When Oversight Overlaps: Testing the Fraud Hexagon on Financial Statement Fraud in State-Owned Banking
DOI:
https://doi.org/10.32832/neraca.v21i2.24229Kata Kunci:
pressure, opportunity, rationalization, capability, arrogance, collusion, financial statement fraudAbstrak
The consistently high rate of fraud in Indonesia's banking industry, despite its vital role in the country's financial stability, is the driving force behind this research. This study aims to examine the effect of pressure, opportunity, rationalization, capability, arrogance, and collusion on financial statement fraud in state-owned banks listed on the Indonesia Stock Exchange. It will achieve this by using the fraud hexagon theory's principles of pressure, opportunity, rationalisation, capacity, hubris, and collusion. The study's total sample included 32 firm-year data points from 4 state-owned banks spanning 2017-2024, and the study employed panel data regression using EViews 13. To measure financial statement fraud, the F-Score approach is used. The independent variables consist of financial stability, ineffective monitoring, change in auditor, change in director, CEO pictures, and collusion, while financial statement fraud is measured using the F-Score model. The empirical findings indicate that collusion has a positive and significant effect on financial statement fraud, whereas pressure, opportunity, rationalization, capability, and arrogance do not have significant effects. These results imply that structural board oversight, rather than personal financial pressure or psychological considerations, are a stronger driver of fraud risk. These findings suggest that structural governance mechanisms are more relevant than individual fraud drivers in explaining financial statement fraud within highly regulated state-owned banking institutions, thereby extending the application of Fraud Hexagon Theory in this institutional context.
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