Particularities of the functioning of PAO Inter RAO in new economic conditions

Relevance. The development of corporate social responsibility in Russia is largely hindered due to the lack of pronounced market and financial advantages of companies implementing social and environmental projects and programs. The identification of a stable relationship between the social responsibility of companies and the financial performance of their activities is limited not only by the complexity of measurement and differences in the tools for assessing corporate social responsibility. The composition of the companies under study is of great im-portance, as well as the great variability of their influence on the internal and external environment, depending on the scale and type of economic activity. The purpose is to develop an empirical typology of large Russian companies based on the assessment of the dynamics of financial performance and orientation of corporate social responsibility to the internal or external environment. Objectives: to justify the choice and analyze the indicators characterizing the financial and economic performance of large Russian companies and their social responsibility in the context of orientation to the internal and external environment; to compare the dynamics of the financial and economic indicators of companies and their orientation to the internal and external sphere of corporate social responsibility; to identify ordered groups of companies and describe their characteristics, allowing to identify the type of company. Methodology. The research uses general scientific methods and techniques: analysis, synthesis, analogy, generalization, comparison, and methods of economic science: graphic, statistical. The empirical basis of the study was the annual and non-financial reports of large Russian companies in the oil and gas, energy, mining and metallurgical and telecommunications sectors for the period 2015-2018. Results. As a result of comparison of financial indicators and orientation of corporate social responsibility to the internal or external environment, groups of companies similar in a number of features are analyzed. Four types of large Russian business companies have been identified, characterized by the predominance of external, internal or balanced orientation of corporate social responsibility with a high or moderate growth rate of financial performance. Conclusions. The existence of a stable relationship between financial performance and corporate social responsibility remains a debatable issue. The analysis and comparison of a number of indicators of the financial, economic and socio-environmental spheres showed that fast-growing companies are more oriented to the external environment, whereas moderately growing companies are characterized by the internal orientation of social programs and projects or the equivalence of the internal and external environment. A significant factor in orientation to the internal and external environment is the company's belonging to a certain sector.

This study aims to determine and analyze firm size, capital structure, dividend policy on the company's financial performance. To analyze biodiesel production strengthen the relationship between firm size, capital structure, dividend policy and company financial performance. The population in this study is the use of company data included in the palm oil processing sector companies that went public on the Indonesia Stock Exchange (IDX) in the period 2014 to 2019. The sample in this study was 12 companies that met the sampling characteristics that have been determined. The analytical technique used in this research is PLS Structural Equation Modeling (SEM) which is operated through the WarpPLS.5.0 program. The results of the study show that the size of the company and capital structure on financial performance. Dividend policy has no effect on financial performance. Company size, capital structure have a significant effect on financial performance with Biodiesel Production as a Moderating Variable. The results of financial research on dividend policy have no effect on company performance with biodiesel production as a moderating variable

