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The Impact of Merger Company on the Value of Case Study Stocks on Merger
Gojek and Tokopedia

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 Vol. 03, No. 4 (2021) 425-432, doi: 10.24874/PES03.04.006

Proceedings on Engineering
Sciences
www.pesjournal.net

THE IMPACT OF MERGER COMPANY ON THE

VALUE OF CASE STUDY STOCKS
ON MERGER GOJEK AND TOKOPEDIA

Muhammad Ilham Kurniawan1

Popo Subroto
Maryana
Yusrina Ulfah
Syahrial Shaddiq
Mohammad Zainul

ABSTRACT
Keywords:
Industry 4.0; Stocks; Start-Up; Merger; Indonesia is a country with the 4th largest population in the world. Based on
Management; E-Commers. the existing population, Indonesia can build its market in this Industry 4.0 era,
currently, several domestic start-ups are growing so rapidly, such as Gojek and
Tokopedia, which is in early 2021 choose to collaborate as the Goto Grup in
their efforts to their developed their business. The formulation of the problem:
How is the impact of the company merger on the value of the Gojek and
Tokopedia merger case study Objective: How is the impact of the company
merger on the share value of the Gojek and Tokopedia merger case study. By
using a qualitative approach and descriptive analysis, this research focuses on
analyzing or interpreting written material based on its context. Data is taken
from observation. The results of the analysis found an increase in shares whose
ownership was dominated by Gojek and with a company merger it would be
easy to become an Initial Public Offering (IPO) this in the future will grow the
domestic economy. Because the Goto ecosystem itself has fulfilled 2% of the
Gross Domestic Product (GDP).
© 2021 Published by Faculty of Engineeringg

1. INTRODUCTION According to the page of databook.katadata the

population in Indonesia reaches the figure of 270.2
Indonesia is the country with the 4th most population million (Hadya Jayani, 2021), of course with such a large
ranking in the world, the ranking is such a special gift as population Indonesia has a great opportunity to become
well as an ordeal that can bring down a country, a target market in the world, especially in the field of
especially in its economic sector. In addition, such a large technology. Based on the large population who exist
population with uneven spread further provides certainly make the growth of diverse needs whether it's
additional problems for Indonesia. daily shopping, transportation or financial needs, seeing
so many such needs make some startup companies
popping up in Indonesia be it startup companies from

1
Corresponding author: Muhammad Ilham Kurniawan
Email: [email protected] 425
Kurniawan et al., Proceedings on Engineering Sciences, Vol. 03, No. 4 (2021) 425-432, doi: 10.24874/PES03.04.006

abroad or start-ups that are original, growing and these two companies will later become a company that
growing in Indonesia. goes public.

Start up itself is a newly established business and is still 2. RESEARC METODS

in development and research to look for market potential
and this type of business is included in the business The research approach in this study uses qualitative
engaged in technology and information. Usually this approach with descriptive analysis method, descriptive
company will have a trading business and services that research by describing situations or events. This research
strive to meet the daily needs of consumers and most of is included as part of library research in which implement
these companies move online (Silalahi, 2017). the research focuses on analyzing or interpreting written
material based on its context (Mahdi & Mujahidin, 2014).
In addition to the high chances of success in the The data source for this study is taken from observation,
Indonesian market that has so many populations, start- namely conducting direct observations through the
ups themselves can become more and more developed assessment of books, journals, related news reported
because it runs in line with the increasing number of through electronic mass media, and other sources that
internet users in Indonesia. Based on the support the smoothness of research.
databoks.katadata.co.id page taken from the survey of the
Association of Indonesian Internet Service Providers Descriptive analysis is used in this research as a data
(APJII) stated that the number of internet users in analysis tool, this is a discussion technique with problem
Indonesia reached 196.7 million people in the period exposure with analysis and giving a deep explanation of
2019-second quarter/2020, this number increased by a data. Attempting to investigate data, expose, analyze
8.9% or equivalent to 23.5 million users compared to the and explain data is part of descriptive analysis techniques
survey results in 2018 (Jarot Bayu, 2020). (Mahdi& Mujahidin, 2014).

