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All Journal Escalate : Economics and Business Journal
Koes Indrakoesoema
Program Studi Manajemen Fakultas Ekonomi Dan Bisnis Universitas Pamulang Tangerang Selatan
Economics, Econometrics & Finance

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The Effect of Asset Productivity and Debt Policy on Financial Performance at PT. Kereta Api Indonesia (Persero) for the 2015-2024 Period Putri Wulandari; Koes Indrakoesoema
Escalate : Economics and Business Journal Vol. 4 No. 4 (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.v4i4.842

Abstract

This study examines the partial and simultaneous relationships of asset productivity, measured by Total Asset Turnover (TATO), and debt policy, measured by the Debt to Asset Ratio (DAR), with financial performance, measured by Return on Assets (ROA), at PT Kereta Api Indonesia (Persero) during 2015–2024. This quantitative study uses secondary data obtained from the company’s annual financial reports. The data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression, the coefficient of determination, and t-tests and F-tests with SPSS version 27. The partial test results indicate that TATO is positively but not significantly associated with ROA at the 5% significance level (t = 2.087; p = 0.075). Similarly, DAR has a negative but statistically insignificant association with ROA (t = −0.656; p = 0.533). However, the simultaneous test indicates that TATO and DAR are jointly significantly associated with ROA (F = 7.037; p = 0.021). The coefficient of determination (R²) is 0.668, indicating that the two independent variables jointly explain 66.8% of the variation in ROA, while the remaining 33.2% is attributable to factors outside the research model. These findings suggest that asset productivity and debt policy, when considered jointly, are statistically associated with financial performance, although neither variable demonstrates an individually significant relationship at the 5% level.
Co-Authors Putri Wulandari