# The Relationship Between DAR, Asset Growth, and DER on ROA in Indonesian CPO Companies with ROE Serving as an Intervening Variable
> Junaedi K.A.

URL kanonis: https://discover.unhas.ac.id/publications/pub_scopus_105051998949
Jurnal / Konferensi: Daengku
Tahun terbit: 2026
DOI: https://doi.org/10.35877/454RI.daengku4909
ISSN: 27756165
Citations: 0

## Authors
- Junaedi K.A.

## Abstract
This study aims to evaluate the direct effects of the Debt to Asset Ratio (DAR), Asset Growth (AG), and Debt to Equity Ratio (DER) on the Return on Assets (ROA) of Crude Palm Oil (CPO) companies listed on the Indonesia Stock Exchange in 2025. It also examines the role of Return on Equity (ROE) as an intervening variable in explaining the relationship between capital structure, company growth, and profitability. The research methodology employs path analysis, with the path coefficient values indicated by the coefficients of multiple linear regression. The path coefficients for DAR, AG, DER, and ROE in relation to ROA were found to be 0.376, 0.025, -0.405, and 0.807, respectively, with a p-value of ?0.003. In contrast, the path coefficients from DAR, AG, and DER to ROE were -0.745, 0.128, and 0.574, respectively, with a p-value of ?0.060. When analyzing the influence of ROE on ROA, the Sobel Test results indicated that the p-values for the DAR, AG, and DER variables were 0.000, 0.060, and 0.000, respectively. These results suggest that ROA is significantly influenced directly by DAR, AG, DER, and ROE. Additionally, ROE is significantly affected by DAR, AG, and DER. It was also demonstrated that ROE plays a substantial mediating role in the relationship between ROA.

## Keywords
- Return on equity
- Debt-to-equity ratio
- Stock exchange
- Return on assets
- Econometrics
- Variables
- Indonesian
- Path analysis (statistics)
- Path coefficient
- Asset (computer security)
- Business
- Sobel test
- Debt
- Economics
- Equity (law)
- Intervening variable
- Variable (mathematics)
- Capital adequacy ratio
- Linear regression
- Moderation
- Regression analysis
- Debt ratio
- Stock (firearms)
- Financial economics
- Statistics

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Sumber: Discover Unhas — RIMS Universitas Hasanuddin.
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