Impact Leverage, Operational Costs, and Tax Planning on Financial Performance Companies Sector Infrastructures Subsector Telecommunication

Main Article Content

Widya Aurantina
Agustina Suparyati

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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How to Cite

Impact Leverage, Operational Costs, and Tax Planning on Financial Performance Companies Sector Infrastructures Subsector Telecommunication. (2025). Musytari : Jurnal Manajemen, Akuntansi, Dan Ekonomi, 22(11), 31-40. https://doi.org/10.5281/zenodo.16351445

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