This study is conducted to analyze the effect ownership concentration, liquidity, and leverage towards firm performance with political connection as a moderating variable. This study examines 36 companies in the LQ-45 index during the period of 2017 to 2022. This study utilizes a quantitative approach and panel data analysis. The study found that ownership concentration has a significant effect and positive effect towards firm performance measured using Tobin's Q.The study found that ownership concentration negatively influences firm performance at a significant level when the firm has a political connection. Liquidity positively affects firm performance, and it is not a significant level. Leverage negatively influences firm performance, and it is not significant to firm performance. The COVID-19 negatively and significantly influences firm performance of the stocks in LQ-45 index. The findings of this research may help investors, fund managers, and pensions funds by adding ownership concentration as a variable of consideration as a variable of consideration in choosing a stock.