Does COVID-19 pandemic moderate financial leverage, firm size, and dividend pay-out ratio on systematic risk (beta) of stock?

The purpose of this study was to obtain empirical evidence regarding the effect financial leverage, firm size, and dividend payout ratio on systematic risk (beta) stocks with Covid-19 pandemic as a moderating variable. data used is secondary obtained from annual reports LQ-45 index companies listed Indonesia Stock Exchange during 2018-2022 period. analysis technique sub-group moderation. total population in 45 index, using purposive sampling method, where 115 observations were obtained. research results show that: 1) leverage has positive stocks; 2) size no 3) negative 4) COVID-19 strengthened 5) unable moderate 6) stocks.