Objective: Economic psychology’s research suggests that personality traits are associated with wealth accumulation or allocation decision making. Since dividend policy is also a wealth accumulation decision at the company level, it is likely to be affected by the personality traits of the management team. According to Upper Echelons' theory (UE), decisions of the senior management team can affect the company's financial performance. Although many studies have reported the effects of the characteristics of the management team on financial strategies, few studies have examined the personality traits and their effects on financial strategies. The purpose of this study is to examine the relationship between managerial personality traits and dividend policy in the companies listed on the Tehran Stock Exchange. Methods: The personality trait criterion consists of five specific personality characteristics, including agreeableness, conscientiousness, neuroticism (emotional instability), extraversion, and openness to experience. Big five personality characteristics are considered the most widely accepted glossary of personality traits. The use of this model has increased in financial and economic researches. A major challenge to examine the effects of executive personality is the cost and difficulty of measuring. Measuring personality traits usually requires the use of costly tools or in-depth interviews that are especially difficult for large samples. To measure these personality variables, we used the short form of the NEO personality questionnaire. In the short model, 12 questions measure each factor. Many countries have approved the short form of the questionnaire. To measure earnings policy, we used two variables of dividend to sales ratio and dividend to net profit after tax. The statistical sample consists of 71 companies listed in the Tehran Stock Exchange from 2008 to 2017, and the questionnaire’s participants are the CEO or CFO of these companies. In this study, we used a quasi-experimental design and a post-event approach. To test the hypotheses, we used a structural equations model (version 3 of Smart PLS software). Results: The results of this study provide new insight into the factors affecting dividend payout policy. The results showed that after controlling the variables of firm size, growth of profitability, and growth of opportunities, there is a negative and significant relationship between agreeableness and dividend policy and a positive and significant relationship between management conscientiousness and dividend policy. This study also showed no significant relationships between each of the three personality traits (neuroticism, extraversion, and Openness to Experience) and dividend policy. Conclusion: The findings indicate that some personality traits have affected the corporate dividend policy. The results confirm the Upper Echelons theory and show that the characteristics of the top management team affect a company's financial choices and performance. Due to the effect of personality traits on financial practices, companies need to use psychological and personality interviews in addition to scientific interviews to select their managers. To determine companies' financial strategies, investors and financial analysts need to consider the factors beyond the financial and accounting variables, such as behavioral and personality characteristics of corporate executives.

Dewianti Dwi Wahyuni, 2024. The Influence of Investment Decisions and Dividend Policy on Company Value, Financial Performance in Companies Through Financial Performance in LQ-45 Tbk in 2020-2022. Wijaya Putra University Postgraduate Program Surabaya. This type of research is explanatory research, the approach used is a quantitative approach, the research sample is 31 companies. The analysis tool uses Smart PLS (Partial Least Square). Research objectives: 1) For describes the nature of investment, dividend policy, company value and financial performance in LQ 45 Tbk in 2020-2022; 2) For tested and analyzed the significant influence of investment ownership on the company value of LQ 45 Tbk in 2020-2022; 3) Uintuik tested and analyzed the significant influence of investment intelligence on the financial performance of LQ 45 Tbk in 2020-2022; 4) For tested and analyzed the significant influence of dividend policy on the financial performance of LQ 45 Tbk in 2020-2022; 5) For tested and analyzed the significant influence of dividend policy on company value in LQ 45 Tbk in 2020-2022; 6) For tested and analyzed the significant influence of financial performance on the company value of the LQ 45 Tbk for 2020-2022; 7) For tested and analyzed the significant influence of investment profitability on company value through financial performance in LQ 45 Tbk in 2020-2022; 8) For tested and analyzed the significant influence of dividend policy on company value through the financial performance of LQ 45 Tbk 2020-2022. The research results show that: 1) investment decisions have no significant effect on company value. 2) investment decisions have no significant effect on financial performance. 3) dividend policy has no significant effect on financial performance. 4) dividend policy has no significant effect on company value. 5) financial performance has no significant effect on company value. 6) investment decisions have no significant effect on company value. 7) dividend policy has no significant effect on company value which is mediated by financial performance.

