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This Author published in this journals
All Journal Jurnal Ilmiah Manajemen Kesatuan Law & Pass : International Journal of Law, Public Administration and Social Studies Fundamental and Applied Management Journal
Deddy Ibrahim Rauf
Universitas Negeri Makassar, Indonesia
Economics, Econometrics & Finance Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences

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Bankruptcy Potential on Stock Prices with Dividend Policy as a Moderating Variable: A Study of Food and Beverage Companies Anwar; Nurman; Deddy Ibrahim Rauf
Jurnal Ilmiah Manajemen Kesatuan Vol. 13 No. 5 (2025): JIMKES Edisi September 2025
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v13i5.3507

Abstract

Stock prices as the main element in the capital market, are influenced by various factors, one of which is the company's financial condition. Companies with poor financial conditions tend to experience pressure on their stock prices, which can lead to potential bankruptcy. This research intends to examine the impact of bankruptcy risk on stock prices, using dividend policy as a moderating factor, in food and beverage firms listed on the Indonesia Stock Exchange during the years 2019-2023. The study sample included 24 companies chosen via purposive sampling. The method for data analysis utilized Moderated Regression Analysis (MRA) through the Econometric Views (E-Views) version 12 software. The secondary data utilized was derived from financial reports accessed through the official IDX website. The findings of the research show that the potential for bankruptcy significantly influences stock prices. Furthermore, dividend policy has been demonstrated to enhance the connection between bankruptcy risk and stock prices, suggesting that it can act as a stabilizing element in preserving stock price stability during challenging financial situations. This study provides practical implications for company management in determining the right dividend policy as a bankruptcy risk mitigation strategy.
Beyond Competitive Positioning: The Contingent Role of Operational Capability in SME Financial Performance Under Industrial Turbulence Anwar; Muhaidir Ikram; Mufidatul Azmi; Deddy Ibrahim Rauf; Mahesh Luthia
Fundamental and Applied Management Journal Vol. 4 No. 3 (2026): September
Publisher : Global Research Collaboration

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66314/famj.v4i3.1222

Abstract

Small and medium-sized enterprises often struggle to convert valuable resources into superior financial outcomes. This study examines the relationships among strategic resources, competitive positioning, operational capability, and SME financial performance under industrial turbulence. Data were collected from 250 SME owners and managers in Makassar City, Indonesia, using a structured survey comprising five constructs measured with 108 items. Data were analyzed using partial least squares structural equation modeling with SmartPLS 4. Strategic resources positively influenced both competitive positioning and operational capability, while competitive positioning positively contributed to SME financial performance. In contrast, strategic resources, operational capability, and industrial turbulence did not have significant direct effects on financial performance. Industrial turbulence strengthened the relationship between operational capability and financial performance but did not significantly moderate the relationship between competitive positioning and financial performance. The findings show that strategic resources provide an important foundation for developing competitive positioning and operational capability, but resource possession alone does not ensure superior financial outcomes. Competitive positioning contributes directly to financial performance, whereas the financial value of operational capability becomes more pronounced under turbulent industrial conditions. These findings emphasize the distinct roles of resource endowment, market positioning, and context-dependent operational capability in explaining SME financial performance.
Beyond Compliance: Legal Capability as a Dynamic Strategic Resource for Sustainable Competitive Advantage Anwar Anwar; Romansyah Sahabuddin; Chalid Imran Musa; Deddy Ibrahim Rauf
LAW & PASS: International Journal of Law, Public Administration and Social Studies Vol. 3 No. 3 (2026): August
Publisher : PT. Multidisciplinary Press Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47353/lawpass.v3i3.125

Abstract

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.
Co-Authors Anwar Anwar Anwar Anwar Chalid Imran Musa Mahesh Luthia Mufidatul Azmi Muhaidir Ikram Nurman Romansyah Sahabuddin