The Influence of Financial and Non-Financial Factors on Indications of Financial Statement Manipulation (An Empirical Study of Energy Sector Companies Listed on the Indonesia Stock Exchange, 2021–2024)
DOI:
https://doi.org/10.65310/5jber191Keywords:
CEO Photo Frequency, Financial Stability, Financial Statement Manipulation Indications, Fraud Hexagon, Political Connections.Abstract
The potential losses caused by financial statement manipulation highlight the importance of early detection of such indications to prevent greater impacts on stakeholders. This study aims to analyze the effect of financial and non-financial factors on the indication of financial statement manipulation. The sample consists of 24 energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period, with a total of 96 observations. Hypothesis testing using logistic regression shows that financial statement manipulation is significantly influenced by financial stability and the frequency of CEO photo appearance. Meanwhile, political connections within the board of commissioners are found to reduce the indication of manipulation, reflecting stronger monitoring due to public scrutiny. In contrast, ineffective supervision, auditor turnover, and CEO tenure show no significant effect. Overall, this study contributes both theoretically and practically to understanding the role of financial and non-financial factors in supporting early detection of financial statement manipulation.
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Copyright (c) 2025 Jessica Valencia Hutapea (Author)
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