Современный мир стремительно меняется, постоянно появляются факторы внешней и внутренней среды, влияющие на жизнь организации. Для эффективного управления организацией в современном мире необходимы квалифицированные менеджеры и сервисные работники, проводящие SWOT-анализ. Необходимо понимать свои сильные стороны с помощью анализа, максимально реализовать их и знать слабые стороны, которые необходимо минимизировать перед конкурентами. Все эти вопросы решает менеджер, поэтому работа над курсом необходима для полного понимания предмета. Организация является важным фактором в экономике, и многие экономисты уделяют этому большое внимание. Наиболее важным понятием в управлении является организация. Взаимодействие с внешней средой неизбежно, поскольку оно является частью экономики, но также имеет внутренние процессы, от которых оно также зависит. Внутренняя среда-это душа организации, Источник ее силы, необходимый для функционирования всей экономической деятельности. При этом он может нести как сильные, так и слабые стороны человека. Внешняя среда, в свою очередь, является источником, исходящим извне, который обеспечивает пищу для организации и дает силу источнику силы. Жизнеобеспечение организации не может существовать без взаимодействия внутренней и внешней среды. По этой причине, если он хочет эффективно управлять экономическими процессами, менеджер должен постоянно вкладывать всю свою энергию в изучение внутренней и внешней среды. Внутренняя и внешняя среда имеют свои особенности, влияющие факторы, методы анализа и различные показатели. Внутренняя среда имеет основные компоненты своих элементов. Внутренняя среда включает в себя весь процесс хозяйственной деятельности: персонал, цели и задачи, поставленные перед менеджерами и штатными сотрудниками, внедрение компьютеризированных технологий и методов и т. д. Факторы внешней среды, влияющие на ее прямые и косвенные методы. Анализ внешней среды учитывает различные показатели и дополнительные элементы, поскольку информация является первым, что менеджер должен получить от внешней среды и знать, как она повлияет на внутреннюю среду организации. The modern world is changing rapidly, and there are constantly new factors of influence from the external and internal environment, which affect the life of the organization. Qualified managers and service employees who conduct SWOT analysis are necessary in the modern world for effective management of the organization. It is necessary to know your strengths through analysis, implement them to the maximum and know theweaknesses that need to be minimized in front of competitors. All these issues are handled by the Manager and therefore the work of the course is necessary for a full understanding of this topic. Organization is an important element in Economics, and many economic Sciences pay great attention to this element. The most importantconcept in management is organization. Interaction with the external environment is inevitable, because it is partof the economy, but it also has internal processes that it also depends on. The internal environment is the soul of the organization, the source of its strength and it is necessary for the functioning of all economic activities. At the same time, it can carry strengths and weaknesses, like a person. The external environment, in turn, is the sourcefrom the outside, which feeds the organization and gives strength to the source of power. Without the interactionof the internal and external environment, the organization's life support cannot exist. For this reason, the Manager must constantly spend all his energy on studying the internal and external environment if he wants to effectivelymanage economic processes. The internal and external environment have their own characteristics, impact factors, analysis methods, and various indicators. The internal environment has the main components of its elements. The internal environment includes the entire process within the economic activity: personnel, goals andtasks set for managers and regular staff, technologies and methods for implementing computerization, etc. The external environment has factors that influence the direct and indirect method on it. Various indicators and additional elements are considered by the analysis of the external environment, because information is the first thingthat a Manager should receive from the external environment and know how it will affect the internal environmentof the organization.

This study was conducted to examine whether there is an effect of liquidity on the financial performance of issuers with dividend policy as a mediating variable in IDX BUMN20 index companies listed on the Indonesia Stock Exchange for the period 2017-2022. In this study, liquidity is proxied by the quick ratio, dividend policy is proxied by dividend yield and financial Researches related to financial performance are presented by several previous studies. Diana and Osesoga (2020), correlate a company's financial performance with liquidity, solvency, asset management, and company size. Ni Luh Gede and Elly (2018) correlate a company's financial performance with liquidity. Irsad, et al., (2022) in their research correlate a company's financial performance with liquidity, solvency, activity, and profitability. Akhmadi et al., (2020) in their research related the company's financial performance to the role of debt and dividend policy.is proxied by return on equity. The study population consisted of 27 IDX BUMN20 index issuers listed on the IDX during that period, with a sample of 6 issuers selected through purposive sampling. The data analysis method used is intervening regression analysis. The results of the study show that Liquidity has a positive and significant effect on financial performance. This indicates that issuers with high liquidity tend to have good ability to fulfill their current debts and in dealing with financial emergencies. Dividend yield as a proxy for dividend policy has a perfect mediating effect on the relationship between liquidity (proxied by the quick ratio) and financial performance (proxied by return on equity). If a company has a high level of liquidity and therefore decides to increase its dividends, this can be a signal to investors that the issuer has good financial health and positive financial performance prospects in the future.

