Determinants of Financial Statement Fraud: Pressure, Collusion, Opportunity, and Information Asymmetry
Abstract
Financial statement fraud remains a recurring problem in the property and real estate industry, frequently attributed to weak monitoring mechanisms and unequal access to firm-specific information. This study examines the predictive role of pressure, collusion, opportunity, and information asymmetry on financial statement fraud among property and real estate companies listed on the Indonesia Stock Exchange during the 2022–2024 period. A purposive sampling technique yielded 33 companies that met the specified criteria, resulting in 99 firm-year observations drawn from published annual reports and financial statements. Financial statement fraud was measured using the F-Score model, while pressure, collusion, opportunity, and information asymmetry were proxied respectively by return on assets, a dummy variable indicating political affiliation, the proportion of independent commissioners, and stock bid-ask spread. Data were analyzed using logistic regression in IBM SPSS version 30. The regression model fit the data well, Nagelkerke R² = .414, and three of the four hypotheses were supported at p < .05. Collusion (B = 1.853, p = .020), opportunity (B = -9.415, p = .005), and information asymmetry (B = .274, p = .013) each significantly predicted financial statement fraud, whereas pressure did not (B = 1.296, p = .870). These results indicate that governance-related weaknesses and information disparities exert a more decisive influence on fraudulent reporting behavior than earnings-based pressure in this sector. Strengthening the independence and monitoring capacity of independent commissioners, together with stricter information disclosure requirements, is recommended to mitigate fraud risk among property and real estate firms.
Keywords: Financial Statement Fraud, Pressure, Collusion, Opportunity, Information Asymmetry
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