Can GoTo survive? Assessing financial performance and bankruptcy risks post-divesting Tokopedia
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Abstract
This study examines the initial impact of Tokopedia's divestment following the acquisition of TikTok on PT GoTo's financial performance and bankruptcy risk. As Tokopedia is the second-largest revenue contributor to GoTo, this strategy has the potential to affect the company's financial condition. With a focus on financial performance and the risk of corporate bankruptcy, the research combines quantitative methods with case studies. The indicators used in this study include financial performance (ROA, ROE, NPM, QR, DAR, DER, TATO) and bankruptcy risk analyzed using the Grover model. Data was obtained from GoTo's annual financial statements for the period from 2022 to 2024. The results showed that GoTo's divestment of Tokopedia had a positive initial impact in terms of profitability and cost efficiency. This is evidenced by all the proposed indicators showing better results after GoTo divested Tokopedia. The Grover model also shows the transition of GoTo from the distress zone to the safe zone. These results are driven by the consolidation of the core business (Gojek & GoPay) as well as the support of government regulations and the improvement of post-COVID-19 on-demand conditions. The implications of this study provide insight for stakeholders regarding GoTo's financial resilience after the Tokopedia divestment and provide an early indication of financial risk mitigation for the future.
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How to Cite
Ramadhan, R. P. and Wahyuningsih, S. D. . (2025) “Can GoTo survive? Assessing financial performance and bankruptcy risks post-divesting Tokopedia”, Jurnal Mantik, 9(2), pp. 713-722. doi: 10.35335/mantik.v8i6.6422.
References
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Alfadli, A., & Rjoub, H. (2020). The impacts of bank-specific, industry-specific and macroeconomic variables on commercial bank financial performance: evidence from the Gulf cooperation council countries. Applied Economics Letters, 27(15), 1284–1288. https://doi.org/10.1080/13504851.2019.1676870
Anita, S. Y., Setiawati, P. C., Santoso, T. I., Munizu, M., Indriyatni, L., & Candera, M. (2022). Manajemen Keuangan Lanjutan (A. Jibril (ed.)). Penerbit NEM. https://books.google.co.id/books?id=lC53EAAAQBAJ
Arti, Y., & Ovami, D. C. (2022). Analisis Perbandingan Model Z Altman Dan Model The Grover Dalam Mengukur Kesehatan Perusahaan Food And Beverages Di Bursa Efek Indonesia. Jurnal Multidisiplin Madani, 2(2), 765–778. https://doi.org/10.54259/mudima.v2i2.432
As’ari, H., & Zaman, B. (2023). Divestasi, Akuisisi Dan Kinerja Perusahaan. JAE (JURNAL AKUNTANSI DAN EKONOMI), 8(1), 130–137. https://doi.org/10.29407/jae.v8i1.19547
Batsakis, G., Mohr, A., Konara, P., & Koritos, C. (2024). The Effect of Foreign Divestment on Subsequent Firm Performance: The Moderating Role of Spatial and Temporal Dispersion of Prior Divestment Experience. British Journal of Management, 35(4), 1763–1780. https://doi.org/10.1111/1467-8551.12786
Binekasri, R. (2024). GOTO Bukukan Rugi Rp 90 Triliun, Ternyata Ini Penyebabnya. CNBC Indonesia. https://www.cnbcindonesia.com/market/20240319212259-17-523458/goto-bukukan-rugi-rp-90-triliun-ternyata-ini-penyebabnya
Brealey, R. A., Myers, S. C., & Alle, F. (2017). Principles of Corporate Finance (12th ed.). McGraw-Hill Education.
Brigham, E. F., & Ehrhardt, M. C. (2017). Financial Management: Theory & Practice (15th ed.). Cengage Learning.
Cascio, W. F. (2021). Corporate Restructuring. In Oxford Research Encyclopedia of Business and Management. Oxford University Press. https://doi.org/10.1093/acrefore/9780190224851.013.348
Denis, D. K., & Rodgers, K. J. (2005). Chapter 11?: Duration , Outcome , and Post-Reorganization Performance Abstract Chapter 11?: Duration , Outcome , and Post-Reorganization Performance. Purdue University.
Gehricke, S., Aschakulporn, P., Suleman, M. T., & Wilkinson, B. (2024). The effects of Divestment from ESG Exchange Traded Funds. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4868504
Gibson, C. H. (2011). Financial Reporting & Analysis (12th ed.). Suoth-Western Cengage Learning.
Haedir, Djamereng, A., Imaduddin, & Razak, R. (2024). Analisis Rasio Keuangan Untuk Menilai Kinerja Keuangan PT GoTo Gojek Tokopedia TBK. Center of Economic Student Journal, 7(1), 1–13. https://doi.org/10.56750/csej.v7i1.993
Haynes, M., Thompson, S., & Wright, M. (2002). The Impact of Divestment on Firm Performance: Empirical Evidence from a Panel of UK Companies. The Journal of Industrial Economics, 50(2), 173–196. https://doi.org/10.1111/1467-6451.00173
Higgins, R. C. (2012). Analysis for Financial Management (10th ed.). McGraw-Hill.
Hoppe, F., Chang, W., Baijal, A., Chadna, S., & Hoong, F. W. (2024). e-Conomy SEA 2024 | Bain & Company. Bain & Company. https://www.bain.com/insights/e-conomy-sea-2024/
Ikatan Akuntan Indonesia (IAI). (2015). Laporan Keuangan Konsolidasian (ED Amandemen PSAK 65).
