PENGARUH TOTAL ASSET TURNOVER DAN OPERATING EXPENSE RATIO TERHADAP EARNING PER SHARE PADA PERUSAHAAN SEKTOR TRANSPORTASI DAN LOGISTIK DI BEI TAHUN 2023-2025

Abstract

Earning Per Share (EPS) is an important indicator of a company's financial performance and reflects its ability to generate earnings for shareholders from available resources. In the transportation and logistics sector, maintaining an efficient level of asset turnover is essential to support operational activities, while controlling operating expenses is often considered a critical factor that may influence profitability. This study aims to examine the effect of total asset turnover (TATO) and operating expense ratio (OER) on earning per share (EPS) in transportation and logistics companies listed on the Indonesia Stock Exchange (IDX) during the 2023–2025 period. This study employed a quantitative approach using secondary data obtained from audited annual financial statements published by the Indonesia Stock Exchange and the official websites of the respective companies. The sample resulted in 93 firm-year observations, selected using purposive sampling. Panel data regression analysis was conducted, and the Random Effect Model (REM) was selected based on the Chow and Hausman tests. The results indicate that operating expense ratio has a negative and statistically significant effect on earning per share, suggesting that controlling operating expenses enhances a company's ability to generate earnings for shareholders. Conversely, total asset turnover does not have a significant effect on earning per share, indicating that a higher asset turnover rate does not necessarily improve financial performance. These findings imply that effective expense management plays a more important role in enhancing earning per share than asset turnover in Indonesia's transportation and logistics sector