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All Journal Escalate : Economics and Business Journal
Karolina
Pamulang University
Economics, Econometrics & Finance

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The Effect of Asset Utilization Efficiency and Debt Level on Financial Performance at PT Gajah Tunggal Tbk for the 2011-2025 Period Fany Yuliyanti; Karolina
Escalate : Economics and Business Journal Vol. 4 No. 02 (2026): Escalate: Economics and Business Journal
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/escalate.v4i02.771

Abstract

The financial performance of PT Gajah Tunggal Tbk fluctuated during the 2011-2025 period, especially in the efficiency of asset use, debt levels, and profitability. This study aims to analyze the effect of Total Asset Turnover (TATO) and Debt to Asset Ratio (DAR) on Return on Assets (ROA), both partially and simultaneously. The study uses a quantitative approach with an associative research type. The population and sample consist of the annual financial statements of PT Gajah Tunggal Tbk during 2011-2025, totaling 15 observations. Secondary data were collected through documentation and analyzed using SPSS 25 with descriptive statistics, classical assumption tests, multiple linear regression, correlation, coefficient of determination, t-test, and F-test. The results show that TATO has a positive but insignificant effect on ROA, while DAR has a negative and significant effect. Simultaneously, TATO and DAR have a significant effect on ROA. In conclusion, the debt level is a more determining factor in company profitability than the efficiency of individual asset use
The Effect of Asset Utilization Efficiency and Debt Structure on Profitability in Infrastructure Companies Listed on the Indonesia Stock Exchange for the 2019-2025 Period Andika Salsabila Putri Ferdiansyah; Karolina
Escalate : Economics and Business Journal Vol. 4 No. 02 (2026): Escalate: Economics and Business Journal
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/escalate.v4i02.783

Abstract

This research aims to analyze the effect of Total Asset Turnover and Debt to Asset Ratio on Return on Assets in infrastructure companies listed on the Indonesia Stock Exchange for the 2019–2025 period. This study uses a causal associative quantitative approach with secondary data from annual financial reports. The population consists of 29 companies, with 6 companies selected through purposive sampling. Data were analyzed using EViews 12 through panel data regression, classical assumption tests, t-tests, F-tests, and coefficient of determination. The results show that Total Asset Turnover has no significant effect on Return on Assets (t = 0.026588; p = 0.9789), while Debt to Asset Ratio has a significant effect on Return on Assets (t = 14.79333; p = 0.0000). Simultaneously, Total Asset Turnover and Debt to Asset Ratio have a significant effect on Return on Assets (F = 105.7494; p = 0.0000). The coefficient of determination (R²) indicates the proportion of variation in Return on Assets explained by the independent variables
Co-Authors Andika Salsabila Putri Ferdiansyah Fany Yuliyanti