Proceedings of the 2nd International Conference on Contemporary Risk Studies, ICONIC-RS 2023, 21-22 September 2023, Bali, Indonesia

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)

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  • @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
Aminah Cutari Zahra1,*, Enny Hardi1, Atma Hayat1, Rifqi Novriyandana1
  • 1: Universitas Lambung Mangkurat
*Contact email: aminahcutarizahra@gmail.com

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.