<![CDATA[This study aims to analyze the relationship between business strategy and the financial performance of PT Telkom Indonesia (Persero) Tbk during the 2021–2025 period. Business strategy is operationalized through the Capex Ratio (capital expenditure allocation) and BOPO (operational efficiency), while financial performance is measured by Return on Assets (ROA) and Return on Equity (ROE). Using 20 quarterly observations, multiple linear regression analysis indicates that Capex Ratio and BOPO jointly have a statistically significant relationship with ROA (F-test ; ) and ROE (F-test ; ). For ROA, both indicators are individually significant at the 5% level, whereas their individual relationships with ROE are not statistically significant. Diagnostic testing results show that several regression assumptions are not fully satisfied; thus, the findings should be interpreted as empirical associations rather than definitive causal effects.]]>
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