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 also
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 at 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 pension funds by
adding ownership concentration as a variable of consideration in choosing a stock.