<![CDATA[Indonesia’s post-pandemic economic recovery during 2020–2023 has not fully stabilized; however, the manufacturing sector continues to show positive performance, indicated by the upward trend in the Purchasing Managers’ Index and Gross Domestic Product. These conditions highlight the need to examine factors that may influence firm performance. This study aims to analyze the effects of managerial ownership, institutional ownership, independent commissioners, firm size, and conservatism on the performance of manufacturing companies in Indonesia. A quantitative approach with an explanatory method was employed using panel data regression. Model selection was conducted through the Chow Test, Lagrange Multiplier Test, and Hausman Test. The sample consisted of 33 manufacturing companies listed on the Indonesia Stock Exchange during 2019–2023, resulting in 165 observations. Data were obtained from annual financial reports using purposive sampling and analyzed using STATA 17. The analytical procedure included classical assumption tests, panel data regression, and robust standard errors. The findings indicate that managerial ownership, institutional ownership, independent commissioners, and firm size have no significant effect on firm performance. Conversely, conservatism has a significant negative effect on performance, indicating that higher levels of conservative reporting practices may reduce reported financial performance. In conclusion, ownership structure and firm size are not significant determinants of performance, whereas conservatism has a negative effect. Practically, manufacturing companies should focus on efficient asset utilization and apply conservative reporting proportionally to maintain financial reporting quality without unnecessarily suppressing reported profitability]]>
