The Influence of Fraud Hexagon Perspective on Fraudulent Financial Statement: Evidence of Indonesia

In making investment decisions, investors anticipate returns that align with their overall financial
objectives and level of risk. To mitigate the risk, investors must consider the company’s performance by
analyzing financial reports. This research used economic value added and operating cash flow to analyze
financial reports and also used environmental, social, and governance factors to consider the company’s
performance since the energy sector is closely related to environmental, social, and governance. This research
used secondary data derived from financial and sustainability reports. The population in this research are
energy companies that were listed on the Indonesian Stock Exchange from 2021 to 2023 with a total population
of 87 companies. This research used a purposive sampling method and the sample was 49 companies. The results
of this research showed that Economic Value Added and Environmental, Social, and Governance have no impact
on Stock Returns. Operating Cash Flow has a positive impact on Stock Returns. For further research, it is
recommended to increase samples and period of the research, adding other variables or using different
measurement methods, and also provide environmental, social, and governance factors in more detail.