ANALISIS STRATEGIS PENGGABUNGAN BADAN USAHA MILIK NEGARA (BUMN) KONSTRUKSI DI INDONESIA: TINJAUAN DARI PERSPEKTIF MANAJEMEN RISIKO DAN INOVASI

Abstract

This study analyzes the merger strategies of seven State Owned Enterprises (SOEs) in construction in Indonesia into three groups based on specialization, with a focus on risk management and innovation perspectives. The background of the study stems from the serious problems faced by SOEs in construction, including declining profitability, debt accumulation, and business continuity risks. The research method uses a normative approach with a literature review, examining synergy theory as a theoretical foundation and various secondary data from financial reports, government policies, and previous research results. The analysis results indicate that mergers have the potential to create operational, financial, and managerial synergies by reducing duplication of functions, strengthening market positions, and increasing risk management and innovation capacity. However, integration challenges such as differences in organizational culture, communication barriers, and operational risks need to be anticipated through careful planning, effective communication, and structured change management. The study's conclusion confirms that mergers in construction SOEs can be an effective strategy to improve competitiveness and financial health, provided that in-depth analysis, a comprehensive integration strategy, and sustainable management of risks and stakeholder expectations are carried out.

Keywords: State-owned construction companies, business mergers, synergy theory, risk management, innovation