THE STRATEGIC ROLE OF PRIVATE EQUITY IN THE INTERNATIONALIZATION OF ITALIAN SMEs

The internationalization of the portfolio company is a key strategy used by private equity (PE) investors to create value and produce returns. In recent years, the focus on the strategies for value-creation through operational improvement has become essential to achieve the exponential growth required to the portfolio company, given the low multiples and the market risk of leverage. In this paper, we define the key types of contribution that a PE investor can provide in order to support the internationalization process and their effects on the portfolio company’s performance. The research is based on a survey administered to 47 PE fund managers, which covers 156 deals involving Italian companies. The results offer insight into the contribution to the corporate governance, strategy and management that PE provides in addition to the monetary support. The findings show that the non-financial support given to the portfolio companies has a positive impact on the performance and that the most impactful contribution the PE can give is the support to the relational network when the company strategy involves a foreign direct investment.

VALUASI BISNIS PERUSAHAAN PT JAMINAN PEMBIAYAAN ASKRINDO SYARIAH DALAM RANGKA IPO DI TAHUN 2022

In order to absorb the potential of the sharia guarantee business in the future which will grow rapidly, PT Jaminan Pembiayaan Askrindo Syariah with the brand name "Askrindo Syariah" will carry out corporate actions, one of which is an initial public offering (IPO) in 2022. Askrindo Syariah's performance shows an increase in 5 years. However, Askrindo Syariah's business profile, which is mostly high-risk products, shows that the company's performance is not optimal even though it has increased. Accordingly, Askrindo Syariah needs to set a strategy in preparation for the IPO. The purpose of this study was to determine the business valuation of the company's strategy for Askrindo Syariah related to the initial public offering (IPO) plan in 2022. The results of the study show that the fair value range of share prices related to Askrindo Syariah's decision to carry out an IPO in 2022, based on the calculation of free cash flow to equity, the value of the company in 2022 is IDR 2,111,814 per share, while based on the relative valuation the book value is amounting to Rp 2,331,168,- per share. The results of this study can also determine the business valuation in 2025, the value of the company based on calculations using the FCFE method is Rp.2,929,706, - while based on the book value method is Rp.3,383,228,-. To maintain the company's value as projected, Askrindo Syariah needs to implement a company strategy to reach good underwritting quality product

Two-Way Symmetrical Communication Pattern: Company Strategy to Build Engagement Through Social Media

Engagaement in social media plays a significant role in stakeholders management. This study aims to describe the corporate communication strategy in building engagement through two-way symmetrical communication on Instagram social media content, as well as the engagement formed therein. This research uses a constructivist paradigm, qualitative approach with case study on Sinar Mas’ Instagram. Primary data collection was done by in-depth interviews, while secondary data was obtained by observations on Sinar Mas’ Instagram. The results show that corporate strategy to build engagement is by desaining relevant content to everyday life, using creative visual desain tailored to target audience, put audience in an equal position, create simple messages and insert questions so that it can further encourage two-way communication. Researchers also found that in building engagement, company effectively implement symmetrical communication by building interaction, dialogue, reciprocal communication, and trying to always respond the incoming messages. In this case, engagement that is formed is at the intermediate level or at the level of individual analysis which concluded from interaction results and cognitive, affective and behavior engagement of followers on Instagram. Engagement melalui media sosial memainkan peran yang signifikan dalam pengelolaan pemangku kepentingan. Penelitian ini bertujuan untuk mendeskripsikan strategi komunikasi perusahaan dalam membangun engagement melalui pola komunikasi simetris dua arah pada konten media sosial Instagram, serta engagement yang terbentuk. Penelitian ini menggunakan paradigma konstruktivis, pendekatan kualitatif dengan studi kasus pada Instagram Sinar Mas. Pengumpulan data primer dilakukan dengan wawancara mendalam, sedangkan data sekunder diperoleh dari observasi terhadap Instagram Sinar Mas. Data dianalisis dengan menggunakan konsep komunikasi simetris dua arah dan tingkat keterlibatan. Hasil penelitian menunjukkan bahwa strategi perusahaan untuk membangun engagement adalah dengan merancang konten yang relevan dengan kehidupan sehari-hari, menggunakan visual desain kreatif yang disesuaikan dengan target khalayak, menempatkan khalayak dalam posisi yang setara, membuat pesan yang sederhana dan menyisipkan pertanyaan sehingga dapat lebih mendorong komunikasi dua arah. Peneliti juga menemukan bahwa dalam membangun engagement, perusahaan menerapkan komunikasi simetris dengan membangun interaksi, dialog, komunikasi timbal balik, serta berusaha untuk selalu merespon pesan yang masuk. Dalam hal ini, engagement yang terbentuk berada pada tingkat menengah, yaitu pada tingkat analisis individu berdasarkan interaksi dan keterlibatan secara kognitif, afektif dan perilaku dari pengikut Instagramnya.

