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This research aims to see the effect of Total Asset Turnover and Debt To Equity Ratio (DER) on Return On Assets (ROA) at PT Indofood Sukses Makmur Tbk which is listed on the BEI in 2010 - 2023. The data used in this research is data secondary in the form of the annual financial report of the company under study. This research uses quantitative data and the data source used is secondary data with an analysis method using multiple linear regression methods with data processing using SPSS v.25. The results of hypothesis testing (T Test) partially state that the Total Asset Turnover variable does not have a significant and positive influence on Return On Assets (ROA) and the Debt To Equity Ratio (DER) variable has a significant and negative influence on Return On Assets (ROA). Simultaneous F Test results of the Total Asset Turnover and Debt To Equity Ratio (DER) variables show a significant influence between Total Asset Turnover and Debt To Equity Ratio (DER) on Return On Assets (ROA).

This study examines the impact of financial performance indicators—activity, solvency, and liquidity ratios—on profit growth in pulp and paper manufacturing companies listed on the Indonesian Stock Exchange from 2019 to 2024. The research focuses on how variations in Total Assets Turnover, Inventory Turnover, Fixed Assets Turnover, Debt to Equity Ratio, and Quick Ratio affect profitability, especially during periods of economic instability like the COVID-19 pandemic. The aim is to identify which financial ratios have the most significant influence on profit performance. A quantitative research method was employed, utilizing secondary data from 42 observations of seven manufacturing firms, selected through purposive sampling. Multiple linear regression analysis, supported by SPSS software, was used to test the hypotheses. The findings show that all five ratios collectively have a significant impact on profit variations, with an F-statistic of 2.568 and a significance value of 0.044. However, when tested individually, only Total Assets Turnover and Inventory Turnover showed significant effects, while Fixed Assets Turnover, Debt to Equity Ratio, and Quick Ratio did not. The coefficient of determination (R²) was 0.263, indicating that 26.3% of the variation in profit can be explained by the analyzed variables.

This study examines how company size, asset growth, tangibility, leverage, and total asset turnover affect profitability in consumer manufacturing companies listed on the Indonesia Stock Exchange from 2019 to 2023, using secondary data collected via purposive sampling. The independent variables in this study include the natural logarithm of total assets, asset growth (this year’s total assets relative to the previous year), and tangibility (the fixed asset ratio to total assets). Leverage uses the debt-to-asset ratio, and total asset turnover uses the total asset turnover ratio, while the dependent variable of profitability uses return on assets. Of the 108 companies in the population, 19 that met the research sample criteria were selected, yielding 95 observations. Data analysis was conducted using multiple linear regression, accompanied by classical assumption tests and hypothesis testing through F-tests and t-tests. The findings of this study reveal that asset growth has a significant positive effect on profitability, while leverage shows a significant negative effect. However, firm size, tangibility, and total asset turnover do not exhibit significant relationships with profitability. This study contributes both theoretically and practically to understanding the internal determinants of financial performance in the consumer sector and serves as a reference for management.

This study evaluates the impact of TATO, ROA, DER, stock returns, and firm size on company value (PBV) for 28 infrastructure companies listed on the Indonesia Stock Exchange (IDX) during 2021–2023. The background to this research is the crucial role of the infrastructure sector amid government budget dynamics that affect corporate performance and investor perception. The results show that ROA, DER, and stock returns have a significant positive effect on company value. This indicates that high profitability, optimal debt management, and good stock returns send positive signals to the market. Conversely, TATO was found to have a significant negative effect, reflecting that inefficiencies in asset management can reduce investor confidence. Meanwhile, firm size had no significant impact on company value. This study recommends that investors use ROA, DER, and stock return as key indicators in decision-making. At the same time, companies are advised to optimise profitability and debt management to enhance their value in the eyes of investors.

