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All Journal JURNAL LENTERA BISNIS Jurnalku
Hari Purnomo
Universitas Trisakti
Economics, Econometrics & Finance Social Sciences

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KETAHANAN KINERJA KEUANGAN EMITEN AGRIBISNIS DI TENGAH ESKALASI GEOPOLITIK TIMUR TENGAH PADA PT BISI INTERNATIONAL TBK Hanalia Prameswary; Hari Purnomo
JURNAL LENTERA BISNIS Vol. 15 No. 2 (2026): JURNAL LENTERA BISNIS, Mei 2026
Publisher : POLITEKNIK LP3I JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34127/jrlab.v15i2.2342

Abstract

This study aims to analyze the impact of the escalation of the United States-Israel-Iran conflict on the financial performance of PT BISI International Tbk as an agribusiness issuer listed on the Indonesia Stock Exchange. Geopolitical conflict in the Middle East may create pressure on the Indonesian capital market through rising energy prices, exchange rate depreciation, supply chain disruption, and shifts in investor sentiment. This study uses a descriptive qualitative method with a case study approach. The data were obtained from the listed company profile published by the Indonesia Stock Exchange, annual reports, consolidated financial statements of PT BISI International Tbk, and 20 local journal references published within the last five years. The findings indicate that geopolitical risk may affect BISI’s financial performance through higher operating costs, pressure on profit margins, and changes in market perception toward agribusiness stocks. This study recommends strengthening risk management, improving cost efficiency, diversifying supply chains, and applying fundamental analysis in investment decision-making for stakeholders in the Indonesian capital market
Evaluation of management control systems in the context of post-merger integration : Case study of PT XLSMART Telecom Sejahtera Tbk in 2025 Putrie Cynthia Ichwan; Hari Purnomo
Jurnalku Vol 6 No 2 (2026)
Publisher : PT Wim Solusi Prima

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54957/jurnalku.v6i2.2269

Abstract

This study analyzes the effectiveness of PT XLSMART Telecom Sejahtera Tbk (EXCL)'s management control system in 2025, the first year after the merger between XL Axiata and Smartfren. Using a document analysis approach to four primary data sources, namely the Audited Consolidated Financial Statements, Integrated Annual Reports, Business Sustainability Reports, and the 2025 ESG Report. This study evaluates the management control system through two main theoretical frameworks, namely Simons' Levers of Control and Malmi & Brown's. The findings show that amidst 23.4% revenue growth to IDR 42.45 trillion and the realization of merger synergies of USD 252 million, the company recorded a net loss of IDR 4.41 trillion due to a 45.6% surge in depreciation costs, scattered integration costs, and a dividend policy that is not aligned with actual financial conditions. Meanwhile, the non-financial dimensions show consistent strength. This study concludes that PT XLSMART's management control system experienced symmetric failure because the formal control systems (cybernetic and diagnostic) were inadequate for the complexity of post-merger costs, while cultural and boundary controls functioned effectively. Recommendations are directed at improving the management control system architecture to make it more adaptive to the post-merger transformation phase.
Co-Authors Hanalia Prameswary Putrie Cynthia Ichwan