SWOT Analysis in Determining Environmental Risk Management Strategy in Medium Scale Nickel Laterite Mining (Case Study in PT Rohul Energi Indonesia)

Nickel is an essential metal in modern infrastructure, with significant uses in the stainless-steel industry for less than 65%. Nearly 70% of the world’s nickel laterite production comes from Indonesia and the Philippines. The high demand for nickel-based materials globally and the availability of nickel laterite ore in Indonesia make laterite nickel mining in Indonesia inevitable. Medium and small mining companies are more likely to have a more significant impact on the environment than large companies. Therefore, it is necessary to evaluate the implementation of environmental risk and impact management, and develop a company strategy. The research was conducted by qualitative method, namely by descriptive analysis and SWOT analysis. The data was collected in interview text, questionnaire results, field notes, documentation, photos, and videos. SWOT is one of the methods to analyze the strategy of an organization by identifying and measuring strengths and weaknesses, and opportunities and threats of the organization. Result is obtained score 3.77 (the X-axis), and 0.34 (the Y-axis) and will be plotted into a quadrant graph of the SWOT analysis method. The research resulted in PT. REI is in quadrant I. Therefore, the strategy would be utilizing the strengths and opportunities of the organization.

Problems of managing strategic resources of companies in the conditions of the ecological requirements toughening

The paper deals with the problems of managing strategic resources of companies. The structural transformations of foreign countries in the field of strategic models and processes are analyzed. The need for the formation and implementation of complex strategic models linking the interaction of resources and skills is proved. It is revealed that such models almost do not exist now. The authors propose the model that combines all relevant strategic perspectives in a holistic process. The article provides the construction and classification of corporate analysis of the company for the purposes of strategic management. Characteristics of core competencies are identified. The criteria for strategic resources are determined: superiority in competition; uniqueness; constancy; ease of use; replaceability; customer value, ecological friendliness. It is proved that strategic resources include the potential for success, allow gaining a competitive advantage and can serve as the basis for building a resource-oriented and ecologically responsible company strategy. The analysis of the main types of competencies is carried out. The process of identification of the company’s core competencies is considered, and it is concluded that core competencies form the basis of the company’s long-term competitiveness, and their knowledge can have a significant impact on internal and outsourcing decisions.

Human Resources, Management Control, and Culture, an Exploratory Study of Indonesia's SME

This paper investigates the SME's management control, human resources, and cultural context in Indonesia. These perspectives come into 2 (two) themes; Professional Capacity and Company Strategy. Most SMEs show a struggle in developing human quality and in particular, Indonesia's SMEs, also lack process controls due to their beliefs and cultures. Nonetheless, despite the positive impacts for the business sustainability that previous researchers have found, the implementation of MCS still has not been adequately done by the SME due to their several limitations. Thus, this paper aims to analyze a company perspective regarding the MCS implementation, specifically in the new phenomenon related to the contingent factors that arise from company issues and challenges using a case study from a clothing manufacturing company. The research question proposes for this research study is "How does Indonesia's SME implement its management control within limited resources and local culture?" Keywords: management control system, SME, contingency-based research, SME Point of View, Business Issues, MCS strategy

GOOD CORPORATE GOVERNANCE AS A CORPORATE STARTEGY DURING THE COVID-19 PANDEMIC IN ISLAMIC FINANCIAL INSTITUTIONS

The purpose of the research is to see the implementation of Good Corporate Governance as a corporate strategy during the COVID-19 pandemic. The type of research conducted is field research with qualitative methods. Data collection techniques used interviews and observations, with data reduction analysis and data triangulation. The results showed that PNM Mekaar sharia Brebes district and BMT Bina Ummat Sejahtera Bumiayu Brebes district applies the principles of Good Corporate Governance (GCG) well in the form of the principles of Transparency, Accountability, Responsibility, Independence, and Fairness. Where the implementation of Good Corporate Governance (GCG) as a company strategy during the Covid-19 pandemic has a positive impact on the company by increasing customers and members who need financing

On Competitive Strategy from OEM to OBM - A Case Study on a Sealing Parts Company in Taiwan

As the market becomes more globalized and the international situation continues to undergo complex changes, the income and profits of the OEM business are getting thinner and smaller. In such circumstances, many companies have initiated OBM business, causing fierce brand competition in the market. This study took a sealing parts company in Taiwan as the subject to explore how the company operates smoothly to maximize profits with both OEM and OBM business, determines the proper business strategy according to different customer groups and market segments, distributes customer orders and develops business strategy when OEM business conflicts with OBM business, so as to avoid customer complaints and reduce the risk of losing orders. This study first discussed the brand positioning of the subject company and brand competitions in the industry. Next, through qualitative interviews, it analyzed the market segmentation under the competition among international brands and the impacts of COVID-19 on the development of company strategy.

The Strategic Imperative and the Paradigm Shift in Economics

The very idea of strategic thinking is quite opposed to the tradition of linking the choices of agents, individual or collective, to the process of maximization under constraints. The theory of general equilibrium has closed the door to the notion of strategy, just as the theory of generalized free trade has closed that of sovereignty. But this paradigm is falling apart. With a new approach of radical uncertainty, something made even more obvious with the COVID-19 pandemic, we are relearning the science and art of strategy, the more so because we are living in a world of a balance of power. But what would be the definition of strategy? Quite clearly we must distinguish between state and company strategy. This debate is also at the very center of the controversy over the role and meaning of institutions in economics. There is also a variety of strategies and those having a distinct appetite for risk must seriously consider whether to practice the art of strategy or not.