<![CDATA[The Property and Real Estate sector is important to national economic growth. However, its dependence on fixed assets and long-term financing exposes companies to high financial risks. These risks were intensified by the COVID-19 pandemic and economic uncertainty, contributing to declining demand, cash flow pressures, and increasing financial burdens. Although the sector has shown signs of recovery, some companies continue to experience financial difficulties that may lead to Financial Distress. Governance mechanisms are therefore important for mitigating financial risks and maintaining corporate stability. This study aims to analyze the effects of the audit committee, independent board of commissioners, and institutional ownership on Financial Distress among Property and Real Estate companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024. The study employs a quantitative method using secondary data from annual reports. The sample is selected through purposive sampling based on predetermined criteria. Financial Distress is measured using the Altman Z-Score, while the independent variables consist of the audit committee, independent board of commissioners, and institutional ownership. Panel data regression is employed to examine their effects on Financial Distress. Given inconsistencies in previous empirical findings, this study provides updated evidence reflecting the characteristics of the Indonesian Property and Real Estate sector. The findings are expected to contribute to academic literature and provide practical insights for corporate management, investors, and regulators in strengthening governance mechanisms, mitigating financial risks, and supporting financial stability.]]>
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