In the past three years, the number of Stock Market in Indonesia has been on the rise. Unfortunately, not all main board companies could sustain their positive initial return beyond the first few months. When analyzing stock return performance, not all the initial return are in line with investor’s expectations. Only few researches focus on fundamental factors of main board companies as well as ownership. While, for investors, Ownership and fundamental factors can possibly be the source of information prior to the Main board companies return. For these reasons, the aim of this study was to understand whether the company’s fundamental factors through liquidity ratio, asset management ratio, profitability ratio, leverage ratio and ownership, specifically represented by Current Ratio, Total Assets Turnover (TAT), Return on Equity (ROE), Debt to Asset ratio (DAR) and Government Ownership; market return and price earnings ratio (PER) as control variable affect the firm’s equity value (Study on the Main Board Company listed in the Indonesia stock exchange in the period of 2014-2018). This study used quantitative approach, in the area of Main Board companies listed in BEI during period of the research, covering 208 companies that represented all Main Board companies except finance industry. The methodology being used was data panel regression using Common Effect Model, through 1040 observations.The results were TAT, ROE, and market return has a significant effect to firm’s equity value. This means in main board sector, investors put attention on asset management and market condition. Therefore, the author recommended that many extended researches can be done on the financial ratios, ownership, and market return, using different variable, especially due to TAT and ROE affect the stock return while CR and DAR were not.

Keywords: Fundamental Factors, Ownership, Data Panel, Stock Return