This study examines the inconsistency of merger and acquisition (M&A) impacts on financial ratio performance across sectors and evaluation methods. This literature review synthesizes ten empirical studies published between 2022 and 2025, focusing on financial indicators before and after M&A transactions. The findings show that the effect of M&A on financial performance varies widely depending on the industry context, time horizon, and analytical technique used. Studies in the technology and telecommunication sectors demonstrate significant improvements in profitability and operational efficiency, while research involving manufacturing and non-financial firms commonly reports insignificant changes in key ratios such as current ratio, total asset turnover, return on assets, and return on equity. Methodological differences also influence the reported outcomes, where long-term observations and comparative statistical testing tend to reveal a more pronounced financial impact compared to short-term assessment. These results indicate that M&A does not uniformly drive financial improvement and its success depends on post-integration strategy, sector dynamics, and measurement design. This study highlights the necessity of standardized evaluation frameworks to ensure more reliable performance interpretation in future M&A research.

This study analyzes the effect of Total Asset Turnover, Debt to Equity Ratio, and Return on Assets on earnings management in mining companies listed on the Indonesia Stock Exchange during 2020–2024. Using a quantitative and causal research design, the study examines 18 purposively selected companies over five years, resulting in 90 observations. Data were analyzed through panel data regression using SPSS 26. The results show that Total Asset Turnover does not significantly affect earnings management, while Debt to Equity Ratio and Return on Assets have a significant influence. These findings indicate that profitability and leverage play important roles in shaping earnings management practices in the mining sector

This study aims to analyze the effect of Total Asset Turnover (TATO) on stock prices at PT Baramulti Suksessarana Tbk during the 2014–2023 period. TATO is an activity ratio that measures how efficiently a company utilizes its total assets to generate sales. This research employs a quantitative associative approach using secondary data obtained from the company’s annual financial statements published by the Indonesia Stock Exchange. Data were analyzed using simple linear regression to determine the relationship between the independent variable (TATO) and the dependent variable (stock price). The results show that TATO has a positive and significant effect on stock prices, with a correlation coefficient of 0.859 and a significance value of 0.001 (p < 0.05). This indicates that the more efficiently a company uses its assets to generate sales, the higher its stock price will be. The findings support the signaling theory and efficient market hypothesis, suggesting that asset efficiency serves as a positive signal for investors in evaluating firm performance.

ROA in the company's financial performance generates profit from total assets owned can be seen from the current ratio and total asset turnover. This study aims to analyze the effect of Current Ratio and Total Asset Turnover on Return On Asset in Food and Beverage Companies listed on the Indonesia Stock Exchange for the period 2020- 2024. This research method is a quantitative statistical research of data types, secondary data. Purposive Sampling sampling technique. The results of this study indicate that Current Ratio (XI) has a significant effect on Return On Asset (Y) with a t-count value > 1-table, namely 4. 416-1.760, and a probability value of t-statistics of 0.000 < 0.05, Total Asset Turnover (X2) does not have a significant effect on Return on Assets (Y) with a t-table value of (0.892 < 1.760) and a probability value of 0.374 > 0.05., The results of the simultaneous Current Ratio and Total Asset Flow on Return On Assets have an effect on Return On Assets. This is indicated by the F-statistic F- table of (10.093 > 3.37) and the probability value of F-statistics of 0.000 < 0.05. The coefficient of determination (R²) is 63.3%" and the expectation is 36.7% influenced by other factors that were not examined in this study. The coefficient value of the multiple linear regression analysis Y = -129 + 0.21X1 + 1.464X2 + e

This research aims to determine the effect of the Current Ratio, Debt to Equity Ratio, Net Profit Margin, and Total Asset Turnover on Return On Assets (ROA) in manufacturing companies within the Industrial Machinery and Heavy Equipment sub-sector listed on the Indonesia Stock Exchange for the period 2018 – 2024. The study utilized secondary data in the form of annual financial statements from 9 companies in the machinery and heavy equipment sub-sector. These companies were selected using the purposive sampling technique based on specific criteria. The research applied a multiple linear regression model, with data processed using IBM SPSS version 25. The findings show that, partially, the Current Ratio has a positive and significant effect on Return On Assets, indicating that better liquidity management improves asset returns. The Debt to Equity Ratio, however, showed no significant impact on Return On Assets, suggesting that financial leverage does not strongly influence the return generated from assets in these companies. The Net Profit Margin was found to have a positive and significant effect on Return On Assets, meaning that higher profitability directly enhances asset performance. Similarly, Total Asset Turnover has a positive and significant impact on Return On Assets, indicating that efficient asset utilization leads to higher returns. The study highlights key financial indicators for improving asset returns in manufacturing companies within the sub-sector.

