Pengaruh Struktur Modal terhadap Profitabilitas pada Perusahaan Telekomunikasi yang Terdaftar di BEI Periode 2020-2023
Keywords:
Capital Structure, Debt to Equity Ratio, Debt to Asset Ratio, Profitability, Return on AssetsAbstract
This study examines the effect of capital structure on profitability in telecommunication companies listed on the Indonesia Stock Exchange during the 2020–2023 period. The study employs a quantitative associative approach using secondary data obtained from the annual financial statements of sampled companies. Capital structure is measured by Debt to Equity Ratio (DER) and Debt to Asset Ratio (DAR), while profitability is measured by Return on Assets (ROA). The data were collected through documentation techniques and analyzed using multiple linear regression, preceded by classical assumption tests including normality, multicollinearity, and heteroscedasticity tests. The findings reveal that DAR has a negative and significant effect on ROA, and DER also has a negative and significant effect on ROA. Simultaneously, both variables significantly affect profitability, indicating that a higher reliance on debt financing tends to reduce the company’s ability to generate profit from its assets. These results suggest that telecommunication companies need to manage their capital structure more carefully in order to maintain financial performance and avoid excessive financial burden. This study contributes to the literature on capital structure and profitability, particularly in capital-intensive industries such as telecommunications.
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References
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