Reaksi Harga Saham PT GoTo Gojek Tokopedia Tbk (GOTO) terhadap Pengumuman Kemitraan Strategis TikTok-Tokopedia: Pendekatan Event Study
DOI:
https://doi.org/10.38035/jafm.v7i4.3876Keywords:
GOTO, Event Study, Kemitraan Strategis, Abnormal Return, Market ModelAbstract
Penelitian ini menganalisis reaksi pasar modal terhadap pengumuman kemitraan strategis TikTok–Tokopedia pada 11 Desember 2023 dengan objek saham PT GoTo Gojek Tokopedia Tbk (GOTO). Pendekatan event study menggunakan harga penutupan harian GOTO dan IHSG. Expected return diestimasi dengan market model berdasarkan 120 observasi return perdagangan pada 9 Juni–1 Desember 2023, sedangkan event window ditetapkan t=-5 sampai t=+5 (4–18 Desember 2023). Hasil estimasi menghasilkan alpha -0,00141 dan beta 1,91853. Pada t=0, return aktual GOTO sebesar -20,37%, expected return -2,04%, sehingga abnormal return sebesar -18,33%. Standardized abnormal return pada hari peristiwa sebesar -5,021 dengan p-value <0,001, menunjukkan reaksi negatif yang signifikan. Namun CAR sepanjang event window sebesar -18,70% tidak signifikan pada taraf 5% (Z=-1,555; p=0,120). Uji beda abnormal return sebelum dan sesudah peristiwa juga tidak signifikan (paired t-test t=-0,065; p=0,952). Temuan menunjukkan bahwa pasar memberikan respons negatif yang sangat kuat tepat pada hari pengumuman, tetapi bukti tidak mendukung perbedaan abnormal return yang persisten antara periode sebelum dan sesudah peristiwa.
References
Aalbers, R. H. L., McCarthy, K. J., & Heimeriks, K. H. (2021). Market reactions to acquisition announcements: The importance of signaling ‘why’ and ‘where’. Long Range Planning, 54(6), 102105. https://doi.org/10.1016/j.lrp.2021.102105
Alperovych, Y., Cumming, D., Czellar, V., & Groh, A. (2021). M&A rumors about unlisted firms. Journal of Financial Economics, 142(3), 1324–1339. https://doi.org/10.1016/j.jfineco.2021.05.012
Ardia, D., Bluteau, K., & Boudt, K. (2022). Media abnormal tone, earnings announcements, and the stock market. Journal of Financial Markets, 61, 100683. https://doi.org/10.1016/j.finmar.2021.100683
Brown, S. J., & Warner, J. B. (1985). Using daily stock returns: The case of event studies. Journal of Financial Economics, 14(1), 3–31.
Cai, Y., & Shefrin, H. (2021). Risk and the market’s reaction to M&A announcements. Journal of Risk and Financial Management, 14(7), 334. https://doi.org/10.3390/jrfm14070334
Cho, J., Singh, M., & Lo, A. W. (2024). How does news affect biopharma stock prices?: An event study. PLOS ONE, 19(1), e0296927. https://doi.org/10.1371/journal.pone.0296927
Dewi, N. M. W. A., & Yasa, G. W. (2023). Impact of the announcement of unusual market activity in Indonesia Stock Exchange. JURNAL AKSI (Akuntansi dan Sistem Informasi), 8(2), 206–212. https://doi.org/10.32486/aksi.v8i2.554
Fama, E. F., Fisher, L., Jensen, M. C., & Roll, R. (1969). The adjustment of stock prices to new information. International Economic Review, 10(1), 1–21.
Gimenes, A. D., Colombo, J. A., & Yousaf, I. (2023). Store of value or speculative investment? Market reaction to corporate announcements of cryptocurrency acquisition. Financial Innovation, 9, 123. https://doi.org/10.1186/s40854-023-00539-6
Juniarti, J., Theja, D. D., Tenoyo, N., & Darmasaputra, A. (2023). Does the market respond differently to the timing of the announcement of corporate actions? Cogent Economics & Finance, 11(1), 2203986. https://doi.org/10.1080/23322039.2023.2203986
Kasim, M. Y., Muslimin, & Dwijaya, I. K. B. (2022). Market reaction to the Covid-19 pandemic: Events study at stocks listed on LQ45 index. Cogent Business & Management, 9(1), 2024979. https://doi.org/10.1080/23311975.2021.2024979
MacKinlay, A. C. (1997). Event studies in economics and finance. Journal of Economic Literature, 35(1), 13–39.
