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All Journal Jurnalku Journal of Business, Social and Technology
Putrie Cynthia Ichwan
Universitas Trisakti
Economics, Econometrics & Finance Industrial & Manufacturing Engineering Social Sciences

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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.
Circular Economy and Carbon Emission Reduction Strategies within The ESG Framework: A Case Study of PTPN IV PalmCo Putrie Cynthia Ichwan; Amrie Firmansyah
Journal of Business, Social and Technology Vol. 7 No. 3 (2026): Journal of Business, Social and Technology
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jbt.v7i3.711

Abstract

Background: Indonesia's palm oil industry faces growing sustainability pressure, including compliance with the European Union Deforestation Regulation (EUDR). Following its December 2023 merger, PT Perkebunan Nusantara IV PalmCo is integrating ESG principles into its operations. Objective: This study aims to analyze the implementation of circular economy and carbon emission reduction strategies as part of the ESG framework at PTPN IV PalmCo. Methods: Using a descriptive qualitative case study with secondary data from company reports, verified media, and official documents (2023–2025), this research finds that PalmCo has implemented a circular economy by converting palm oil waste into renewable energy through 11 biogas facilities, targeting 32 facilities by 2029 and over 80% renewable energy utilization. Results: The carbon emission reduction strategy, implemented through both nature-based and technology-based approaches, has resulted in carbon sequestration of 873,395 tons CO₂e/year and emission reductions of 191,107 tons CO₂e/year, while also achieving the first Greenhouse Gas (GHG) Emission Reduction Certificate in the plantation industry. Both initiatives are strongly integrated into the ESG framework, as evidenced by PalmCo’s #2 global ranking in the S&P Corporate Sustainability Assessment (CSA) 2024 and its receipt of two Diamond Awards at the ESG Initiative Awards 2025. Conclusion: This research contributes to ESG literature in the plantation sector by demonstrating, through Legitimacy Theory, that PalmCo is transitioning from symbolic to substantive legitimacy, evidenced by verified emission reductions and the integration of ESG indicators into management KPIs. These findings offer a theoretical contribution to ESG implementation in state-owned plantation enterprises.
Co-Authors Amrie Firmansyah Hari Purnomo