The main purpose of this study was to investigate the effect of financial leverage and managerial reward and the volatility of companies' stock returns. This research is applied in terms of purpose. Also, this research is descriptive in terms of descriptive nature, because in this type of research, the researcher evaluates the relationship between two or more variables. For this purpose, the number of 1420 years-companies (142 companies) during the period 1389 to 1398 were examined. Financial data were analyzed using panel data using generalized least squares regression. According to the statistical methods performed, the hypotheses were tested at a confidence level of 0.95. The results obtained from the test of research hypotheses showed that rewards increase the volatility of stock returns. In other words, by increasing voluntary incentives such as rewards, the volatility of Miran stock returns can be increased. Evidence also showed that financial leverage has a debilitating effect on the positive relationship between voluntary incentives in current rewards and volatility of returns.