The study examines the impact of earning quality and board quality on idiosyncratic return volatility in Pakistani equity market for the period of 2009 to 2018 by employing the data of 81 non-financial firms. Accrual based measures are used for earning quality and board quality (BQ) is measured by using three proxies such as board size, institutional ownership, gender diversity and board independence. The idiosyncratic return volatility is measured by using the direct decomposition method of Malkiel and Xu (2003) and estimates idiosyncratic volatility as the variance of the residuals of an asset pricing model as similar to CAPM. The moderating role of board quality and earning quality is also examined. The results of generalize the method of moments show that the firms with better board quality and earning quality mechanisms tend to have a lower idiosyncratic risk. This result of the study may helpful for firm managers, investors, shareholders, risk managers and policy-makers. Earning management should be considered by the regulatory authority and policy maker in order to get benefits and support toward idiosyncratic return volatility. The government should implement strategy for better board quality mechanism in order to reduce idiosyncratic return volatility in firms Supervisor:- Dr. Ahmad Fraz