Keijzer, J. (2022). The impact of divestment decisions on parent company ’ s shareholders value. Eramus University Rotterdam.
Leona, M., Putra, S., Angelina, N., Phang, S., Loo, E., & Fatyandri, A. N. (2023). ANALISIS MERGER DAN AKUISISI PT GOTO GOJEK TOKOPEDIA TBK. SENTRI: Jurnal Riset Ilmiah, 2(11), 4932–4937. https://doi.org/10.55681/sentri.v2i11.1832
Mentari, N. S., & Firmansyah, A. (2019). KINERJA OPERASI DAN KINERJA SAHAM PADA PERUSAHAAN NON-KEUANGAN YANG MELAKUKAN DIVESTASI. Equilibrium: Jurnal Penelitian Pendidikan Dan Ekonomi, 16(02), 151–174. https://doi.org/10.25134/equi.v16i02.2192
Mwikamba, T. M., Rosana, D. M., & Aluvale, V. M. (2025). Macro-Economic Factors and Financial Performance of Micro-Finance Institutions in Kenya. International Journal of Social Science and Humanities Research (IJSSHR) ISSN 2959-7056 (o); 2959-7048 (P), 3(1), 38–48. https://doi.org/10.61108/ijsshr.v3i1.153
Nikolaou, K. (2009). Liquidity (Risk) Concepts: Definitions and Interactions. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1333568
Pearce, J. A., & Patel, P. C. (2022). Reaping the financial and strategic benefits of a divestiture by spin-off. Business Horizons, 65(3), 291–301. https://doi.org/10.1016/j.bushor.2021.03.001
Penman, S. H. (2013). Financial Statement Analysis and Security Valuation (15th ed.). McGraw-Hill.
Pillai, R., & Al-Khatib, M. (2024). Does Profit Paradigm Shift? A Comparative Analysis of the Impact of Divestment on Financial Performance Using Non-Parametric and Artificial Neural Network Model. 2024 8th International Symposium on Multidisciplinary Studies and Innovative Technologies (ISMSIT), 1–7. https://doi.org/10.1109/ISMSIT63511.2024.10757285
Pratiwi, M. R., Atmadjaja, Y. V. I., & Ferawati, I. W. (2023). Prediction Analysis of Company Bangkruptcy Using Comparison of the Altman Method (Z-score) and Grover Method (G-scrore) as an Early Warning System in Pharmaceutical Subsector Companies. Jurnal Maksipreneur: Manajemen, Koperasi, Dan Entrepreneurship, 12(2), 486. https://doi.org/10.30588/jmp.v12i2.1472
Rustendi, T. (2023). PENDEKATAN KUANTITATIF DALAM STUDI KASUS PADA PENELITIAN BIDANG AKUNTANSI. JURNAL AKUNTANSI, 17(1), 24–37. https://doi.org/10.37058/jak.v17i1.6736
Suganda, B., & Sumani. (2019). Divestiture and Company’s Financial Performance: An Empirical Study on Companies Listed on Indonesia Stock Exchange. Proceedings of the 2019 International Conference on Organizational Innovation (ICOI 2019), 100(Icoi), 87–91. https://doi.org/10.2991/icoi-19.2019.16
Sun, M. (2012). IMPACT OF DIVESTITURE ACTIVITIES ON CORPORATE PERFORMANCE: EVIDENCE FROM LISTED FIRMS IN TAIWAN. The International Journal of Business and Finance Research, 6(2), 59–67. https://ssrn.com/abstract=1948809
Tokopedia. (2021). Gojek and Tokopedia combine to form GoTo, the largest technology group in Indonesia and the “go to” ecosystem for daily life. Www.Tokopedia.Com. https://www.tokopedia.com/blog/gojek-and-tokopedia-combine-to-form-goto-the-largest-technology-group-in-indonesia-and-the-go-to-ecosystem-for-daily-life/
Wardani, N. P. N. W., & Reina Candradewi, M. (2024). ANALISA KOMPARATIF KINERJA KEUANGAN PADA PT GOTO GOJEK TOKOPEDIA TBK SEBELUM DAN SESUDAH MERGER. E-Jurnal Manajemen Universitas Udayana, 13(10), 1508. https://doi.org/10.24843/EJMUNUD.2024.v13.i10.p01
Yuniarto, A. Y., Adinata, P. V, Putra, N. K., M, T. A. H., Ambarwati, N. V, & Press, S. D. U. (2022). Manajemen Keuangan Keputusan Pembelanjaan dan Kebijakan Dividen (T. H. E. Prabowo (ed.)). Sanata Dharma University Press. https://books.google.co.id/books?id=Nd-SEAAAQBAJ
Zahra, A., Hardi, E., Hayat, A., & Novriyandana, R. (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). Proceedings of the 2nd International Conference on Contemporary Risk Studies, ICONIC-RS 2023, 21-22 September 2023, Bali, Indonesia, 4. https://doi.org/10.4108/eai.21-9-2023.2345677
Zhou, B., Wu, J., Guo, S., Hu, M., & Wang, J. (2020). Environmental regulation and financial performance of Chinese listed companies. PLOS ONE, 15(12), e0244083. https://doi.org/10.1371/journal.pone.0244083
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