Companies have many different objectives in running their operations. However, the main objective of the company is to maximise shareholder value. Firm value is the result of the company's performance in generating profits and minimising risks. For shareholders, the main benefit of share ownership is the dividends provided by the company. Research on the effect of dividend policy on the financial performance of companies in Indonesia is still relevant to be carried out in order to provide deeper insights for practitioners and academics in the field of finance. In this study, the author will describe the effect of dividend policy, as well as its relation to the company's financial performance, using a descriptive qualitative approach method. Based on the results of the research and discussion above, it can be concluded that dividend policy has a significant influence on the company's financial performance. However, this influence can be positive or negative depending on the conditions and factors that influence dividend policy.

Purpose: This study aims to examine the effect of liquidity ratios, activity, leverage, and company size on dividend policy through the financial performance of consumer non-cyclical companies for the 2017-2021 period. Methodology/approach: The sampling technique using purposive sampling method obtained 27 companies as research samples. Data analysis techniques using panel data analysis and path analysis. Findings: The results showed that liquidity (CR) and financial performance (ROA) had a significant negative effect on dividend policy (DPR). Total Asset Turnover has a significant positive effect on dividend policy (DPR). Leverage (DER) and firm size have no significant effect on dividend policy (DPR). Liquidity (CR) and Total Assets Turnover have a significant positive effect on financial performance (ROA). Leverage (DER) and company size have no significant effect on financial performance (ROA). Liquidity (CR), leverage (DER), and company size on dividend policy (DPR) through financial performance (ROA) have no significant effect. Meanwhile, total asset turnover on dividend policy (DPR) through financial performance (ROA) has a significant influence. Practical and Theoretical contribution/Originality: This research is expected to contribute to increasing Dividend Policy (Dividend Payout Ratio), companies must increase company sales activities so that company revenues can be greater than company expenses and companies have positive free cash flow which indicates good financial performance so they can distribute cash dividends. to shareholders. Research Limitation: This research is limited to the use of financial performance intervening variables only and focuses on consumer non-cyclicals subsector companies listed on the IDX in 2017-2021.

The dynamics of stock prices is a very important aspect of the capital market. The price of a company's stock is influenced by many factors, including the company's financial performance and the size of the company. In addition, dividend policy is also considered as an important variable in controlling stock prices. However, there is not yet a strong consensus about the extent of the role of dividend policy in moderating the relationship between financial performance and company scale and stock prices. This study aims to understand in depth the dynamics of stock prices through analysis of financial performance and company scale, with particular emphasis on the role of dividend policy as a controlling variable. We aim to identify the extent to which financial performance and firm size affect stock prices, and to what extent dividend policy can moderate this relationship. This study uses a quantitative approach with regression analysis as the main method. Historical data on financial performance, company scale, dividend policy and company stock price will be analyzed for the relevant period. In addition, descriptive statistical analysis and significance test will be used to examine the relationship between these variables. The results of the study show that simultaneously financial performance, company scale, and dividend policy have an effect on stock prices with a contribution value of 72% is a significant finding. It provides a solid understanding of the complexity of the factors that influence stock prices in Chemical and Basic Industry companies in Indonesia. In addition, the finding that dividend policy can act as a moderating factor in increasing stock prices also has important implications. This indicates that company management has an effective tool in managing market perceptions of their stock prices through dividend policy. When used wisely, dividend policy can be a strategic instrument to increase the value of the company in the eyes of investors.

This study aims to examine the effect of asset revaluation on the company's future performance and dividend policy through leverage as a mediating variable. Financial statements play an important role as a source of information for stakeholders in predicting the company's future performance. Stakeholder interest in dividends is limited by biased information about the company's future performance through leverage levels and asset revaluation results that can be handled through financial statements in decision making for dividend distribution. Therefore, this study supports agency theory and dividend policy theory. The sample of this research is 205 financial statements of companies listed on the Indonesia Stock Exchange for the period 2012-2019. The analytical method used is Path Analysis. The results show that an increase in asset revaluation reduces the company's level of leverage and future company performance, and an increase in the benefits of asset revaluation increases the company's dividend policy. The increase in leverage has a positive contribution to the company's performance in the future but does not have a significant effect on dividend policy due to the high level of company debt. Meanwhile, leverage does not mediate an increase in asset revaluation on future company performance and dividend policy. This study contributes to the improvement of the model to predict the company's future performance by implementing business strategies on asset revaluation and leverage.

