Impact Leverage, Operational Costs, and Tax Planning on Financial Performance Companies Sector Infrastructures Subsector Telecommunication

Abstract The telecommunications subsector faces challenges in optimizing financial performance amid fierce competition and high infrastructure investment needs. This study aims to analyze the effect of leverage, operating costs, and tax planning on the financial performance of telecommunications subsector infrastructure sector companies listed on the Indonesia Stock Exchange. The study used a quantitative approach with panel data regression analysis on 15 telecommunications companies for the period 2020-2024. Using purposive sampling technique and EViews 9 software, resulting in 75 observations. Financial performance is measured using Return on Assets (ROA), leverage with Debt to Equity Ratio (DER), operating costs with the ratio of Operating Costs to Operating Income (BOPO), and tax planning with Book Tax Difference (BTD). The results showed that DER has a positive effect on ROA, BOPO has a negative effect on ROA, and BTD has a positive effect on ROA. These findings indicate that telecommunications companies can improve financial performance through optimizing capital structure with proper leverage utilization, operational efficiency and effective tax planning strategies to maximize profitability in capital-intensive industries. Keywords: Leverage, Operating Expenses, Tax Planning, Financial Performance, Telecommunications