The Influence of Book to Market Ratio, Accrual Quality on Stock Returns with Technology Investment as Moderation Variable

This study analyzes the effect of book to market ratio and accrual quality on stock returns with technology investment as a moderating variable. Using a sample of 42 service companies listed on the Indonesia Stock Exchange (IDX) in 2019, this research employs Moderated Regression Analysis (MRA) methodology. The findings indicate that book to market ratio does not significantly affect stock returns, accrual quality does not affect stock returns, and technology investment fails to moderate the relationship between both independent variables and stock returns. These results provide empirical evidence for understanding asset pricing models and the role of intangible assets in emerging markets.