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This dissertation was written as part of the MSc in Banking & Finance at the International Hellenic University. The purpose of this study is to examine the impact of firm-specific and macroeconomic variables on the Return on Equity. The sample of the study consists of 25 firms listed on the Athens Stock Exchange for the period of 2018-2020. The study uses panel data and applies the Fixed Effects method. The firm specific variables that we examined in this study are seven DuPont model determinants, as well as firm size, firm age, liquidity, debt, operational risk and past profitability. The macroeconomic variables that we examined are the Gross Domestic Product growth, the Per Capital Income growth, the real interest rates, the Money Supply (M2), Inflation and Unemployment rate. The study concluded that the Total Asset Turnover (DuPont determinant), Net Profit Margin (DuPont determinant), Size (proxied as a firm’s revenue) and Total Operating Expenses to Total Equity (Operational risk proxy) affect the ROE positively, while the Capital Turnover Ratio (DuPont determinant), Liquidity (Quick Ratio and Cash Conversion Cycle), Cost Income Ratio and Total Operating Expenses to Total Equity (Operational Risk proxies) and lagged profitability affect the ROE negatively. Regarding the rest of the firm-specific variables, as well as the macroeconomic ones, no significant effect on the ROE of Greek public firms was observed. I would like to thank my supervisor Mr. Sikalidis for taking time to patiently guide me through the dissertation writing process through emails and zoom meetings and for encouraging me to keep pushing forward in order to exceed expectations. A special thanks to family and friends, too, for supporting me and encouraging me to make my best effort.