ANALISIS PENGARUH EFISIENSI PENGGUNAAN ASET TERHADAP KINERJA KEUANGAN DENGAN MEDIASI PROFITABILITAS: STUDI PADA PERUSAHAAN TRANSPORTASI DAN LOGISTIK DI BURSA EFEK INDONESIA

AbstractThis study aims to analyze the effect of asset utilization efficiency (TATO,WCT, and FATO) on financial performance (EPS) with profitability (ROA) asa mediating variable in transportation and logistics companies listed on theIndonesia Stock Exchange during the 2020–2024 period. The study employssecondary data obtained from companies’ financial statements and annualreports. The sample was selected using purposive sampling, resulting in 34companies with a total of 158 observations (unbalanced data). Data analysiswas conducted using panel data regression, Sobel test and bootstrapping.The results indicate that asset utilization efficiency, in general, does nothave a significant direct effect on corporate financial performance.Partially, asset utilization efficiency proxied by Total Asset Turnover(TATO) has a significant effect on profitability, whereas Working CapitalTurnover (WCT) and Fixed Asset Turnover (FATO) are not significant.Profitability has a significant effect on financial performance. Mediationtesting using the Sobel test and bootstrapping confirms that profitabilitymediates the relationship between asset utilization efficiency (TATO) andfinancial performance, while the mediation paths through WCT and FATOare not statistically significant.Keywords: Asset Utilization Efficiency, Profitability, CorporateFinancial Performance