Some of Indonesia's original start-ups that are growing in

3. BODY OF THE PAPER
popularity such as Gojek, Traveloka, Tokopedia and
others are examples of domestic start-up companies that
thrive to be able to penetrate foreign countries.
3.1 Overview of Mergers
Sometimes companies need to improvise to maintain
achievements, maintain revenue growth and security so Merger activities have long been ongoing in Indonesia
that it is not uncommon for activities such as mergers, which began to develop since the 1970s. The main reason
consolidations or acquisitions to occur among existing Indonesian companies are active in mergers and
companies. acquisitions is driven by the pressure of the economic
crisis. Merger and acquisition activity in Indonesia show
The change in the status of a company will certainly the scale that continues to increase quite significantly
affect the company's own journey whether in the future from year to year since 1980 (Tarigan, Yenewan, &
has a positive impact or even a negative impact for the Natalia, 2016).
company. In Indonesia, there has recently been a merger
of two large start-up companies, namely the merger The beginning of merger and acquisition development in
between Gojek and Tokopedia. Indonesia was started by the banking industry, mergers
were chosen by banks in the hope that mergers could
Previously Gojek and Tokopedia were large companies strengthen the capital structure and create relief in the tax
that provide services and fulfillment of daily needs. Both sector (Sutrisno & Sumarsih, 2004). According to KPPU
companies have not previously been go public on the (Business Competition Supervisory Commission) in
capital market. Indonesia throughout 2011 there have been mergers and
acquisitions with a total value of Rp 70.3 trillion.
Until now they have only become investors or Mergers that occur in Indonesia not only occur locally
shareholders in some companies such as Gojek which but also have been mergers between countries. With the
owns 21.04 percent of PT. Bank Jago Tbk (ARTO) increasing merger action this proves that more and more
shares as of April 30, 2021 through PT. Dompet Karya companies are looking to create business synergies with
Anak Bangsa or GoPay and through PT Pradipa Darpa other companies and to make efficiency and
Bangsa Gojek owns 4.76 percent of PT Matahari Putra effectiveness (Tarigan et al., 2016).
Prima Tbk (MPPA) or Hypermart managing issuer,
Gojek also has a stake in PT. Blue Bird Tbk (BIRD) 4.33 Merger activities in Indonesia have been going on for
(Melani, 2021). quite a long time, starting from 1970, where mergers are
chosen by banks in the hope that mergers can strengthen
Then what if the merger of Gojek company with the capital structure and subtraction in the tax sector. The
Tokopedia really happened, what might have a development of mergers continues to this day. When the
significant impact on the value of shares that Gojek has company is in a state of crisis, not a few companies
previously owned and whether the merger products of choose to conduct mergers to overcome the difficulties in
funding.

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Each chosen path certainly needs to consider vital things, Sometimes companies choose to expand to reduce
as when choosing to merge then there are two things that business competition because mergers and acquisitions
should be considered beforehand, namely the value that are able to build increased borrowing power of the
will result from the activity and who will benefit the most company against banks and decreased financial liabilities
from the activity. With the merger is expected to produce (Fernando & Edi, 2021).
good synergy to increase the value of the company in the
future (Sutrisno & Sumarsih, 2004). Gitman argues that the reason of company chose to
merge, either through mergers or acquisitions, is due to
According to Tamosiuniene and Duksaite merger is a several things, namely:
combination of two corporations where there will only be a. Growth or diversification
one company that survives and the company resulting b. Synergy
from the merger no longer exists. In a merger, the c. Fund raising
acquiring company assumes the assets and liabilities of d. Increase managerial skill or technology
the company resulting from the merger. In addition, e. Tax consideration
although the buyer's company may have been a very f. Increased ownership liquidity
different organization after the merger, its true identity g. Defense against takeover
was retained. Acquisitions occur when one company
takes control ownership in another company, a legitimate Based on the reasons stated above, can be known that
subsidiary of another company, or an asset selected from mergers and acquisitions are activity that is expected to
another company such as a manufacturing facility. It is develop the company to be larger and highly competitive,
understood that the acquisition is an asset purchase so that the merger and acquisition activities should
activity such as factories, divisions, or even entire receive a positive response from the market and
companies (Vaulia et al., 2021). investors.