Purpose:The purpose of this study is to investigate the effects of brand equity, external and internal environment of the optometric clinics on customer satisfaction, credibility and revisit intention by using the structural equation modelling.Method:A total of 420 adults, who have ever had to visit any optometric clinics located in Seoul, Gyeonggi-do or Chungnam-do, participated in a questionnaire. Nine questionnaires were excluded due to being incomplete, and a total of 411 questionnaires were finally included for data analysis using reliability analysis, confirmatory factor analysis and path analysis.Result:Brand equity had a significant effect on both external and internal environmental variables. The exogenous variables such as brand equity and internal environment considerably had some indirect effects on the customer satisfaction as a parameter. Additionally, the customer satisfaction and credibility significantly contributed to the revisitation. While the external environment, in particular, did not significantly affect on both customer satisfaction and credibility, the brand equity and internal environment significantly directly influenced the revisitation with indirect effects of the customer satisfaction and credibility.Conclusions:In comparison to other service industries, the optometric clinics had a distinct characteristic that the characteristic of optometrists take a large part in the internal environment. This study found that the brand equity had an important role in both internal and external environment, and the internal environments such as products, costs and the characteristic of optometrists especially have leaded to the revisitation with the customer satisfaction. It is concluded that the optometric clinics take further necessary actions and seek efforts to recognize the importance of the internal environment and credibility as well as high brand equity.

In the business world and capital markets, firm value is an important indicator that reflects the company's performance, prospects, and attractiveness in the eyes of investors. One factor that is believed to influence firm value is dividend policy, which is the management's decision to distribute profits to shareholders or retain them for the company's investment needs. In the world of investment and capital markets, dividend policy is one of the important factors that can influence investor perceptions of a company's value. This policy reflects. The method used in this study is secondary data through the financial statements of manufacturing companies that meet the sample criteria of 12 companies in a 5-year observation period. Data processing in the study using the eviews application with the selection of CEM, FEM, and REM models was carried out to determine the method that is appropriate for the research conducted, then the chow test, hausman test, and lagrange multipler test were used. From the results of data processing and analysis of the problems carried out, it can be concluded that the financial performance variable is unable to mediate the effect of dividend policy on firm value, this is because dividend policy acts as an external factor that directly influences firm value, without the need to go through a mechanism to improve financial performance. Dividend policy has a positive and significant effect on firm value. This shows that companies that consistently distribute dividends provide a positive signal to investors regarding financial stability and future profit prospects, while financial performance does not affect the value of the company. The implication of this finding suggests that in the context of the consumer goods industry, investor perceptions of firm value are more influenced by external signals such as dividend distribution, rather than by internal indicators such as ROA.

Stock price is the main indicator of a company's performance which is a major concern for investors and company management. Solid financial performance and the right dividend policy are two key factors that can affect stock prices. In a competitive market, a company must be able to optimize its stock price to attract investment and maintain shareholder trust. This study aims to identify and analyze the influence of financial performance and dividend policy on the company's stock price. By understanding this relationship, it is hoped that companies can formulate effective strategies to increase the value of shares. This study uses a quantitative approach with multiple regression methods to analyze data. The data used in this study comes from the annual financial statements and share prices of companies listed on the Indonesia Stock Exchange (IDX) during the 2019-2023 period. The independent variables analyzed included profitability, liquidity, and dividend policy ratios, while the dependent variable is the stock price. The results show that good financial performance, as measured through profitability and liquidity ratios, has a positive and significant influence on stock prices. In addition, a consistent and sustainable dividend policy also plays an important role in increasing stock prices. Companies that are able to maintain solid financial performance and implement prudent dividend policies tend to have higher and stable stock prices.

