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PENGARUH GOOD CORPORATE GOVERNANCE DAN FINANCIAL DISTRESS TERHADAP FINANCIAL STATEMENT FRAUD DAN FIRM VALUE : Studi pada Perusahaan Badan Usaha Milik Negara yang Terdaftar di Bursa Efek Indonesia Periode 2022 - 2024

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RINGKASAN

Islami Putri Apriani, Program Magister Administrasi Bisnis Fakultas Ilmu
Administrasi Universitas Brawijaya, 2025. Pengaruh Good Corporate
Governance dan Financial Distress Terhadap Financial Statement Fraud dan
Firm Value (Studi pada Perusahaan Badan Usaha Milik Negara yang Terdaftar di
Bursa Efek Indonesia Periode 2022 - 2024). Ketua Pembimbing: Dr. Dra. Zahroh
Z.A., M.Si., Anggota Pembimbing: Dr. Dra. Maria Goretti Wi Endang NP., M.Si.

Tindakan kecurangan laporan keuangan (financial statement fraud)
adalah suatu perbuatan yang mungkin dilakukan perusahaan untuk membuat
laporan keuangannya nampak “bagus” dan “menarik” di mata investor. Financial
statement fraud tidak hanya terjadi pada perusahaan umum, tetapi juga dapat
terjadi pada Badan Usaha Milik Negara (BUMN), karena adanya tuntutan untuk
berkinerja baik. Terlebih lagi, kini perusahaan BUMN sedang berada dalam
sorotan di tengah-tengah intensi pemerintah untuk membuat Dana Kekayaan
Negara (Sovereign Wealth Fund) yang dinamakan Danantara. Hal ini membuat
perusahaan BUMN berada dalam kondisi yang dituntut untuk berkinerja baik dan
berpotensi melakukan sesuatu yang tidak beretika untuk mencapai tujuan
tersebut. Penelitian ini bertujuan untuk menganalisis kondisi perusahaan BUMN
dan menilai apakah terdapat hubungan antara tata kelola (corporate governance)
dan tingkat kesehatan (financial distress) perusahaan BUMN dapat
mempengaruhi terjadinya financial statement fraud dan pada akhirnya
berdampak pada nilai perusahaannya (firm value). Penelitian ini menggunakan
data kuantitatif yang diambil dari Bursa Efek Indonesia (BEI) pada periode 2022
2024, berfokus pada 19 perusahaan BUMN di Indonesia. Variabel financial
statement fraud dinilai menggunakan M-Score dan F-Score, sedangkan
corporate governance menggunakan board size, komisaris independen dan
komite audit. Kemudian financial distress dinilai menggunakan Z-Score, G-Score
dan X-Score, yang terakhir firm value menggunakan harga saham dan Price to
Book Value (PBV). Penelitian ini menggunakan metode analisis SEM-PLS
dengan temuan sebagian besar perusahaan BUMN terindikasi mengalami
financial distress dan beberapa diantaranya terindikasi melakukan financial
statement fraud. Hasil lainnya adalah corporate governance tidak berpengaruh
signifikan terhadap financial statement fraud, sedangkan financial distress
berpengaruh positif signifikan terhadap financial statement fraud. Kemudian,
financial distress dan corporate governance berpengaruh negatif dan positif
terhadap firm value secara signifikan, sedangkan financial statement fraud
berpengaruh negatif signifikan terhadap firm value. Penelitian ini diharapkan
dapat: (1) memberikan kontribusi ilmu pengetahuan terkait corporate
governance, financial distress, financial statement fraud dan firm value; (2) dan
meningkatkan kewaspadaan investor dalam mengambil keputusan investasinya.
Kata Kunci: Financial Distress, Financial Statement Fraud, Firm Value, Good
Corporate Governance, Perusahaan BUMN.

SUMMARY

Islami Putri Apriani, Master of Business Administration Program, Faculty
of Administrative Science Brawijaya University, 2025. The Effect of Good
Corporate Governance and Financial Distress to Financial Statement Fraud and
Firm Value (Study on State-Owned Enterprise Listed on Indonesian Stock
Exchange in 2022-2024 Periods). Supervisor: Dr. Dra. Zahroh Z.A., M.Si. and
Co-Supervisor: Dr. Dra. Maria Goretti Wi Endang NP., M.Si.

Commiting financial statement fraud is one act that company would do to
make their financial report looks “lavish” and “interesting” in the eye of their
potential investors. A company did that with some reason, not only because of
the needs to attract inverstment from new investors, but also to prove themself to
the “old” investors that they are running the company well. Fraud is not only could
happen in a common company, but also could happen in Indonesian State
Owned Enterprise (SOE) too, because they are presurred to do well. Moreover,
Indonesian SOEs are now in the spotlight amid the government’s intention to
create a Sovereign Wealth Fund (SWF). And so, they are in a condition that
demanded to perform well and could potentially commiting something unethical
on the way to achieving that purpose. This study aims to analyze the condition of
Indonesian SOEs and examine whether there is a relationship between SOE’s
governance and financial condition (distress) that could potentially lead to
financial statement fraud, and finally affecting their firm value. This study uses
quantitative data from Indonesian Stock Exchange (IDX) for the years 2022 to
2024, focusing on 19 SOEs in Indonesia. Financial statement fraud is
represented by M-Score and F-Score, meanwhile corporate governance by board
size, independent board of commisaries and auditee comitee, and then financial
distress is represented by Z-Score, G-Score, and X-Score, lastly firm value is
represented by share price and Price to Book Value (PBV). This study is
analyzed using SEM-PLS and the findings is most of the SOEs is having financial
difficulties and some of them is predicted to commit financial statement fraud.
Another finding of this study is corporte governance is not significantly affecting
financial statement fraud, but financial distress is positive and significantly
affecting financial statement fraud. Meanwhile, financial distress and corporate
governance is affecting firm value significantly, negatively and positively. As for
financial statement fraud is proofed to have a negative and significant impact to
the firm value. This study is expected to: (1) contribute additional knowledge to
the study related to financial statement fraud, financial distress, corporate
governance and firm value; (2) also raise awareness among potential investors
when making investment decisions.

Keywords: Financial Distress, Financial Statement Fraud, Firm Value, Good
Corporate Governance, Indonesian State-Owned Enterprise.

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Ketersediaan

Informasi Detail

Judul Seri

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No. Panggil

TES 658,4 APR p 2025 K1

Penerbit

Malang : Program Magister Ilmu Administrasi Bisnis Fakultas Ilmu Administrasi Universitas Brawijaya Malang., 2025

Deskripsi Fisik

xviii, 246 Halaman ; Ilus : 29,5 cm

Bahasa

Indonesia

ISBN/ISSN

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Klasifikasi

658,4

Tipe Isi

text

Tipe Media

-

Tipe Pembawa

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Edisi

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Subjek

Firm Value
Tesis / Thesis
Financial Distress
Financial Statement Fraud
Good Corporate Governance
Perusahaan BUMN
Indonesian State-Owned Enterprise

Info Detail Spesifik

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Pernyataan Tanggungjawab

Islami Putri Apriani

Versi lain/terkait

Lampiran Berkas

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