<![CDATA[Financial condition is central to corporate sustainability, yet evidence on whether family ownership conditions the relationships of CEO overconfidence and debt policy with financial condition remains limited, particularly in Indonesian manufacturing firms. This study addresses this gap by positioning family ownership as a boundary condition. From 850 firm-year observations of Indonesian listed manufacturing firms during 2020-2024, 822 observations remained after residual-based screening and were analyzed using multiple and moderated regressions. Financial condition was measured using the MFA Score, with the Altman Z-score as an alternative. CEO overconfidence and debt policy are negatively associated with financial condition, while family ownership attenuates both relationships. The former remains significant across ownership levels, whereas the latter becomes insignificant at high family ownership. Results remain consistent across the full sample, alternative outcome and CEO-overconfidence measures. Two-way fixed-effects estimates support H1-H3, while H4 shows limited robustness. The study identifies family ownership as a boundary condition in managerial-behavioural and financing pathways to financial condition.]]>
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