Analisis Pertumbuhan Penjualan, Biaya Operasional, dan Leverage terhadap Profitabilitas dengan Firm Size sebagai Variabel Kontrol pada Perusahaan Telekomunikasi yang terdaftar di Bursa Efek Indonesia Periode 2020-2024

Angeline Brando; Wiwin Aminah

doi:10.33395/owner.v10i4.3820

Authors

Angeline Brando Universitas Telkom
Wiwin Aminah
✉ Corresponding author: wiwinaminah@telkomuniversity.ac.id Universitas Telkom

DOI:

https://doi.org/10.33395/owner.v10i4.3820

Keywords:

Akuntansi, Sales Growth, Operational Cost, Leverage, Profitability, Firm Size

Abstract

This study examines the effect of sales growth, operational cost, and leverage on profitability with firm size as a control variable among telecommunication companies listed on the Indonesia Stock Exchange during 2020–2024. The research is motivated by the fluctuation of Return on Assets (ROA) among telecommunication companies despite the growing demand for digital services and network expansion in Indonesia. The population consists of 28 telecommunication companies listed on the Indonesia Stock Exchange. Using purposive sampling, 7 companies met the predetermined criteria, producing 35 firm-year observations. This study applies a quantitative causal-associative approach using secondary data obtained from the Indonesia Stock Exchange website and the official websites of each sample company. Data were analyzed using panel data regression with EViews 13 after model selection and classical assumption testing. The Chow and Hausman tests indicate that the Fixed Effect Model is the most appropriate model. The results show that sales growth, operational cost, and leverage simultaneously have a significant effect on profitability with firm size as a control variable. Partially, leverage has a negative and significant effect on profitability, while sales growth and operational cost have no significant effect. The adjusted R-squared value of 0.583388 indicates that 58.33% of profitability variation is explained by the model. The findings imply that telecommunication companies need to manage their debt structure more carefully, as a higher proportion of debt financing leads to greater interest burden and ultimately reduces ROA.

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