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All Journal Jurnal Studi Manajemen Organisasi
Helena Christia Deshediany
Management Department, Faculty of Economics and Business, Yogyakarta State University
Economics, Econometrics & Finance

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DETERMINANTS OF FINANCIAL STATEMENT FRAUD: TESTING THE FRAUD TRIANGLE THEORY, A STUDY OF PUBLIC COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE MUSAROH - -; Nindya Nuriswati Laili; Mahendra Ryansa Gallen Gagah Pratama; Bintang Lazuardi Benteng Buana Muslim; Naning - Margasari; Helena Christia Deshediany
JURNAL STUDI MANAJEMEN ORGANISASI Vol 23, No 1 (2026): 2026
Publisher : Faculty of Economics and Business | Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/jsmo.v23i1.82899

Abstract

This study aims to provide empirical evidence on the determinants of financial statement fraud among public companies listed on the Indonesia Stock Exchange by testing the Fraud Triangle theory. A causal associative research design was employed, utilizing a purposive sample of 76 companies, comprising 38 fraud and 38 non-fraud firms. Data were analyzed using binary logistic regression. The findings reveal that external pressure, proxied by Debt to Total Assets, and internal pressure, proxied by Earnings Per Share, have a positive and significant effect on the probability of financial statement fraud. Conversely, internal control, proxied by the proportion of independent commissioners, significantly reduces the likelihood of fraud. However, rationalization, indicated by auditor and director turnover, does not show a significant impact. This study provides valuable insights by highlighting that excessive debt, ambitious financial targets, and weak board oversight are primary drivers of fraud. It emphasizes the critical role of independent commissioners in corporate governance and advises investors to scrutinize company fundamentals
Co-Authors Bintang Lazuardi Benteng Buana Muslim Mahendra Ryansa Gallen Gagah Pratama MUSAROH - - Naning - Margasari Nindya Nuriswati Laili