<![CDATA[Financial statement fraud remains a low-frequency but high-impact risk and is particularly relevant in construction companies whose long-term projects, large contract values, and complex revenue recognition create substantial reporting judgment. This study examines whether the six elements of Fraud Hexagon Theory stimulus, capability, collusion, opportunity, rationalization, and ego explain indications of financial statement fraud among construction companies listed in the Indonesia Sharia Stock Index (ISSI) during 2022–2025. Using an explanatory quantitative design, the study analyzes secondary data from annual reports and financial statements. Purposive sampling produced 14 firms and 56 balanced panel observations. Financial statement fraud is measured using the F-Score, while the hexagon elements are proxied by return on assets, director change, cooperation with government-project, ineffective monitoring, auditor change, and the frequency of CEO pictures. Panel regression using EViews 14 selects the Common Effect Model. The results show that financial target (β=3.1001; p=0.0008) and CEO-picture frequency (β=0.1084; p=0.0424) have positive and significant effects, whereas director change, government-project cooperation, ineffective monitoring, and auditor change are insignificant. The model is jointly significant (p=0.0169) with an adjusted R² of 17.16%. These findings suggest that pressure to achieve financial targets and managerial ego warrant greater attention in fraud-risk monitoring, even among firms that have passed sharia stock screening.]]>
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