<![CDATA[Financial statement fraud is one of the most detrimental forms of fraud because it undermines the credibility of financial reporting and affects stakeholders' decision making. Financial pressure faced by companies is often associated with a greater likelihood of financial statement manipulation. This study aims to examine the effect of the Debt to Asset Ratio (DAR), Net Profit Margin (NPM), and Current Ratio (CR) on financial statement fraud in infrastructure companies listed on the Indonesia Stock Exchange during the 2020–2024 period. This study employed a quantitative approach using secondary data obtained from the companies' annual financial statements. The sample was selected using a purposive sampling technique, resulting in 15 companies with a total of 75 firm year observations. Financial statement fraud was measured using the Beneish M Score, while the data were analyzed using panel data regression with EViews 13 software. The results indicate that the Debt to Asset Ratio has a positive and significant effect on financial statement fraud, whereas the Net Profit Margin has no significant effect. In contrast, the Current Ratio has a positive and significant effect on financial statement fraud. Simultaneously, the three independent variables significantly influence financial statement fraud. These findings suggest that leverage and liquidity can serve as important indicators for identifying the potential risk of financial statement fraud in infrastructure companies, whereas profitability is not a significant determinant of fraudulent financial reporting in this sector.]]>
