DETERMINANTS OF FINANCIAL REPORTING FRAUD IN INDONESIAN FINANCIAL SECTOR: A FRAUD HEXAGON PERSPECTIVE
Abstract
This study was conducted to identify and analyze several factors that contribute to financial reporting fraud by applying the Fraud Hexagon Theory perspective. The influence of the independent variables on the dependent variable is explained through an explanatory quantitative approach. The research sample includes companies listed in the financial sector on the IDX from 2019 to 2023 and was determined through a purposive sampling technique. The research data processing was analyzed using the logistic regression method. The findings indicate that the financial target variable, proxied as a pressure factor, has a positive influence on financial reporting fraud. Then the audit fees variable, proxied as a collusion factor, shows a negative influence on financial reporting fraud. While the CEO education variable proxied as a capability factor, the percentage of independent audit committee variable proxied as an opportunity factor, the external auditor switching variable proxied as a rationalization factor, and the family firm variable proxied as an ego factor, have no impact on financial reporting fraud. This study offers theoretical implications for the development of literature on financial reporting fraud based on the Fraud Hexagon Theory, and provides practical implications for all stakeholders to prevent factors that can trigger financial reporting fraud.
References
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Christian, N., Fedelia, J., Te, J., & Vellin, M. (2023). Analisis Kasus Pt. Asabri (Persero) Dengan Teori Dasar Fraud. Jurnal Multilingual, 3(3), 1412–4823. www.idx.co.id
Dechow, P. M., Ge, W., Larson, C. R., & Sloan, R. G. (2011). Predicting Material Accounting Misstatements. Contemporary Accounting Research, 28(1), 17–82. https://doi.org/10.1111/j.1911-3846.2010.01041.x
Gandía, J. L., & Huguet, D. (2021). Audit fees and earnings management: differences based on the type of audit. Economic Research-Ekonomska Istrazivanja , 34(1), 2628–2650. https://doi.org/10.1080/1331677X.2020.1836990
Gbadebo, A. D., Akande, J. O., & Adekunle, A. O. (2023). Financial Statements Fraud of Banks and other Financial Institutions in Nigeria. International Journal of Professional Business Review, 8(9). https://doi.org/10.26668/businessreview/2023.v8i9.3074
Ghofar, A., Rasli, A., & Prestianawati, S. A. (2024). Financial Statement Fraud Risk and Financial Distress of Family Business: Socio-Emotional Wealth (SEW) Perspective. Jurnal Ilmiah Akuntansi, 9(1), 362–377. https://doi.org/10.23887/jia.v9i1.75145
Gottschalk, P., & Asting, C. (2019). The family firm as an arena for white-collar crime. International Journal of Business Continuity and Risk Management, 9(4), 283–297. https://doi.org/10.1504/ijbcrm.2019.10021167
Hakim, M. Z., Hamdani, Hustna Dara Sarra, Alvina Anggraini, Gadis Ayu Rizky Darmala, & Elsa Audia Utami. (2024). How Fraud Hexagon Model on Financial Statement Fraud in Energy Sector Companies? International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC), 2(3), 775–794. https://doi.org/10.61990/ijamesc.v2i3.230
Handoko, B. L., & Tandean, D. (2021). An Analysis of Fraud Hexagon in Detecting Financial Statement Fraud (Empirical Study of Listed Banking Companies on Indonesia Stock Exchange for Period 2017-2019). ACM International Conference Proceeding Series, 93–100. https://doi.org/10.1145/3457640.3457657
Horwarth, C. (2012). The Mind Behind the Fraudsters Crime: Key Behavioral and Environmental Elements. In United States of America: Crowe Horwath LLP (pp. 1–62). https://www.crowe.com/
Kaituko, L. E., Githaiga, P. N., & Chelogoi, S. K. (2023). Board structure and the likelihood of financial statement fraud. Does audit fee matter? Evidence from manufacturing firms in the East Africa community. Cogent Business and Management, 10(2). https://doi.org/10.1080/23311975.2023.2218175
Khamainy, A. H., Amalia, M. M., Cakranegara, P. A., & Indrawati, A. (2022). Financial Statement Fraud: The Predictive Relevance of Fraud Hexagon Theory. Journal of Accounting and Strategic Finance, 5(1), 110–133. https://doi.org/10.33005/jasf.v5i1.249
Kusuma, H., & Fitriani, N. (2020). Ownership structure and the likelihood of financial reporting fraud. International Journal of Innovation, Creativity and Change, 13(1), 121–140.
Kusumosari, L., & Solikhah, B. (2021). Analisis Kecurangan Laporan Keuangan Melalui Fraud Hexagon TheorY. FairValue : Jurnal Ilmiah Akuntansi Dan Keuangan, 4(3), 753–767.
Larum, K., Zuhroh, D., & Subiyantoro, E. (2021). Fraudlent Financial Reporting: Menguji Potensi Kecurangan Pelaporan Keuangan dengan Menggunakan Teori Fraud Hexagon. AFRE (Accounting and Financial Review), 4(1), 82–94. https://doi.org/10.26905/afr.v4i1.5818
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Mayasari. (2022). Pengaruh Financial Stability, Efektivitas Internal Control, Dan. Jurnal Bisnis Dan Manajemen, 2(2), 128–142.
Miftahul Jannah, V., Andreas, A., & Rasuli, M. (2021). Pendekatan Vousinas Fraud Hexagon Model dalam Mendeteksi Kecurangan Pelaporan Keuangan. Studi Akuntansi Dan Keuangan Indonesia, 4(1), 1–16. https://doi.org/10.21632/saki.4.1.1-16
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Published
2025-10-16
How to Cite
FATIHA, Aulia Salwa; LAILY, Nujmatul.
DETERMINANTS OF FINANCIAL REPORTING FRAUD IN INDONESIAN FINANCIAL SECTOR: A FRAUD HEXAGON PERSPECTIVE.
Proceedings of the International Conference of Islamic Economics and Business (ICONIES), [S.l.], v. 11, n. 1, p. 1437-1452, oct. 2025.
ISSN 2541-3333.
Available at: <https://conferences.uin-malang.ac.id/index.php/iconies/article/view/3368>. Date accessed: 12 may 2026.
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Articles
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