Merger activities for Indonesia have occurred a lot, 3.3 Start Up

because the merger is considered as one of the strategies
that are considered effective enough to face increasingly A new business is established and is still in the process
tight business competition. Based on the data obtained, of development and research to find market potential and
merger and acquisition activities in Indonesia increased all companies of this type belong to the field of
from year to year, even in 2017 obtained data as many as technology and information business. Usually this
90 merger and acquisition activities occurred. business is done individually with strong motivation
support from prospective entrepreneurs who want to get
According to Foster, the announcement of a merger, into the start-up business. Everyone who is starting a new
acquisition, and divestment of a company is one of the business can be said to be entrepreneurial. for anyone,
factors that can affect the company's share price. especially young entrepreneurs engaged in start-up
Therefore, for an investor or a potential investor the business is required to have innovative ideas in order to
announcement of mergers and acquisitions should be one be able to innovate and produce creative solutions to meet
of the things that are considered in making investments, the unmet market desires and create new types of value
by utilizing or anticipating things that may happen from for customers.
the announcement of mergers and acquisition (Saputra &
Basid Hasibuan, 2019). In general, start-up companies are understood to be part
of Small and Medium Enterprises (UKM) engaged in
3.2 Merger Functions and Benefits information technology with business emphasis using e-
commerce platforms. Because it is based on information
Mergers and acquisitions are activities that aim to create technology, start-up companies are very closely related
additional value for the company's shareholders or to to the creative industries such as music, design, fashion,
increase shareholder peace and generate better synergies. and software development.
Certainly the motive of merger and acquisition synergy
is not far from the goal to realize the results of the Most businesses that are popping up in today's modern
company's economic benefits by combining two or more era tend to maximize the utilization of online media that
businesses or companies. In addition, with the merger of is now called ecommerce. Start-up, is a word that is often
companies can also achieve a significant increase in used in today's digital era. The business startup method
profitability ratio, improve the efficiency of the always goes hand in hand with innovation and
company's financial performance higher than before and technology trends. The acceleration of the growth of
useful to expand the market. Information and Communication Technology (ICT) is
able to increase trends that change traditional business
Mergers can increase the company's performance growth models or encourage establish new businesses (startup)
in a fairly fast time both in terms of size, stock market, that tend to take advantage of technological
and business diversification. The company's expansion opportunities.
with mergers and acquisitions can reduce competition.

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Start-up is business that able to grow and create new Tokopedia is currently among the most visited
opportunities for the younger generation, especially for marketplaces in Indonesia (Tokopedia, 2021).
those who are willing to adapt, follow the conditions of
the times and want to try to change the traditional market Tokopedia participates in supporting small and medium-
model to a virtual market. The old business model began sized micro enterprises (UMKM) and individuals in
to change to an online business model (startup) where business development through online product marketing
inventory was replaced by information and digital with the Government and other parties. One of the
products replaced physical goods (Nugraha & collaboration programs initiated by Tokopedia is the
Wahyuhastuti, 2017). annual MAKERFEST event held since March 2018
(Tokopedia, 2021) Since March 9, 2021 the merger issue
Indonesia as one of the countries that has the potential as between Gojek and Tokopedia began to spread
the largest market for the start-up market must certainly (Tempo.co, 2021) and on May 17, 2021, Gojek and
have its own start-up company that is purely the product Tokopedia officially announced the merger by forming a
of the nation's children. For now there are several start- GoTo Group which stands for Gojek and Tokopedia and
up companies that have the status of unicorns or star-up derives from the word gotong-royong (Ahmad Burhan,
companies with a valuation of value at least 1 billion U.S. 2021).
dollars including Gojek, Tokopedia, Ovo, Bukalapak and
Traveloka. 3.4 Stock

To achieve mutual success, increase achievements, A sign of capital investment in a limited liability
maintain revenue growth and security so that it is not company or so-called shares, share ownership for
uncommon for activities such as mergers, consolidations investors in a company can provide the continuity of
or acquisitions to occur among existing companies such dividends, capital gains and other nonfinancial profits,
as Gojek which merges with Tokopedia. such as pride and authority in obtaining voting rights that
determine the direction of travel of the company.
Gojek is a technology company from Indonesia that
provides transportation services through motorcycle taxi As a sign that proves participation in capital ownership
services. The company was founded in 2010 in Jakarta in a company, shares commonly traded on the capital
by Nadiem Makarim. Precisely on October 13, 2010, market can be grouped into two groups, namely common
Gojek officially stood with 20 drivers. At that time, stock in the form of securities as a marker of ownership
Gojek still relied on a call center system to connect in the company that makes the shareholders bear the risk
passengers with ojek drivers (Gojek, 2021). In mid-2014, of losses and profits obtained by the company. Medium
thanks to Uber's popularity at the time, Nadiem Makarim preferred stock is a securities that is a marker of
began to get investment offers. On January 7, 2015, ownership in the company in which the holder will be
Gojek finally launched android and iOS-based apps to given a fixed income in the form of dividends divided
replace the ordering system using call centers (Hadi every period of dividend distribution that has been
Pratama, 2016). determined. Surely the reason investors invest in stocks
is none other than to get a profit called return in the
Until now, Gojek has managed to get around its services context of profit level investment management (Yulia,
in 50 cities in Indonesia. As of June 2016, the Gojek app 2016).
has been downloaded nearly 10 million times on Google
Play on the Android operating system and is already 3.5 Factors Influencing Stock Prices
available on the App Store. Gojek also has a digital
payment service called Gopay. In addition to Indonesia, The projected revenue in each share when the profit is
Gojek services are now available in Thailand, Vietnam earned, the level of risk obtained from the projected
and Singapore. profit, and the proportion of the company's debt to equity,
as well as the dividend sharing policy are factors that can
Tokopedia is an electronic buying and selling company influence the movement of the value or price of each
or often called an online store that was established since share. In addition, other factors such as economic activity
2009, Tokopedia was officially launched to the public on in general, taxes and the state of the stock exchange
August 17, 2009 with the mission of digital economic contribute to the change in the share price externally. In
equality under the auspices of PT Tokopedia founded by addition, the condition of the company, external
William Tanuwijaya and Leontinus Alpha Edison on constraints, the strength of supply and demand for shares
February 6, 2009. Since its official launch, PT Tokopedia in the market, the ability of investors in analyzing
has become one of Indonesia's fastest growing internet investments in stocks participate in influencing the share
companies. price. According to Sawidji, the main factor that causes
the change in the share price is the different perception of
During its journey to this day Tokopedia successfully the information owned by each investor (Mudjiyono,
transformed into a company with the status of an 2012).
influential unicorn in Indonesia to cover Southeast Asia.

