Pengaruh Efisiensi Operasional dan Struktur Modal Terhadap Profitabilitas Studi pada PT Telkom Indonesia (Persero) Tbk Periode 2019-2024

Abstract

This study aims to analyze the impact of operational efficiency and capital structure on the profitability of PT Telkom Indonesia (Persero) Tbk during the 2019–2024 period. Operational efficiency is proxied by Total Asset Turnover (TATO), capital structure by the Debt to Equity Ratio (DER), and profitability is measured using Return on Assets (ROA). The study employs a quantitative approach with an associative design, utilizing secondary data in the form of quarterly financial reports spanning the six-year study period. Data analysis was conducted using multiple linear regression, incorporating t-tests and F-tests. The results indicate that, individually, TATO has a positive and significant effect on ROA (significance value 0.000 < 0.05), whereas DER does not have a significant effect on ROA (significance value 0.735 > 0.05). Simultaneously, TATO and DER significantly influence ROA (significance value 0.000 < 0.05) with an Adjusted R² value of 0.697. These findings suggest that the company's profitability is driven more by the effectiveness of asset management than by the composition of its financing structure.