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This study aims to examine the effect of working capital efficiency and leverage on profitability and its implications for firm value in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2025 period. The post-COVID-19 pandemic condition has increased operational risks for manufacturing companies due to fluctuations in interest rates, exchange rates, cash management, inventories, and receivables. Therefore, companies are required to implement more effective financial strategies to maintain competitiveness. Profitability is positioned as an intervening variable because previous studies showed inconsistent results regarding the relationship between working capital efficiency, leverage, profitability, and firm value. This research uses a quantitative approach with path analysis to examine direct and indirect relationships among variables. The population consists of all manufacturing companies listed on the IDX, while the sample includes 45 companies selected from 270 firms using purposive sampling based on specific criteria, such as consistent listing and financial performance. The results indicate that working capital efficiency has a significant positive effect on profitability, leverage has a significant negative effect on profitability, profitability significantly increases firm value, and profitability fully mediates the effect of working capital efficiency and leverage on firm value. These findings provide theoretical and practical implications for managers and investors in financial decision-making.

Syndicated credit serves as a response for banks in extending loans as an alternative financing mechanism when constrained by the legal lending limit. Syndicated loans have a distinctive characteristic, namely the requirement for collective decision-making among creditors to reach a resolution. Consequently, collateral execution is often delayed or not carried out optimally to recover bank receivables, resulting in participating banks bearing losses for a relatively long period. This research employs a normative juridical approach with descriptive-analytical research specifications using qualitative methods based on relevant legal norms and theories. The results show that the legal relationship between the bank agent and the syndicated creditors constitutes an agency relationship, namely a special power of attorney as regulated under the Civil Code. The Bank Agent, consisting of the Facility Agent, Security Agent, and Escrow Agent, acts according to their respective duties for the benefit of the syndicate within the scope of authority agreed upon in the credit agreement. The resolution of non-performing loans in syndicated credit schemes should be carried out by referring to credit rescue and settlement mechanisms as regulated in the OJK Regulation concerning the Asset Quality Assessment of Commercial Banks through the prudential principle. The legal liability of the Bank Agent or Security Agent arises only when it can be proven that the agent has acted beyond the authority granted to it.