The aim of the study is to investigate the impact of institutional, family, foreign and Islamic ownership on stock return volatility in Pakistan. The literature on institutional ownership and stock return volatility often ignores small emerging countries. However, this issue is more profound, due to the large size of investors and small stock market size, in emerging equity market. The current study investigates the ownership on firm level stock return volatility in Pakistan. Our sample covers non-financial firms listed in Pakistan stock exchange from 2012 to 2017. The empirical studies results indicate that the ownership has significant effect on volatility. The results indicate that the ownership stabilize stock return volatility. On the other hand, it shows that the role of the dividend-paying firm is very important for stabilizing the stock return volatility. Those firms which are paying more dividends have deserved more stabilizing effect as compared to the non-dividends paying firms. Supervisor:- Dr Arshad Hassan