<![CDATA[The food and beverage (F&B) industry plays a strategic role in supporting national economic growth in Indonesia. Economic dynamics during the 2021-2023 period presented significant operational and sales volume challenges for F&B issuers listed on the Indonesia Stock Exchange (IDX). This study aims to examine the effect of Leverage (Debt to Equity Ratio/DER) and Asset Efficiency (Total Asset Turnover/TATO) on Shareholder Profitability (Return on Equity/ROE), both partially and simultaneously. A quantitative causal-associative approach was applied utilizing secondary data from audited annual reports for 2021-2023. Purposive sampling yielded 45 observation data points from 15 selected companies after removing statistical outliers. Data were analyzed using multiple linear regression analysis via SPSS version 27. Partial test results reveal that Leverage (DER) exerts a significant negative effect on Shareholder Profitability (ROE), whereas Asset Efficiency (TATO) shows no significant partial effect. Simultaneously, Leverage and Asset Efficiency significantly impact Shareholder Profitability, explaining 27.2% of the variance (Adjusted R-Square). These findings imply that F&B management must strictly restrain excessive debt financing to avoid fixed interest burdens that suppress net shareholder returns.]]>
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