Impact Leverage, Operational Costs, and Tax Planning on Financial Performance Companies Sector Infrastructures Subsector Telecommunication
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Abstract
The telecommunications subsector faces challenges in optimizing
financial performance amid fierce competition and high infrastructure
investment needs. This study aims to analyze the effect of leverage,
operating costs, and tax planning on the financial performance of
telecommunications subsector infrastructure sector companies listed on
the Indonesia Stock Exchange. The study used a quantitative approach
with panel data regression analysis on 15 telecommunications companies
for the period 2020-2024. Using purposive sampling technique and E
Views 9 software, resulting in 75 observations. Financial performance is
measured using Return on Assets (ROA), leverage with Debt to Equity
Ratio (DER), operating costs with the ratio of Operating Costs to
Operating Income (BOPO), and tax planning with Book Tax Difference
(BTD). The results showed that DER has a positive effect on ROA, BOPO
has a negative effect on ROA, and BTD has a positive effect on ROA.
These findings indicate that telecommunications companies can improve
financial performance through optimizing capital structure with proper
leverage utilization, operational efficiency and effective tax planning
strategies to maximize profitability in capital-intensive industries.
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