<![CDATA[This study aims to analyze the effect of ownership structure on firm value with financial stability as a mediating variable in property and real estate companies listed on the Indonesia Stock Exchange during the 2019–2024 period. The study is based on Agency Theory and Signaling Theory, which explain that corporate governance mechanisms can reduce agency conflicts, improve financial stability, and create positive investor perceptions of the company. The independent variables consist of institutional ownership, managerial ownership, and independent commissioners. Firm value is measured using Tobin’s Q, while financial stability is assessed using the Altman Z-score. Profitability, leverage, liquidity, and firm size are included as control variables. This research employs a quantitative causal design using panel data from 45 property and real estate companies over six years of observation. Data analysis is conducted using the Fixed Effect Model, while mediation testing is performed through the Sobel test. The results indicate that financial stability has a significant positive effect on firm value. Institutional ownership and independent commissioners have significant negative effects on firm value, whereas managerial ownership shows no significant effect. Financial stability does not mediate the relationship between institutional ownership and firm value but successfully mediates the effects of managerial ownership and independent commissioners on firm value. These findings highlight the important role of financial stability as an internal mechanism for enhancing firm value.]]>
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