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Eka Anugerah Putra
Universitas Trisakti
Computer Science & IT Economics, Econometrics & Finance Electrical & Electronics Engineering Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Library & Information Science Social Sciences

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Sistem Pengendalian Manajemen dalam Merger Telekomunikasi Skala Besar: Studi Kasus PT Xlsmart Telecom Sejahtera TBK (EXCL) Tahun 2025 Eka Anugerah Putra
Journal of Comprehensive Science Vol. 5 No. 6 (2026): Journal of Comprehensive Science
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/jcs.v5i6.4208

Abstract

Merger merupakan salah satu strategi korporasi yang banyak digunakan untuk meningkatkan efisiensi, memperluas pangsa pasar, dan menciptakan sinergi bisnis. Namun demikian, berbagai studi menunjukkan bahwa keberhasilan merger sangat ditentukan oleh efektivitas sistem pengendalian manajemen selama proses integrasi pascamerger. Penelitian ini bertujuan untuk menganalisis efektivitas Sistem Pengendalian Manajemen (SPM) pada PT XLSMART Telecom Sejahtera Tbk (EXCL) sebagai hasil merger PT XL Axiata Tbk dan PT Smartfren Telecom Tbk yang efektif pada 16 April 2025. Penelitian menggunakan pendekatan kualitatif dengan metode studi kasus. Data diperoleh melalui studi dokumentasi terhadap laporan keuangan konsolidasian, laporan tahunan, laporan keberlanjutan, dan laporan ESG tahun 2025. Analisis dilakukan menggunakan pendekatan pattern matching berdasarkan konsep Sistem Pengendalian Manajemen yang dikemukakan oleh Anthony dan Govindarajan (2007) serta Merchant dan Van der Stede (2017). Hasil penelitian menunjukkan bahwa pengendalian pendapatan dan sinergi operasional berjalan relatif efektif, tercermin dari pertumbuhan pendapatan sebesar 23,4% dan realisasi sinergi sebesar USD252 juta. Namun demikian, pengendalian biaya integrasi belum optimal yang ditunjukkan oleh peningkatan signifikan pada beban penyusutan, biaya tenaga kerja, biaya infrastruktur, dan biaya keuangan sehingga perusahaan membukukan rugi bersih sebesar Rp4,41 triliun pada tahun pertama pascamerger. Temuan ini menunjukkan bahwa efektivitas Sistem Pengendalian Manajemen pada fase integrasi masih menghadapi tantangan dalam pengendalian biaya, pengelolaan aset, dan transparansi pelaporan. Penelitian ini memberikan implikasi praktis bagi perusahaan yang melakukan merger untuk memperkuat mekanisme pengendalian biaya dan tata kelola integrasi guna memastikan tercapainya sinergi jangka panjang.
Analysis of the Relationship Between ESG and Firm Value with the Moderating Role of Earnings Management Eka Anugerah Putra; 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.v7i3.719

Abstract

Background: Environmental, Social, and Governance (ESG) has become an increasingly important non-financial factor in assessing corporate sustainability and long-term performance. Objective: This research seeks to analyze the impact of Environmental, Social, and Governance (ESG) factors on corporate value and to explore the role of earnings management as a moderating variable in the relationship between ESG and firm value. Methods: This research utilizes a quantitative methodology, drawing on panel data from consumer goods firms listed on the Indonesia Stock Exchange for the period spanning 2022 to 2025. The sample comprises 31 companies, yielding 124 firm-year observations, which were selected through purposive sampling. Environmental, Social, and Governance (ESG) performance is assessed via a disclosure index aligned with the Global Reporting Initiative (GRI) standards, while firm value is represented by Tobin’s Q. Results: This finding indicates that investors and consumers in the consumer goods sector continue to place greater emphasis on financial performance, product quality, price, and brand reputation than on sustainability-related information. Furthermore, earnings management is not proven to moderate the relationship between ESG and firm value. This study contributes to the literature by highlighting that the effectiveness of ESG in enhancing firm value depends not only on disclosure practices but also on market characteristics, investor perceptions, consumer behavior, and the firm's ability to integrate sustainability initiatives into business strategies that generate tangible economic benefits. Conclusion: The findings provide implications for managers and regulators in improving the quality of ESG implementation and ensuring that sustainability practices contribute to long-term value creation.
Co-Authors Amrie Firmansyah