This study aims to analyze the effect of dividend policy, profitability, and liquidity on firm value in the manufacturing sector listed on the Indonesia Stock Exchange for the 2020–2024 period. The research method used is a quantitative approach with a causal design. Data were collected from the annual financial reports of 10 selected manufacturing companies in the Industrials sector using a purposive sampling technique. Data analysis was performed using panel data regression with a Fixed Effect Model (FEM). The results show that dividend policy has no significant effect on firm value, profitability has no significant effect on firm value, and liquidity has a negative and significant effect on firm value. The Adjusted R-squared value of 79.81% indicates that the three independent variables are able to explain variations in firm value well. This means that higher company liquidity can actually decrease firm value because it indicates inefficiency in asset management.
D. Ayu, Romansyah Sahabuddin, Nurman et al.· SINOMIKA JOURNAL: Publikasi...· 0 citations
Organizations increasingly operate in environments where regulatory change, technological disruption, and institutional uncertainty directly affect the feasibility and timing of strategic decisions. Yet law is still frequently treated as a compliance boundary rather than as a strategic capability. This article develops Strategic Legal Capability (SLC) as a higher-order organizational capability through which firms sense, interpret, orchestrate, and convert legal and regulatory change into strategic adaptation and sustainable competitive advantage. An integrative literature review combines insights from the resource-based view, dynamic capabilities theory, institutional theory, legal astuteness, legal strategy, and nonmarket strategy. The synthesis identifies four mutually reinforcing dimensions of SLC: legal sensing, legal interpretation, legal orchestration, and regulatory opportunity conversion. The article proposes that SLC improves strategic decision quality and organizational resilience by expanding the firm's feasible strategic options under regulatory uncertainty. It further argues that regulatory complexity, technological disruption, institutional uncertainty, and artificial-intelligence intensity condition the value of SLC. The resulting framework reframes law from an exogenous constraint into an endogenous capability for strategic adaptation. The article contributes a unified construct, a set of testable propositions, and a research agenda for integrating law more deeply into contemporary strategic management.
Anwar Anwar, Romansyah Sahabuddin, Chalid Imran Musa et al.· LAW & PASS: Internationa...· 0 citations
