Peran Rasio Keuangan dalam Mendeteksi Financial Statement Fraud pada Perusahaan Infrastruktur yang Terdaftar di Bursa Efek Indonesia

Abstract

Indonesia's infrastructure sector is facing tremendous financial pressure, a condition that often triggers the practice of financial statement fraud. This study aims to uncover how leverage, profitability, and liquidity affect fraud in infrastructure companies listed on the Indonesia Stock Exchange during the 2020–2024 period, focusing on the context of the COVID-19 pandemic which increases the risk of manipulation of financial statements. This study used an explanatory quantitative approach with panel data regression analysis on a sample of 15 infrastructure companies (a total of 75 observations). The independent variables are Debt to Asset Ratio (DAR), Net Profit Margin (NPM), and Current Ratio (CR), while the dependent variable is financial statement fraud which is measured using the Beneish M-Score. Classical and hypothesis tests are performed to ensure the validity of the results. These results show that leverage (DAR) has a significant positive effect on fraud, profitability (NPM) has no effect, and liquidity (CR) has a significant positive effect. Simultaneously, all three variables contributed 15.99% to fraud, with other factors such as pandemic pressure playing a dominant role. These findings help management strengthen governance to reduce fraud risks, investors in investment risk assessment, and regulators such as the OJK in preventive policies, especially in the infrastructure sector that is vital for national development. This research fills a literature gap with a specific focus on Indonesia's infrastructure sector during the pandemic, integrates financial variables simultaneously using panel data, and provides contextual insights for emerging markets that have not been explored much.   Keywords: fraud, DAR, NPM, CR, Beneish M-Score