MERGER DAN AKUISISI SEBAGAI STRATEGI TRANSISI EKONOMI SIRKULAR: ANALISIS INDEKS INDUSTRI 4.0 DAN KARAKTERISTIK FUNDAMENTAL PERUSAHAAN PUBLIK DI INDONESIA
DOI:
https://doi.org/10.64617/kreyat.v4i2.13-39Keywords:
Mergers and Acquisitions, Circular Economy, Industry 4.0 Index, Fundamental Company Characteristics, Indonesian Public CompaniesAbstract
This study aims to describe and analyze the characteristics of Indonesian public companies in the context of Mergers and Acquisitions (M&A) as a circular economy transition strategy, examined through the Industry 4.0 Index (I4DI) and fundamental company characteristics. The variables analyzed include M&A activity, Circular Economy Index (CE Index), Industry 4.0 Index (I4DI), leverage, Return on Assets (ROA), firm size, and firm age. This study employs a descriptive quantitative approach using secondary data sourced from annual reports of public companies listed on the Indonesia Stock Exchange that have conducted M&A activities during the 2020–2024 period. The research sample consists of 20 companies selected using purposive sampling, with a total of 100 observation units per variable and 700 overall data observations. The results indicate that the average I4DI of all sample companies grew significantly from 40.50% to 84.00% during the observation period, with the manufacturing and mining/energy sectors recording the highest digital maturity levels. Meanwhile, the average CE Index only grew from 10.27% to 16.45%, indicating that circular economy implementation remains considerably behind digital transformation achievements. M&A activities recorded a total of 27 transactions from 16 sample companies, peaking in 2022. Descriptively, there is no substantial difference between the CE Index and I4DI profiles of companies that conducted M&A and those that did not, suggesting that M&A is not the only effective pathway toward circular economy transition. The main finding of this study is the significant gap between the level of digital maturity and the level of circular economy implementation among Indonesian public companies, indicating the need for stronger integration between the digital transformation agenda and comprehensive corporate sustainability strategies.Downloads
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