<![CDATA[This study examines the effects of five financial distress prediction models (Altman, Springate, Zmijewski, Foster, and Grover) on the financial performance of manufacturing companies listed on the Special Monitoring Board of the Indonesia Stock Exchange (IDX), with corporate liquidity as a mediating variable. Using a quantitative explanatory approach, this study analyzes balanced panel data from three companies over the 2022–2025 period, comprising 12 firm-year observations. Data were analyzed using panel regression with the Common Effect Model. The results indicate that Springate, Foster, and Grover have positive and significant effects on corporate liquidity, while Altman and Zmijewski show no significant effects. Regarding financial performance, only Springate has a significant negative effect. Corporate liquidity has no significant effect on financial performance and does not mediate the relationship between financial distress prediction models and financial performance. These findings suggest that financial distress prediction models provide more relevant insights into corporate liquidity than financial performance.]]>
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