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3.6 Stock Value Movement Overview 21.04 percent of PT. Bank Jago Tbk (ARTO) shares as of
April 30, 2021 through PT Dompet Karya Anak Bangsa
Gojek and Tokopedia until the official announcement of or GoPay and through PT Pradipa Darpa Bangsa Gojek
the merger of these two start-up companies have not been owns 4.76 percent of PT Matahari Putra Prima Tbk
listed on the Indonesian stock market, but for Gojek has (MPPA) or hypermart managing issuer, (Melani, 2021),
had a share investment in several companies, namely: Gojek also has a stake in PT. Blue Bird Tbk (BIRD) 4.39
(Fauzan, 2021).

Figure 1. Stock Value of PT Matahari Putra Prima Tbk (MPPA) period 28 December 2020 to 21 June 2021

Figure 2. Stock Value of PT. Bank Jago Tbk (ARTO) Period 28 December 2020 to 21 June 2021

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Figure 3. Stock Value of PT. Blue Bird Tbk (BIRD) Period 28 December 2020 to 21 June 2021

Seeing the movement of Gojek stock investment chart in 4. CONCLUSION

several companies that experienced a significant increase
after the official announcement of Gojek's merger with Start-ups are companies that will always develop and
Tokopedia on May 17, 2021. The increase in the value of innovate to meet the wishes of an ever-growing market,
the shares is clearly seen especially in the shares of PT of course no company wants to be harmed but to maintain
Bank Jago Tbk (ARTO) where Gojek dominates the financial stability, business development and other
shares by 21.04 percent benefits, not a few companies choose to merge. As Goto
is the output of the merger decision between Gojek and
In addition to the indirect influence of this merger action Tokopedia.
on the value of shares owned by Gojek in other
companies. With the establishment of Goto Group as a Based on the results of the existing stock chart
form of gojek merger with Tokopedia, this becomes movements, it can be concluded that the merger of the
accelerate the step in recording new entities on the two largest start-ups in Indonesia is able to provide
Indonesia Stock Exchange by making Goto as a public increased market interest so that there is a significant
company or Initial Public Offering (IPO) in the future increase in shares and make it easier for the company to
will grow the domestic economy. Because the Goto obtain IPO status and sell its own shares on the Indonesia
ecosystem itself has fulfilled 2% of Indonesia's Gross Stock Exchange which will later help improve the
Domestic Product (GDP) the value is predicted to country's economy.
continue to grow as the market develop (Pratomo, 2021).

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Muhammad Ilham Kurniawan Popo Subroto Maryana

Universitas Islam Kalimantan Universitas Islam Kalimantan Universitas Islam Kalimantan
Muhammad Arsyad Al-Banjari Muhammad Arsyad Al-Banjari Muhammad Arsyad Al-Banjari
Banjarmasin, Banjarmasin, Banjarmasin,
Indonesia Indonesia Indonesia
[email protected] [email protected] [email protected]

Yusrina Ulfah Syahrial Shaddiq Mohammad Zainul

Universitas Islam Kalimantan Universitas Islam Kalimantan Universitas Islam Kalimantan
Muhammad Arsyad Al-Banjari Muhammad Arsyad Al-Banjari Muhammad Arsyad Al-Banjari
Banjarmasin, Banjarmasin, Banjarmasin,
Indonesia Indonesia Indonesia
[email protected] [email protected] [email protected]

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