Musytari : Jurnal Manajemen, Akuntansi, dan Ekonomi

Vol. 25 No. 10 (2026): Musytari: Neraca Manajemen, Akuntansi, dan Ekonomi, ISSN 3025-9495
Articles

THE EFFECT OF DEBT TO EQUITY RATIO, TOTAL ASSET TURNOVER, AND SALES GROWTH ON RETURN ON ASSETS IN PROPERTY AND REAL ESTATE COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE, 2021–2025

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  • Darminsyah Putra Manggopa,
  • Maryam Mangantar,
  • Vionalisa Chandra
Darminsyah Putra Manggopa
Department of management, Faculty of Economics and Business, Sam Ratulangi University
Maryam Mangantar
Department of management, Faculty of Economics and Business, Sam Ratulangi University
Vionalisa Chandra
Department of management, Faculty of Economics and Business, Sam Ratulangi University
DOI: https://doi.cibangsa.org/DOI-2026-322

Published 2026-09-29

Keywords

  • Debt to Equity Ratio,
  • Total Asset Turnover,
  • Sales Growth,
  • Return on Assets,
  • Property Sector

How to Cite

THE EFFECT OF DEBT TO EQUITY RATIO, TOTAL ASSET TURNOVER, AND SALES GROWTH ON RETURN ON ASSETS IN PROPERTY AND REAL ESTATE COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE, 2021–2025. (2026). Musytari : Jurnal Manajemen, Akuntansi, Dan Ekonomi, 25(10). https://doi.cibangsa.org/DOI-2026-322

Abstract

This study examines the effect of Debt to Equity Ratio (DER), Total Asset Turnover (TATO), and Sales Growth on Return on Assets (ROA) in property and real estate companies listed on the Indonesia Stock Exchange during 2021–2025, controlling for inflation, the policy interest rate, and the IDXPROPERT index. Panel data regression was applied to 240 observations from 48 companies selected through purposive sampling. The Fixed Effect Model was chosen through the Chow and Hausman tests, and heteroscedasticity was corrected using robust standard errors. The results show that DER, TATO, and Sales Growth jointly have a significant effect on ROA. Partially, only TATO has a positive and significant effect, indicating that efficient asset utilization is the main driver of profitability, whereas DER and Sales Growth have no significant effect. These findings are interpreted through Trade-Off Theory, DuPont Analysis, growth theory, and Signaling Theory.
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