This study aims to analyze the performance of state-owned enterprises (BUMN) from a financial aspect based on the financial ratios stated in the Ministerial Decree No. KEP-100/MBU/2002 at PT. Adhi Karya (Persero) Tbk for the 2019-2023 period. This type of research is quantitative descriptive research. Using secondary data in the form of related company financial reports. The sampling technique was carried out using the purposive sampling method and obtained 5 financial reports from the company PT Adhi Karya (Persero) Tbk for the 2019-2023 period. The results of the study showed that the ROE calculation results experienced a drastic decline in 2020 with a value of 0.43% and began to increase in the following years, ROI increased in 2021 with a value of 22.99% but decreased again in the following year and showed unstable performance, The cash ratio showed significant growth and reached its highest value in 2023 at 18.03%, the current ratio showed unstable performance, reaching its lowest point in 2021 at 101.52%, The collection period value reached its highest point in 2023 with a total of 124.06 days, inventory turnover experienced an increase in performance so that in 2023 it was recorded at 103.37 days, TATO showed unstable performance reaching its lowest value in 2022 with a value of 87.36%, and Total Equity to Total Assets reached its lowest value in 2021 at 14.18% and began to increase in the following year.

This research aims to determine the effect of Return on Assets (ROA), Earnings per Share (EPS), Debt to Equity Ratio (DER), and Total Asset Turnover (TAT) on Stock Prices. The population of this study consists of companies in the Transportation and Logistics sub-sector listed on the Indonesia Stock Exchange (IDX) for the period 2020-2024. Secondary data is used in this research, and purposive sampling techniques are employed, resulting in a sample of 22 companies within the Transportation and Logistics sub-sector from a population of 37 companies listed on the IDX during the same period. The research employs multiple linear regression analysis, with data processed using the Statistical Program for Social Science (SPSS) version 22. The results of the study reveal that ROA, EPS, and TAT significantly affect stock prices, while the DER does not have a significant effect on stock prices. The findings provide insight into the importance of financial indicators such as ROA, EPS, and TAT in determining the stock prices of companies within the Transportation and Logistics sub-sector. This study contributes to the literature on the relationship between financial performance metrics and stock prices, offering useful insights for investors and decision-makers in the financial market. Further research may explore other factors influencing stock prices and the role of corporate governance in shaping financial outcomes.

This study aims to examine the influence of financial performance ratios—namely, the liquidity ratio (Current Ratio/CR), solvency ratio (Debt to Asset Ratio/DAR), and activity ratio (Total Asset Turnover/TATO)—on the return on assets (ROA) of companies in the automotive sector listed on the Indonesia Stock Exchange (IDX) during the period 2020–2023. Employing a quantitative research approach with purposive sampling, the study focuses on automotive sector companies that met specific criteria over the observed time span. Data analysis was conducted using EViews version 13 software, and the methodology included descriptive statistics, panel data estimation, classical assumption tests, panel data regression analysis, t-tests (for partial effects), F-tests (for simultaneous effects), and coefficient of determination (R²) tests. The partial test results reveal that the liquidity ratio (CR) has a negative but statistically insignificant effect on ROA, indicating that higher liquidity does not necessarily enhance profitability. Similarly, the solvency ratio (DAR) demonstrates a negative and insignificant effect on ROA, suggesting that increased debt levels are not significantly associated with lower returns. In contrast, the activity ratio (TATO) has a positive and significant effect on ROA, implying that better asset utilization contributes positively to profitability. When tested simultaneously, the combination of CR, DAR, and TATO shows a positive and significant influence on ROA, indicating that these financial ratios collectively impact the profitability of automotive companies. These findings contribute to a deeper understanding of how internal financial indicators relate to profitability in the automotive sector and can inform management decisions and investor evaluations.

