The Effect of Company Size, Asset Management, and Capital Structure on Financial Performance of Palm Oil Plantation Companies Listed on the Indonesia Stock Exchange for the 2021-2025 Period

This study aims to examine the partial and simultaneous effects of Firm Size (FS), Total Asset Turnover (TATO), and Debt to Equity Ratio (DER) on financial performance, measured by Return on Equity (ROE), in palm oil plantation companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2025 period. This research employs a quantitative causal-associative design using secondary data obtained from companies' annual financial reports. The sample was selected using purposive sampling, consisting of 20 companies with a total of 100 panel data observations. Data analysis was conducted using panel data regression with the Fixed Effect Model (FEM) and White cross-section robust standard errors to address potential heteroscedasticity. The analysis also included classical assumption testing, the coefficient of determination, and hypothesis testing through partial (t-test) and simultaneous (F-test) tests. The results indicate that Firm Size has no significant effect on ROE (p = 0.6166), whereas TATO (p = 0.0005) and DER (p < 0.001) have positive and significant effects on ROE. Simultaneously, Firm Size, TATO, and DER significantly influence ROE (F-statistic = 30.564; p < 0.001). Furthermore, the Adjusted R-squared value of 0.8679 indicates that 86.78% of the variation in ROE can be explained by the three independent variables, while the remaining 13.22% is explained by other factors outside the research model.