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Merger and Acquisition Integration Ultra Micro State-Owned Enterprise (SOE) Holding:  A Systematic Literature Review Eko Susetyono; Dominicus Savio Priyarsono; Anggraini Sukmawati; Popong Nurhayati
Jurnal Aplikasi Bisnis dan Manajemen Vol. 12 No. 1 (2026): JABM, Vol. 12 No. 1, Januari 2026
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.12.1.65

Abstract

Background: This research is important because although the literature on mergers and acquisitions (M&A) has developed significantly at the global level, most of it still focuses on private and multinational companies in developed countries, while studies on state-owned enterprises (SOEs) in the ultra-micro sector in developing countries, including Indonesia, are still very limited. However, the post-merger integration (PMI) process is a crucial factor in determining the success of M&A, and existing research remains fragmented between financial, structural, and sociocultural perspectives. In the Indonesian context, the formation of the Ultra-Micro Holding Company (HUM), involving BRI, Pegadaian, and PNM, plays a strategic role in expanding financial inclusion, strengthening access to financing for SMEs, and improving SOE efficiency. Therefore, a systematic review of M&A integration in ultra-micro SOEs not only contributes theoretically to the development of management science and public policy but also has practical implications for regulators and management in ensuring the success of such policies.Purpose: This study focuses on the application of mergers and acquisitions with a Systematic Literature Review (SLR) of previous studies, where mergers and acquisitions are an organized and flexible process used to deal with problematic situations that require corrective measures.Design/methodology/approach: This study used a qualitative approach through a systematic literature review (SLR) using the PRISMA approach.Conclusion: The results of this review show that M&A research is still dominated by the context of private and multinational companies in developed countries, while studies on ultra-micro SOEs in Indonesia are very limited. A systematic analysis underscores the importance of managerial factors, communication, and sociocultural aspects in the success of post-merger integration (PMI). However, previous research is theoretically fragmented and methodologically limited. Thus, this study highlights a research gap that necessitates further in-depth examination of M&A integration strategies in ultra-micro SOEs in developing countries.Originality/value (State of the art): This study makes an original contribution through an innovative combination of Mergers and Acquisitions with a Systematic Literature Review (SLR) in the context of state-owned enterprise (SOE) holding companies in Indonesia. Using the PRISMA approach, this study provides an in-depth analysis of the formation of ultra-micro holding companies involving the integration of three major financial institutions. The multidimensional analytical framework developed encompasses research trends, impact evaluation, success factors, model comparisons, policy evaluation, and risk analysis, providing a holistic understanding of SOE transformation through the formation of holding companies. Practically and theoretically, this study provides a framework for practitioners and fills a gap in the literature on SOE transformation studies in developing countries. Keywords:  acquisition, merger, prisma, systematic literature review, ultra-micro
The Influence of Brand Equity and Relationship Quality on Repeated Purchase Intentions of Cosmetic Active Ingredients in PT XYZ Handinata D. Lohita; Ujang Sumarwan; Popong Nurhayati
Jurnal Aplikasi Bisnis dan Manajemen Vol. 11 No. 2 (2025): JABM Vol. 11 No. 2, May 2025
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.11.2.659

Abstract

Background: Indonesia's cosmetics industry is growing rapidly, driven by increasing consumer interest in beauty and skincare product. Derma-cosmetics, which treats skin problem, needs good-quality cosmetic active ingredients. In a competitive market, recurring purchases are influenced by relationship quality and brand equityPurpose: This study seeks to examine the impact of brand equity and the factors influencing relationship quality on consumer intentions to repurchase PT XYZ's cosmetic active ingredient. Furthermore, it investigates the role of relationship quality as a mediating variable between brand equity and repurchase intention.Design/methodology/approach: PT XYZ cosmetic active ingredient customers in Indonesia were evaluated in May 2024 through of 80 local industry clients via Google Forms. SEM and Partial Least Square were used to analyze in the structural model (inner model) and measurement model (outer model).Finding/result: The findings show that in PT XYZ, brand equity influences relationship quality, including satisfaction, trust, and commitment, and affects repurchase decisions. Relationship quality mediates the link between brand equity and repurchase intention.Conclusion: Enhancing brand equity and relationship quality boosts repeat purchase intentions for cosmetic active ingredients. Trust, satisfaction, and commitment among manufacturers, distributors, and customers are crucial, with relationship quality mediating brand equity’s impact on repeat purchases.Originality/value (State of the Art): This study explores brand equity and relationship quality in a B2B context, focusing on cosmetic active ingredients rather than finished products. It examines these factors impact on repeated purchase decision through distributor, providing role insight the cosmetic ingredient supply chain. Keywords: cosmetic active ingredients, B2B, brand equity, relationship quality, repeated purchase intention
SMEs Business Development Strategy for Coffee Shop Siti Yuningsih; Popong Nurhayati; Sufrin Hannan
Business Economic, Communication, and Social Sciences Journal (BECOSS) Vol. 8 No. 1 (2026): BECOSS (In Press)
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/becossjournal.v8i1.13593

