Jurnal Ilmiah Edunomika (JIE)
Vol. 10 No. 1 (2026): EDUNOMIKA

The Mediating Role of Firm Size in the Relationship Between DAR, ROA, and TATO on Firm Value

Lorina Siregar Sudjiman (Universitas Advent Indonesia, Bandung)
Paul Eduard Sudjiman (Bandung)



Article Info

Publish Date
28 Jun 2026

Abstract

From its foundation to its projected future performance, a company's stock price in the capital market reflects public perception and trust in the company's performance, which together make up the company's value. This study seeks to examine the relationship between company value, debt-to-asset ratios (DAR), return on assets (ROA), and total asset turnover (TATO), controlling for company size. Multiple linear regression analysis is the tool used in this study's quantitative methodology. Of the businesses listed on the Indonesia Stock Exchange between 2021 and 2024, 21 were from the food and beverage subsector. This study made use of secondary data that was analysed with the help of IBM SPSS. Debt to Asset Ratio (DAR) does not impact company value, according to the data. In contrast, TATO and Return on Assets (ROA) significantly impact the value of a company. There is no moderating effect of firm size on the correlation between DAR and TATO on a company's value. On the flip side, the correlation between ROA and a company's worth might be dampened by its size. Keywords: Firm value, debt to asset ratio, return on assets, total asset turnover, and firm size

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Journal Info

Abbrev

jie

Publisher

Subject

Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education

Description

Jurnal Ilmiah EDUNOMIKA dengan ISSN 2598-1153, diterbitkan 2 (dua) kali setahun (Pebruari dan Agustus) oleh LPPM STIE AAS Surakarta bekerjasama dengan Pusat Kajian Pendidikan dan Ekonomi (PUSKAPE), Yayasan Keluarga Muslim Al Azarul Ulum Sukoharjo. Terbit pertama pada bulan Pebruari 2017. Redaksi ...