<![CDATA[Background: Financial vulnerability remains important in capital-intensive logistics and transportation companies during periods of disruption and recovery. Objective: This study examines the associations of leverage, Working Capital Turnover, and institutional ownership, used as a corporate governance proxy, with the financial health of Indonesian logistics and transportation companies listed on the Indonesia Stock Exchange. Methods: A balanced panel of 75 firm-year observations from 15 companies during 2020–2024 was analyzed using Pooled OLS, Fixed Effects, and Random Effects estimators. Model selection was guided by the Chow, Breusch–Pagan Lagrange multiplier, and Hausman tests. Results: The Random Effects model was selected. Leverage was not significantly associated with the Altman Z-Score (β = 1.32, p = 0.294), so H1 was not supported. Working Capital Turnover had a significant negative association (β = −0.076, p = 0.021); because this direction contradicted the positive hypothesis and the ratio contained extreme values linked to negative working capital, H2 was not supported. Institutional ownership had the strongest significant positive association among the predictors in the selected model (β = 25.60, p < 0.001), supporting H3. Conclusion: Institutional ownership is positively associated with financial health, while the WCTO result requires cautious interpretation because of its denominator structure and overlap between the predictors and components of the Altman Z-Score.]]>
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