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Analysis of Fraudulent Financial Practices and The Relationship with Firm Value
Abstract
This study aims to examine the existence of fraud in life insurance companies listed on the Indonesia Stock Exchange (IDX) during the financial reporting period of 2012–2018 by using the Beneish Ratio Index as a measurement tool. The Beneish M-score values of each company are analyzed to identify potential financial reporting fraud and are used as variables to measure their relationship with firm value, which is proxied by stock prices. This study is expected to provide insight into the reliability of the Beneish M-score model in detecting fraud within the financial insurance industry. The findings are anticipated to be useful for stakeholders, especially customers and investors, in predicting fraud risk and potential bankruptcy. Furthermore, this research aims to develop a model that explains the relationship between fraud risk and stock prices, contributing to the development of signaling theory in financial management. By revealing how fraud indicators may affect market perceptions and investor behavior, the study offers both theoretical and practical implications. It serves as a reference for investors in making informed investment decisions in the life insurance sector, which often presents different characteristics compared to other industries. Overall, this research contributes to the literature on financial fraud detection and its influence on firm valuation in capital markets.
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Economic Education and Entrepreneurship Journal
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