<![CDATA[Research Originality — This study offers novelty by integrating ethical values into the S.C.O.R.E. model and examining their role among central government asset managers in Indonesia, a context distinct from prior research focusing on local government employees using traditional fraud frameworks. Research Objectives — The research aims to identify key determinants of perceived asset misappropriation among central government asset managers and examine the direct role of ethical values as an inhibiting factor. Research Methods — Employing a quantitative approach, the study analyzed primary data from 625 civil servants involved in state asset management using structural equation modeling (SEM) to test the relationships between variables. Empirical Results — The findings showed that opportunity, rationalization, and ego positively associated with asset misappropriation perceptions. Ethical values had a significant negative effect, indicating their deterrent role. However, stimulus and capability were not found to have significant effects. Rationalization emerged as the most influential factor, underscoring the importance of internal justifications in enabling fraudulent behavior. Implications — The study advances the S.C.O.R.E. model by introducing ethical values as a deterrent factor. It provides practical guidance for public institutions to strengthen ethics-based interventions, such as employee training and awareness programs, to mitigate asset misappropriation risks.]]>
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