efek Indonesia Tahun 2008-2017). Jurnal Ekonomi, 21(3), 254–267. https://doi.org/10.37721/je.v21i3.604

Shashua, R. (2013). Hidden ownership, monitoring, and the value of the firm. University of Pennsylvania.

Singh, A., & Kansil, R. (2016). Institutional Ownership and Firm Value: A Case Study of Listed Firms in Indian Stock Exchanges. Journal of Research: THE BEDE ATHENAEUM, 7(1), 98–106. https://doi.org/10.5958/0976-1748.2016.00013.8

Soelton, M., Apriani, F., Wahyono, T., Arief, H., Saratian, E. T. P., Nugrahati, T., Syah, T. Y. R. (2021). Conceptualizing the Role of Organizational Performance and Good Corporate Governance in Sosial Welfare Institutions Banten - Indonesia. International Journal of Innovative Science and Research Technology, 6(3), 982–992. Retrieved from https://www.researchgate.net/publication/350957821

Suherman, S. (2019). Pengaruh Struktur Aset, Likuiditas, dan Profitabilitas terhadap Struktur Modal yang Dimoderasi Oleh Ukuran Perusahaan. MIX: JURNAL ILMIAH MANAJEMEN, 9(2), 293230. https://doi.org/10.22441/mix.2019.v9i2.009

Tambalean, F. A. K., Manossoh, H., & Runtu, T. (2018). Pengaruh kepemilikan manajerial dan kepemilikan institusional terhadap nilai perusahaan pada perusahaan sektor industri barang konsumsi di BEI. Going Concern: Jurnal Riset Akuntansi, 13(4), 465–473. https://doi.org/10.32400/gc.13.04.21255.2018

Thaha, S., & Afriyani, A. (2022). PENTINGNYA FINANCIAL LITERACY DALAM TATA KELOLA KEUANGAN PRIBADI (SUATU STUDI PUSTAKA). Jurnal Edueco, 4(1), 57–73. https://doi.org/10.36277/edueco.v4i1.79

Vembu, K. (2022). Determinants of insurance investment: A case study of life insurance corporation of India. Scientific Transactions in Environment and Technovation, 13(4), 179–183. https://doi.org/10.56343/stet.116.013.004.008

Vernimmen, P., Quiry, P., & Le Fur, Y. (2022). Corporate finance: theory and practice. John Wiley & Sons.

Wirdiansyah, R. D., & Munandar, A. (2023). The Effect of Managerial Ownership and Capital Structure on Stock Returns With Dividend Policy As an Intervening Variable. Journal Research of Social Science, Economics, and Management, 2(10), 2252–2262. https://doi.org/10.59141/jrssem.v2i10.449

Yuniningsih, Y., & Taufiq, M. (2019). Investor Behavior In Determining Investmen On Real Asset. MIX: Jurnal Ilmiah Manajemen, 9(2), 293227. https://doi.org/10.22441/mix.2019.v9i2.006

Yustini, S., Sagara, Y., & Saputri, A. (2018). The effect of profitability, value, size and managerial discretion on disclourse of stock return. Jurnal Ilmu Akuntansi, 11(1), 1190–2461. https://doi.org/10.15408/akt.v11i1.8827