Martinez-Blasco, M., Serrano, V., Prior, F., & Cuadros, J. (2023). Analysis of an event study using the Fama–French five-factor model: Teaching approaches including spreadsheets and the R programming language. Financial Innovation, 9, 76. https://doi.org/10.1186/s40854-023-00477-3
Mellynia, M. A., Nugroho, A. A., & Zukhri, N. (2023). Pengaruh merger dan akuisisi terhadap return saham, abnormal return dan trading volume activity pada perusahaan jasa sub sektor telekomunikasi yang terdaftar di Bursa Efek Indonesia. SINOMIKA Journal, 1(5), 1041–1056. https://doi.org/10.54443/sinomika.v1i5.558
Nugraha, A. T., Hakimah, Y., & Fawzi, A. M. (2022). COVID-19 pandemic and performance of Indonesian stock market: An event study analysis. Jurnal Economia, 18(2), 204–220. https://doi.org/10.21831/economia.v18i2.38821
Pandey, D. K., Kumari, V., & Tiwari, B. K. (2022). Impacts of corporate announcements on stock returns during the global pandemic: Evidence from the Indian stock market. Asian Journal of Accounting Research, 7(2), 208–226. https://doi.org/10.1108/AJAR-06-2021-0097
Patell, J. M. (1976). Corporate forecasts of earnings per share and stock price behavior: Empirical tests. Journal of Accounting Research, 14(2), 246–276.
PT Bursa Efek Indonesia. (2023). Data perdagangan dan informasi tercatat PT GoTo Gojek Tokopedia Tbk (GOTO).
PT GoTo Gojek Tokopedia Tbk. (2023, December 11). GoTo dan TikTok sepakat kemitraan strategis e-commerce untuk mendorong kemajuan UMKM Indonesia. Siaran pers perusahaan.
PT GoTo Gojek Tokopedia Tbk. (2024a, February 1). GoTo dan TikTok umumkan penyelesaian transaksi, mengesahkan kemitraan strategis di Indonesia. Siaran pers perusahaan.
PT GoTo Gojek Tokopedia Tbk. (2024b, April 29). GoTo Group reports strong Group GTV and revenue growth as company announces 2024 first quarter results. Siaran pers perusahaan.
Rochimah, A., & Yuliana, I. (2024). Eleven sectors’ reaction to the political event 2023: Evidence from Indonesia Stock Exchange. Journal of Accounting and Investment, 25(2), 526–550. https://doi.org/10.18196/jai.v25i2.21000
Setiawati, A. B. (2022). Dampak strategi merger dan akuisisi terhadap abnormal return pada industri perbankan yang terdaftar di BEI tahun 2017–2021. ULIL ALBAB: Jurnal Ilmiah Multidisiplin, 1(12), 4312–4318.
Singh, M., Rocafort, R., Cai, C., Siah, K. W., & Lo, A. W. (2022). The reaction of sponsor stock prices to clinical trial outcomes: An event study analysis. PLOS ONE, 17(9), e0272851. https://doi.org/10.1371/journal.pone.0272851
Suidarma, I. M., & Remses, R. D. J. J. (2023). Using mergers and acquisitions to increase stock returns in the banking sector: A case study on the Indonesian stock exchange. Asian Economic and Financial Review, 13(12), 1020–1029. https://doi.org/10.55493/5002.v13i12.4935
Wahyono, B. (2021). Dataset on political connections, Sharia, and abnormal returns surrounding M&A announcement in the Indonesian stock market. Data in Brief, 38, 107378. https://doi.org/10.1016/j.dib.2021.107378
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Rido Sandi Atmanto
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish their manuscripts in this journal agree to the following conditions:
- The copyright on each article belongs to the author(s).
- The author acknowledges that the Journal of Accounting and Finance Management (JAFM) has the right to be the first to publish with a Creative Commons Attribution 4.0 International license (Attribution 4.0 International (CC BY 4.0).
- Authors can submit articles separately, arrange for the non-exclusive distribution of manuscripts that have been published in this journal into other versions (e.g., sent to the author's institutional repository, publication into books, etc.), by acknowledging that the manuscript has been published for the first time in the Journal of Accounting and Finance Management (JAFM).
