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All Journal Journal of Applied Finance & Accounting Journal The Winners Binus Business Review Jurnal Online Insan Akuntan EAJ (ECONOMICS AND ACCOUNTING JOURNAL) Business Economic, Communication, and Social Sciences Journal (BECOSS) Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside
Armanto Witjaksono
BINUS University
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering Social Sciences

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DETECTING FINANCIAL STATEMENT FRAUD IN STATE-OWNED ENTERPRISES: AN INTEGRATED ANALYSIS OF THE FRAUD HEXAGON AND BENEISH M-SCORE MODE Muhammadiyah, Aisyiah Syamzami; Witjaksono, Armanto
Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside Vol. 5 No. 1 (2025): Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside
Publisher : Gapenas Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53363/yud.v5i1.133

Abstract

This research analyzes the fraud hexagon in detecting financial statement fraud using the Beneish M-Score Model in State-Owned Enterprises (SOEs) during the period 2018-2022. Using secondary data from 20 companies listed on the Indonesia Stock Exchange, this study evaluates he impact of six fraud elements—pressure (proxied by financial targets, stability, and external pressure), opportunity, rationalization, capability, ego, and collusion—on fraudulent financial reporting. The findings indicate that the elements of Pressure in the Fraud Hexagon, proxied by financial targets, financial stability, and external pressure, significantly influence the detection of financial statement fraud, while other elements such as opportunity, rationalization, capability, ego, and collusion do not have a significant impact. This study provides crucial insights for SOEs to strengthen corporate governance systems and enhance internal audit functions to prevent financial statement fraud. The study contributes to fraud literature by integrating the Fraud Hexagon with the Beneish M-Score in an emerging market context and offers practical strategies for mitigating fraud risks in SOEs.
The Effect of Enterprise Risk Management, Firm Size, Profitability, and Leverage on Firm Value Witjaksono, Armanto; Sari, Ratna Puspita
EAJ (Economic and Accounting Journal) Vol. 4 No. 1 (2021): EAJ (Economic and Accounting Journal)
Publisher : Universitas Pamulang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32493/eaj.v4i1.y2021.p71-81

Abstract

The purpose of this study is to investigate the effect of enterprise risk management, firm size, profitability, and leverage on the worth of property and assets companies listed on the Indonesia securities market during 2015-2017. the tactic of knowledge analysis during this study is multiple regression toward the mean analysis using SPSS software version 25. The results of the study indicate that the scale of the corporate doesn't have an influence on the worth of the corporate. Other variables like profitability and leverage have a big positive effect on firm value, while the applying of enterprise risk management to property and assets companies listed on the Indonesia securities market incorporates a significant negative effect on firm value. it had been concluded that enterprise risk management, profitability and leverage affect the worth of the corporate
Co-Authors Leidessya, Andrea Michael Angelus Muhammadiyah, Aisyiah Syamzami Nurhidayati Nurhidayati Ratna Puspita Sari Ratna Puspita Sari, Ratna Puspita Tediyanto Tediyanto Tediyanto Tediyanto, Tediyanto