Research Article
Comparison of Financial Performance and Financial Distress Prediction Pre and Post Merger (Case Study at PT GoTo Gojek Tokopedia Tbk for the 2019-2022 Period)
@INPROCEEDINGS{10.4108/eai.21-9-2023.2345677, author={Aminah Cutari Zahra and Enny Hardi and Atma Hayat and Rifqi Novriyandana}, title={Comparison of Financial Performance and Financial Distress Prediction Pre and Post Merger (Case Study at PT GoTo Gojek Tokopedia Tbk for the 2019-2022 Period)}, proceedings={Proceedings of the 2nd International Conference on Contemporary Risk Studies, ICONIC-RS 2023, 21-22 September 2023, Bali, Indonesia}, publisher={EAI}, proceedings_a={ICONIC-RS}, year={2024}, month={6}, keywords={merger financial performance financial distress}, doi={10.4108/eai.21-9-2023.2345677} }- Aminah Cutari Zahra
Enny Hardi
Atma Hayat
Rifqi Novriyandana
Year: 2024
Comparison of Financial Performance and Financial Distress Prediction Pre and Post Merger (Case Study at PT GoTo Gojek Tokopedia Tbk for the 2019-2022 Period)
ICONIC-RS
EAI
DOI: 10.4108/eai.21-9-2023.2345677
Abstract
Facing the very competitive digital business ecosystem, two of the fastest growing startups in Indonesia, Gojek and Tokopedia, chose to merged became GoTo. This research aims to analyze the comparison of financial performance and financial distress prediction pre and post merger. This research was case study research with a descriptive method. The periods were two years before and two years after the companies have merged. The results showed that (1) three out of four financial ratios have better results after the companies have merged; (2) before and after the companies merged, the companies have not been able to generate Financial Value Added; (3) Zmijewski’s model predicted before the merger the company was detected as being in the financial distress phase and after the merger the company was not in financial distress phase; (4) Grover’s model predicted that the companies were in the financial distress phase before and after the merger.