Abstract

The fast proliferation of coffee shops and eateries in Bogor has increased rivalry in this business. This also affects Askara Coffee & Kitchen, making it more difficult to sustain revenue stability and business growth. The purpose of this study is to examine the elements that influence consumer purchase decisions at Askara Coffee & Kitchen, as well as to design methods to stabilize revenue and business growth. This study uses a mixed method, combining quantitative and qualitative approaches. To better understand customer behavior in purchasing decisions, qualitative analysis is carried out using the findings from interviews with informants. Meanwhile, the quantitative analysis is carried out utilizing IPA analysis, value chain analysis, Porter's five forces analysis, IFE matrix, EFE matrix, IE matrix, SWOT analysis, and QSPM matrix to determine the suitable strategic priorities for the organization. The main priority strategy produced is for Askara Coffee & Kitchen to add a new area for the coffee shop to address all the current issues while maintaining the nature-themed coffee shop concept, which will impact the increase in business revenue.
Co-Authors Abdullah, Jidin Achmad Fadillah Adisty, Mohamad Rhesa Aditya Asmara Nala Agus Buono Ahmad Fahrudin Alexandrina, Elke Alwinie, Ade Agusti Andrini, Raissa Fidela Anggraini Sukmawati Anggraini Sukmawati Anggraini, Raden Isma Anita Primaswari Widhiani Anjani, Gita Indri Anna Fatchiya Annisa Ramadanti Arif Imam Suroso Arry Ekananta Asep Taryana Asnawi, Yudha Heriyawan Bachtiar, Muchamad Bagus Sartono Bahukeling, Trukan Sri Banowati, Benna Budiarti, Raden Rara Arifah Mulyo Chasanah, Alfa Darmaningsih . Dikky Indrawan, Raden Dominicus Savio Priyarsono Dominicus Savio Priyarsono Dwi Romadhani Eko Susetyono Eko Susetyono Elfrida, Elsi Erjayana Ginting Erjayana Ginting Fadhila Akmaliyah Faiqoh, Nadya Kamilia Fairuz Malinda Rahma Fauzan Firdaus Risya Febriantina Dewi Fuad Wahdan Muhibuddin Ginting, Erjayana Goranda, Iqra Rizky Hadi, Dhea Savira Hakim, Dedi Budiman Handayani, Irma Tuti Handinata D. Lohita Handito Hadi Joewono Handito Hadi Joewono Harianto Harianto Harianto Henrikus Passlamanto Heny Kuswanti Suwarsinah Hidayat, Yayat Syariful Iis Diatin Imam Suroso, Arif Imam Teguh Saptono Indrawan, Dikky Iqra, Iqra Rizky Goranda Ivan Godang Wardiman Kaiwa, Ogan Khairiyah Kamilah Khairunnisa Ismah Krisnandiva, Radya Ayu Kumalasari, Aristin Nanda Lilik Noor Yuliati Linda Karlina Sari Lukman M. Baga Lukman M. Baga Lusi Fausia Maulana, Syahrial Megawati Simanjuntak Megawati, Lokita Rizky Mila Jamilah Mila Jamilah Moch Prihatna Sobari Mohamad Sahid Rahman Muhammad Alvin Jauhari Muhammad Rayno Septian Musa Hubeis Nala, Aditya Asmara Ningrum, Intan Cahya Noorisiva Larasati Nur Hasanah Nur, Arfandi Nurjanah, Audra Siti Nurlinda Dewi Kusumah Primanda, Galih Rafdi Dzulfikar Ramdhani Retnaningsih Riska Ariyanti, Riska Rita Nurmalina Rizal Syarief Rizal Syarief Rombebunga, Meyjerd Sandy Gunawan Satria, Muhammad Rachmadi Shalihati, Fithriyyah Shidqi, Salman Fauzan Siti Jahroh Siti Rachmawati, Tisa Siti Yuningsih Sitompul, Firdaus Marihot Sufrin Hannan Sufrin Hannan Sugiarto, Anto Tri Susetyono, Eko Tandra, Hansen Teguh Suryanto Tiffani Dias Anggraeni Titin Maytani Trukan Sri Bahukelling Tuhpawana Priatna Sendjaja Ujang Sumarwan Ujang Sumarwan Ujang Sumarwan Wawan Okatriza Widaningsih Widaningsih, Widaningsih Widhiani, Anita Primaswari Windayani, Fina Yosini Deliana Yudha Heryawan Asnawi Yunus Triyonggo Zenal Asikin