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All Journal Nominal: Barometer Riset Akuntansi dan Manajemen Juara: Jurnal Riset Akuntansi Akuisisi : Jurnal Akuntansi Jurnal ASET (Akuntansi Riset) Jurnal Riset Akuntansi dan Keuangan Jurnal SIKAP (Sistem Informasi, Keuangan, Auditing Dan Perpajakan) Jurnal Abdi Insani Community Development Journal: Jurnal Pengabdian Masyarakat BERNAS: Jurnal Pengabdian Kepada Masyarakat Akuntansi dan Teknologi Informasi Jurnal Pengabdian Masyarakat dan Riset Pendidikan Journal of Development Economics and Digitalization, Tourism Economics (JDEDTE)
Widaningsih, Mimin
Universitas Pendidikan Indonesia
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FINANCIAL STATEMENT FRAUD DETECTION USING THE BENEISH M-SCORE AND ITS IMPLICATIONS FOR FIRM VALUE: A NARRATIVE LITERATURE REVIEW Shukurulloxon Mutalibov; Elis Mediawati; Mimin Widaningsih
Journal of Development Economics and Digitalization, Tourism Economics Vol. 3 No. 2 (2026): April
Publisher : Yayasan Nuraini Ibrahim Mandiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70248/jdedte.v3i2.3650

Abstract

Financial statement fraud remains a major concern for investors, regulators, and researchers because it reduces the reliability of financial reporting and can lead to significant economic losses. Among the various approaches developed to detect such fraud, the Beneish M-Score has become one of the most widely used tools due to its practicality and reliance on publicly available financial data. This study reviews the existing literature on the use of the Beneish M-Score in detecting financial statement fraud and examines the implications of such fraud for firm value. Using a narrative literature review approach, this article synthesizes prior theoretical and empirical studies related to fraud detection, earnings manipulation, and market responses to fraudulent financial reporting. The review shows that the Beneish M-Score is a useful initial screening tool for identifying potential earnings manipulation, although its effectiveness varies across countries, industries, and regulatory environments. The literature also indicates that financial statement fraud generally has a negative effect on firm value through declining investor confidence, falling stock prices, reputational damage, and higher costs of capital. Overall, this study highlights the importance of early fraud detection and emphasizes that the Beneish M-Score can provide meaningful insights when used alongside other analytical approaches and supported by strong corporate governance. Keywords: financial statement fraud; Beneish M-Score; firm value; earnings manipulation; narrative literature review
Co-Authors Adjie Hartadji Achmad Agus Widarsono Aminah, Neng Hasnah Siti Athaya, Muhammad Randy Nashwan Auliya, Nanda Az-Zahra, Azka Amalia Badria Muntashofi Desmiranti Lestari, Sofie Elis Mediawati, Elis Fauzan, Muhammad Akmal Firdaus, Radith Faris Gustiyaz, Lutfhi Muhammad Hazim, Raihan Hibrizi, Rafa Naufal Ikin Solikin Indah Fitriani Indah Fitriani Ira Revita Khalisya Putri Koeswanti Khoirunnisa, Tiara Cantika Kholis Frendika Muhamad Radinal Ramdhan Musaev Tulkin Natatsa Salsabila Nisa, Dilla Fadillatun Nor Aishah Mohd Ali Nur Azizah, Alya Nur Hakim, Desy Nuriyah, S. Rizka Rahman, Fauzan Binti Abdul Raihan Hazim Ramadhani, Sifa Aulia Ranadimajid, Muhammad Indirafi Ra’no Shamsiddinova Revant Ibrani Haposan Sinaga Revita, Ira Rosalinda Rozaiha Ab. Majid S. Rizka Nuriyah Saeful Anwar, Saeful Salina Abdullah Samuel Theodorus Wangsa Shalsanabila Ramadhani, Annisa Shukurulloxon Mutalibov Sukmana, Fedora Azalia Dwiputri Triyono, Bambang Triyono, Bambang Wahyuni, Wulan Sri Weninggalih, Kinanti Yoana Khairunissa Santi