Case study reveals ROA positively influences firm value in PT GoTo, implying goodwill lacks significant effect.
The purpose of this research is to explore the effect of the goodwill and profitability ratios, as evaluated by ROA, on the firm value of PT GoTo Gojek Tokopedia Tbk during 2022-2023, use Tobin's Q to firm’s value measured. Goodwill represents an intangible asset reflecting market confidence in the company's potential, while ROA indicates profitability efficiency. The data were obtained from the quarterly financial reports held by Indonesia Stock Exchange-listed PT GoTo Gojek Tokopedia Tbk since its IPO in April 2022, and subjected to linear regression analysis methods with the assistance of SPSS software. The findings demonstrate that ROA significantly impacts firmvalue, whereas goodwill does not significantly affect firm value. These findings are best explained by signaling theory, which highlights how information regarding profitability and risk communicated by the company impacts investors' perceptions of firm value.
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Yuliangga et al. (2024) studied this question.
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