Financial Health and Performance Analysis and Evaluation of PT Map Boga Adiperkasa Tbk before and During the Starbucks Boycott Due to Palestine-Israel Conflict in Q4 - 2023

About Us

Ipmi Repository is an online archive service which is managed by IPMI Library - Learning Resource Center. Established for collecting, managing, saving, preserving and disseminating digital copies of intellectual output of IPMI International Business School such as academic journal, books, theses, Group Field Project, Community Involvement Project, Case Study, conference paper, and other types of research publication. The main objective of this repository is to provide long-term, public, open access and easily retrieve to the digital collection to support teaching-learning process.

"Knowledge without observation is nil"

Surbakti, Desviani Lestari Anggreini Br (2025) Financial Health and Performance Analysis and Evaluation of PT Map Boga Adiperkasa Tbk before and During the Starbucks Boycott Due to Palestine-Israel Conflict in Q4 - 2023. Graduate thesis, IPMI institut.

[img] Text
Desviani_final Materai - Desviani Lestari Anggreini Br Surbakti (1).pdf
Download (5MB)
[img] Text
Desviani_final Materai - Desviani Lestari Anggreini Br Surbakti.pdf
Download (140kB)

Abstract

The intensification of the Israel–Palestine conflict in 2023 prompted a worldwide consumer boycott of Starbucks, which reached Indonesia as one of the largest Muslim majority country in the world and directly affected PT Map Boga Adiperkasa Tbk (MAPB), the company's licensed operator. While the effects of consumer boycotts have been extensively studied in developed nations, there is a paucity of study about their financial repercussions for franchise owners in developing regions. This research seeks to evaluate the impact of the boycott on MAPB’s financial performance via an analysis of liquidity, solvency, profitability, activity ratios, and overall financial health using the Altman Z-Score model. Quarterly financial data from the periods before the boycott (Q3 2022–Q3 2023) and during the boycott (Q4 2023–Q1 2025) were analysed. Descriptive statistics were supplemented with normality assessments (Shapiro–Wilk), paired t-tests, and Wilcoxon signed-rank tests, while independent t-tests were used to analyse Altman Z-Scores. The findings indicate that MAPB's revenues decreased by around 21.1% year-over-year in Q3 2024. The results show that profitability experienced a significant decline, reflected by decreases in Return on Equity (p = 0.004) and Return on Assets (p = 0.005). Liquidity ratios presented mixed outcomes: the Cash Ratio decreased significantly (p = 0.040), whereas the Current Ratio did not show significant change (p = 0.113). Solvency ratios were relatively stable, with Debt-to-Equity Ratio (p = 0.113) showing no significant change, while Total Equity to Total Assets slightly improved (p = 0.039). Activity ratios demonstrated marginal deterioration in Total Asset Turnover (p = 0.040), but the Collection Period remained statistically unchanged (p = 0.202). Furthermore, the Altman Z-Score analysis (p = 0.109) indicated no significant improvement in overall financial health, consistently placing MAPB within the financial distress zone (<1.81).The continued presence of distress-zone Altman Z-Scores highlights increased financial susceptibility, stressing the need of cost efficiency, strategic growth, and proficient reputational risk management to maintain resilience amid socio-political adversities.Keywords: MAPB, Starbucks boycott,cott, Altman Z-score, financial performance, reputational risk, Indonesia

Item Type: Thesis (Graduate)
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Thesis > Master of Business Administration
Depositing User: sandra margaretha
Date Deposited: 15 Dec 2025 06:55
Last Modified: 15 Dec 2025 06:55
URI: http://repository.ipmi.ac.id/id/eprint/2850

Actions (login required)

View Item View Item