This study examines the efficiency of assets in the Indonesian manufacturing industry sector in obtaining sales, particularly in the post-pandemic era. Despite the growing enthusiasm of both domestic and foreign investors in the sector, there has been an increase in layoffs (PHK), which poses a paradoxical situation. On one hand, investors are showing interest in the manufacturing industry, while on the other hand, there is an unfortunate rise in the number of employees being laid off. This contradiction sparks interest in analyzing the efficiency with which manufacturing companies utilize their assets to generate sales. The research uses secondary data from the Indonesia Stock Exchange (IDX) from 2021 to 2023, focusing on the manufacturing industry. The analysis employs financial ratio analysis, specifically the Total Asset Turnover ratio, to assess asset utilization. The findings show that the Total Asset Turnover ratio is 0.94X, which is below the industry standard of 1.1X (0.94 < 1.1). This indicates that the asset efficiency in obtaining sales is relatively low. The results suggest that manufacturing companies should evaluate and revise their policies to ensure that their assets are utilized more effectively. By designing accurate and targeted sales strategies, companies can improve their asset turnover and optimize their operations. This research highlights the importance of evaluating asset efficiency in the context of sales generation, especially in a sector experiencing contrasting dynamics between investor enthusiasm and rising layoffs. It emphasizes that strategic planning and policy adjustments are crucial for manufacturing companies to achieve better outcomes in terms of asset utilization and sales performance.

The purpose of the study is to determine the position of financial ratios in forming profit growth in chemical sub-sector companies during 2019-2023 listed on the Indonesia Stock Exchange. This research approach uses secondary data types in the form of financial and annual reports. The findings of the partial research results Current Ratio and Total Assets Turnover does not affect profit growth, on the other hand the Debt To Equity Ratio and Net Profit Margin successfully influenced profit growth positively.  

This study aims to analyze financial statements as a tool to assess the financial performance of PT Unilever Indonesia Tbk for the period 2020–2023. Using a descriptive quantitative approach, this research calculates key financial ratios, including liquidity ratios (current ratio), solvency ratios (debt to equity ratio), activity ratios (total asset turnover), and profitability ratios (net profit margin). The results show that the current ratio experienced a declining trend from 66.09% in 2020 to 55.16% in 2023, reflecting a weakening ability of the company to meet its short-term liabilities. The debt to equity ratio increased from 315.90% in 2020 to 392.85% in 2023, indicating a high dependence on debt financing. Meanwhile, the total asset turnover improved from 315.90% in 2020 to 392.85% in 2023, suggesting better efficiency in utilizing assets to generate sales. However, the net profit margin declined from 16.42% in 2020 to 12.26% in 2023, signaling a decrease in the company's effectiveness in converting sales into net profit. Based on these findings, PT Unilever Indonesia Tbk is advised to enhance the management of current assets, strengthen its capital structure by reducing reliance on debt, and thoroughly evaluate cost control and marketing strategies to improve profitability and ensure business sustainability in the future.   

PT Sri Rejeki Isman, Tbk (Sritex) is the largest textile company in Southeast Asia. The problem in this study is how the financial performance of PT Sri Rejeki Isman Tbk (Sritex) in 2020 - 2023 based on liquidity ratios, solvency ratios, activity ratios, and profitability ratios. The purpose of this study is to provide an overview and analyse the performance conditions of PT Sri Rejeki Isman, Tbk (Sritex) in 2020 - 2023 based on liquidity ratios, solvency ratios, activity ratios, and profitability ratios. This research is a type of case study research at PT Sri Rejeki Isman, Tbk (Sritex) for the period 2020 - 2023. The type of data used is secondary data, in the form of balance sheet reports and income statements of PT Sri Rejeki Isman, Tbk (Sritex). The results of the liquidity ratio, the average current ratio is 1.93%, indicating a bad condition. The average quick ratio is 1.03%, indicating unfavourable conditions. The average cash ratio is 0.16%, indicating a poor condition. The results of the solvency ratio, the ratio of debt to assets averaged 1.61%, indicating an unfavourable condition. The average debt to equity ratio is 2.37%, indicating poor condition. The results of the activity ratio, the average fixed asset turnover ratio is 1.30 times, indicating an unfavourable condition. The average total asset turnover ratio is 0.60 times, indicating an unfavourable condition. The results of the profitability ratio, the average return on assets ratio is -0.38%, indicating poor condition. Return on equity averaged -0.80%, indicating a poor condition. The average gross profit margin was -0.26%, indicating unfavourable conditions. The average net profit margin was -0.59%, indicating unfavourable conditions