Modern business conditions are based on the laws and characteristics of the development of market relations. Successful and stable activity of any business entity today directly depends on the effectiveness of the management system, the most important element of which is properly organized control. In the activities of any business entity, the place, role and importance of control are as important as accounting, management and analysis. The domestic science of control has rather deep roots, and the multifaceted nature and depth of the concept of “control” are closely related to the concepts of “management” and “management accounting”. In conditions of increasing competition, when the problems of increasing the effectiveness of control are significantly updated, the issues of organizing internal control, its development and integration are becoming more relevant. The study of the category of "internal control", its subjects and objects, the place in the management process allows us to identify in its structure individual species characterized by a targeted orientation and methodological features. The practical implementation of the internal control system should be carried out in accordance with the basic principles of its effective organization, which are closely interconnected, and the procedure for combining them to a greater extent depends on the prevailing specific business conditions and circumstances. Integration of the internal control system into the general management system will ensure the reliability of information at various levels, as well as significantly reduce the potential for making erroneous management decisions. The principles of making a choice when implementing a rational and economically reasonable accounting policy of an autonomous institution depend directly on the valid regulations of the accounting standards of the public sector system of the economy. This aspect makes it possible to influence not only the effectiveness of the use of material, labor and financial resources, but also to ensure a proper level of capital units’ turnover, to obtain additional internal sources of capital investments financing and current assets, to attract external resources to expand the scope of an autonomous institution. The application of various models of internal control, including elements of a risk-oriented approach allows to carry out to the right degree conceptual process of organizing enterprise control. The model of the internal control system of an autonomous institution suggested by the authors takes into account a systematic approach, risk orientation considering factors of the internal and external environment, incorporating the model in business processes, with regard to the ultimate goal of implementation - increasing the efficiency of business processes while reducing expenses and increasing profit in the financial responsibility centers. Indicative management model is widely used as the foundation of management. As a rule, it is based on a spatial vision of internal control, and as an analysis, depending on the activity type of an economic entity, the business processing is allocated, taking into account the influence of various indicators that reflect the factors influence of the external and internal environment, in particular, in the context of parameters of competitive advantage. We consider the use of an effective model to be the most promising model of internal control. Based on the author's idea of an integrated model of internal control, its main components will be: a systematic approach, a focus on risks, taking into account factors of the internal and external environment, incorporating the model in business processes and financial responsibility centers. Furthermore the main object of the suggested model of internal control will be risks arising as a result of the influence of factors of the internal and external environment. The purpose of the suggested model is to increase the efficiency of business processes existing in the economic entity while simultaneously reducing expenses and increasing profits in financial responsibility centers. Considering that the element “control environment” of internal control within the framework of the current legislation has changed to the institutional internal environment, it is noteworthy that the introduction into application practice of institutional environment of an autonomous institution internal control consists of the following levels: external and internal. The external environment in the form of formal and informal institutes is prevailing, having an impact on the internal environment of an economic entity, represented by its own specific cultural and functional “micro institutes” (formal and informal).

This article examines the contribution of firm size as a determinant of firm performance. The novelty of the research is to develop a new model related to the determinants of firm performance, especially the firm size variable. Another novelty in this study is that it is more comprehensive in seeing the effect of investment opportunity set, capital structure, and dividend policy on company performance and dividend policy, as well as company size as a moderating variable. The number of samples is 26 companies with a period of 5 years, 2018-2022. Research hypothesis testing using Structural Equation Model (SEM) based on Partial Least Square (PLS). The results showed that investment opportunity set has a significant effect on dividend policy, capital structure has a significant effect on dividend policy, investment opportunity set has no significant effect on company performance, capital structure has no significant effect on company performance, dividend policy has a significant effect on dividend policy. Dividend policy has a significant effect on firm performance, firm size significantly moderates the effect of investment opportunity set on dividend policy, firm size does not significantly moderate the effect of capital structure on dividend policy, investment opportunity set has a significant effect on firm performance through dividend policy, capital structure has a significant effect on firm performance through dividend policy. Keywords: Investment Opportunity Set, Company Size, Dividend Policy, Company Performance