Pengaruh Debt to Asset Ratio (DAR) dan Total Asset Turnover (TATO) Terhadap Return on Asset (ROA) pada Perusahaan Sektor Transportasi dan Logistik Yang Terdaftar di Bursa Efek Indonesia Periode 2021-2025

Abstract

In Indonesia, companies in the transportation and logistics sector face the need to enhance operational efficiency and financial performance amidst rising demand for transportation, warehousing, and logistics services. This situation is reflected in the fluctuations of the average Return on Assets (ROA) among sample companies during the 2021–2025 period: 5.27% in 2021, declining to 4.47% in 2022, rising to 7.58% in 2023, and subsequently falling to 6.49% in 2024 and 4.38% in 2025. This study aims to examine the impact of the Debt to Asset Ratio (DAR) and Total Asset Turnover (TATO) on the Return on Assets (ROA) of transportation and logistics companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2025 period, analyzing these effects both partially and simultaneously. DAR is proxied by the ratio of total liabilities to total assets, TATO by the ratio of revenue to total assets, and ROA by the ratio of net income to total assets. The study employs a quantitative approach utilizing a panel data design and purposive sampling technique. From the population of transportation and logistics companies listed on the IDX, a sample of 12 companies was selected, yielding a total of 60 observations over the five-year study period. Data were analyzed using panel data regression with EViews 12 software; model selection was conducted via the Chow Test, Hausman Test, and Lagrange Multiplier Test, leading to the adoption of the Fixed Effect Model (FEM). The results indicate that, on a partial basis, DAR does not have a significant effect on ROA, whereas TATO has a positive and significant effect on ROA. Simultaneously, DAR and TATO were found to have a significant impact on ROA, with an explanatory power (Adjusted R²) of 52.578%. These findings indicate that asset utilization efficiency is a more dominant factor than leverage in explaining corporate profitability, although both funding structure and asset efficiency collectively influence a company's financial performance. The results are expected to serve as a reference for management in optimizing asset utilization and effectively managing funding structures, as well as for investors in considering asset utilization efficiency as a key indicator in fundamental analysis.