This study aims to analyze the financial performance of PT Perkebunan Nusantara I Regional 5 Surabaya for the 2019-202 period. The method used in this research is quantitative descriptive method. To determine the financial performance of PT Perkebunan Nusantara I Regional 5 using financial ratio analysis techniques. The ratio analysis used in this study are liquidity ratios (current ratio, cash ratio and quick ratio), solvency ratios (DER ratio, DAR ratio and LTDtER ratio), activity ratios (total asset turnover, receivable period turnover and inventory turnover) and profitability ratios (GPM, NPM, ROE, ROI and ROA). Quantitative data in this study are in the form of financial statements of PT Perkebunan Nusantara I Regional 5 for the 2019-2023 period. Based on the liquidity ratio, PT Perkebunan Nusantara I Regional 5 in 2019-2023 experienced a significant increase from 2020-2023 and its liquidity was better in 2023. The financial performance of the solvency ratio of PT Perkebunan Nusantara I Regional 5 for the 2019-2023 period shows a healthy and stable condition. The financial performance of the activity ratio of PT Perkebunan Nusantara I Regional 5 for the 2019-2023 period shows efficiency in managing receivables and inventories, but the use and utilization of assets to generate income needs to be improved. The financial performance of the profitability ratio at PT Perkebunan Nusantara I Regional 5 is classified as unfavorable which can increase the Company's losses. In general, the Company's performance for the 2019-2023 period is less healthy.

This study aims to determine the influence of variables, namely Current Ratio, Total Assets Turnover, Debt To Asset Ratio, Return On Assets, Sales Growth and Earning Per Shares on the company PT Indofood CBP Sukses Makmur Tbk before and after the Acquisition with PT Arla Indofood Makmur Dairy Tbk which has been listed on the Indonesia Stock Exchange in 2016-2022. The research location used in this study is PT, Indofood, Tbk. Where researchers will take data through financial reports on the Indonesia Stock Exchange. The analysis technique used is the Paired T-test. The results in this study indicate that the variables Current Ratio, Debt To Asset Ratio, Sales Growth and Earning Per Shares show significant differences between before and after the acquisition, while Total Assets Turnover, Return On Assets do not show significant differences between before and after the acquisition. With this research, it is hoped that the company can further improve various factors that do not have an effect in this study.

The financial performance of mining companies listed on the Indonesia Stock Exchange (IDX) during the 2020-20203 period was greatly influenced by fluctuations in global commodity prices and macroeconomic conditions that had an impact on the company's competitiveness and profitability. Therefore, it is important to assess how companies in this sector are managing their financial performance amid various challenges and opportunities. This study analyzes financial performance using several main financial ratios, including liquidity ratios (Current Ratio and Quick Ratio), solvency ratios (Debt to Equity Ratio and Debt to Asset Ratio), profitability ratios (Return on Assets, Return on Equity, and Net Profit Margin), and activity ratios (Total Asset Turnover and Inventory Turnover). The method used to conduct the analysis is the quantitative descriptive analysis method, using data that has been taken based on the annual financial statements of companies listed on the IDX during the period. Sample selection using the purposive sampling method, resulted in 3 companies being analyzed. The results of the analysis of 81 data observed using the Multiple Linear Regression method showed that environmental performance and environmentally friendly products had a positive impact on the company's financial performance, while environmental poroscope and environmental activities did not show a significant influence on the company's financial performance.

This research purposed to analyze the financial performance of PT. Indo-Rama Synthetics Tbk. The research was conducted using a quantitative approach with financial reports as a data source to examine financial performance based on profitability ratios, liquidity ratios, activity ratios and solvency ratios. The research examines financial performance starting from 2020 to 2022 with financial reports obtained from the official website of the Indonesia Stock Exchange (BEI). Based on the results of the analysis, it was found that in the profitability assessment only the return on assets ratio had reached the efficient criteria, while the net profit margin and return on equity ratios were considered inefficient. In assessing liquidity, the current ratio and quick ratio are not yet liquid. Activity assessment through inventory ratios, fixed asset turnover and total asset turnover is considered to have not met the efficient level each year. Meanwhile, in the solvency assessment, it was found that the overall ratios used, namely the debt to asset ratio and the debt to equity ratio, met good criteria.