Amatus Venantius Sabubun
Universitas Terbuka, Jakarta, Indonesia
Corresponding Author: Amatus Venantius Sabubun, amatus.vs@gmail.com
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A B S
T R A C T |
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Financial fraud remains a
significant issue in Indonesia’s MSME ecosystem, generally driven by weak
financial governance and low internalization of ethical values in accounting
practices. This study examines the influence of accounting ethics on fraud prevention
in MSMEs by analyzing the relationship between ethically based accounting
practices and fraud prevention mechanisms. Using a quantitative explanatory
research design, data were collected through structured questionnaires from
150 MSME financial owners and managers selected via purposive sampling and
analyzed using multiple linear regression. The results show that accounting
ethics—reflected in integrity, objectivity, transparency, and
accountability—have a positive and significant effect on fraud prevention.
These findings confirm that accounting ethics function not only as a
normative framework but also as a practical mechanism to strengthen fraud
prevention efforts, providing practical implications for policies and
programs promoting integrity-based financial governance in MSME development. |
INTRODUCTION
Financial fraud is a global issue that continues to be a serious concern
in the field of accounting and organizational governance, especially in the
micro, small, and medium enterprises (MSMEs) sector. Internationally, MSMEs are
considered to have a higher level of fraud vulnerability than large companies
due to limitations in internal control systems, human resources, and adequate
accounting literacy (Kassem & Higson, 2021). This phenomenon is exacerbated
by economic pressures, digitalization that has not been balanced with
governance readiness, and weak internal oversight at the small business scale
(Nguyen et al., 2022). Therefore, efforts to prevent fraud in MSMEs are a
strategic issue that not only has an impact on business sustainability, but
also on economic stability more broadly.
In Indonesia, MSMEs have a dominant role in the structure of the national
economy, both in terms of contribution to gross domestic product and labor
absorption. However, the rapid growth in the number of MSMEs has not been fully
followed by an improvement in the quality of financial governance and adequate
accounting practices. Various studies show that most MSMEs in Indonesia still
face problems in financial recording, report transparency, and accountability
in business fund management (Pratama & Manurung, 2021). This condition
opens up space for fraud, both intentional and due to a weak understanding of
ethics in daily accounting practices.
The accounting literature has so far placed fraud prevention more in a
technical framework, such as internal controls, audit systems, and compliance
with formal regulations. This approach emphasizes structural and procedural
aspects, but relatively ignores the behavioral dimensions and moral values of
business actors as determining factors for the effectiveness of fraud
prevention (Sulaiman & Mitchell, 2020). In fact, in the context of MSMEs
that have a simple organizational structure, the ethical values of individual
owners and financial managers play a very dominant role. This shows that fraud
prevention cannot be separated from the perspective of accounting ethics as the
foundation of responsible financial behavior.
Several international studies have examined the relationship between
accounting ethics and fraudulent behavior, but most have been conducted in the
context of large corporations or the public sector. A study by Abbas et al.
(2022) shows that the internalization of accounting ethical values has a
significant effect on ethical financial decision-making, but the study has not
specifically highlighted the context of MSMEs. Another study by Mensah and
Adams (2023) confirms the importance of professional ethics in reducing the
risk of fraud, but the focus is still limited to the formal accounting
profession. Thus, there is a clear research gap related to the lack of
empirical studies on the role of accounting ethics in preventing fraud in
MSMEs, especially in developing countries such as Indonesia.
The research gap shows the need for a more contextual approach by
considering the unique characteristics of MSMEs, including system limitations,
close relationships between business actors, and dominance of decision-making
by owners. The perspective of accounting ethics offers a relevant conceptual
framework to explain how the values of integrity, objectivity, transparency,
and accountability affect the financial behavior of MSME actors (Hajiha &
Azizi, 2021). However, empirical evidence that quantitatively tests this
relationship in the context of Indonesian MSMEs is still very limited. This
condition strengthens the urgency of research that specifically links
accounting ethics with fraud prevention mechanisms in MSMEs.
Based on the background and gaps of the research, this study aims to
analyze the influence of the accounting ethics perspective on fraud prevention
in the MSME ecosystem in Indonesia. This study specifically examines how
accounting practices based on ethical values contribute to strengthening fraud
prevention mechanisms. By using a quantitative approach and explanatory
research design, this research is expected to be able to provide strong
empirical evidence on the role of accounting ethics in the context of MSMEs.
This goal was formulated to answer the need for data-based studies that are
relevant to the real conditions of MSME actors in Indonesia.
Theoretically, this research contributes to the development of accounting
literature by expanding understanding of the role of accounting ethics as a
behavioral factor in fraud prevention, especially in the MSME sector. This
research also enriches the fraud prevention discourse which has been dominated
by technical and structural approaches. Practically, the findings of this
research are expected to be the basis for the formulation of MSME development
policies that emphasize the internalization of ethical values in financial
management. In addition, the results of this research can be used by
stakeholders, including the government and MSME companion institutions, to
design programs to strengthen financial governance that are oriented towards
business integrity and sustainability.
THEORETICAL REVIEW
Accounting Ethics as the Foundation of Financial
Behavior
Accounting
ethics is a normative value framework that forms the moral orientation of
business actors in managing and reporting financial information. In a
behavioral approach, accounting ethics serves not only as a professional
standard, but also as a psychological determinant that influences honesty,
prudence, and responsibility in financial decision-making (West &
Bhattacharya, 2020). The study confirms that the internalization of ethical
values plays a direct role in reducing the tendency to manipulate financial
statements, especially in entities with simple organizational structures. Thus,
accounting ethics can be understood as a value-based internal control mechanism
that is relevant for MSMEs that have the limitations of formal systems.
(H1): Accounting ethics have a positive effect on fraud prevention
in MSMEs.
Characteristics of Fraud in MSMEs and Their
Triggers
Financial
fraud in MSMEs has different characteristics compared to large organizations,
especially because of the high concentration of power in business owners and
the lack of separation of financial functions. Research by Dorminey et al.
(2021) shows that fraud in small businesses is often triggered by the
rationalization of behavior that is morally justified by the perpetrator,
rather than solely by structural opportunity. These findings indicate that
fraud prevention in MSMEs is not enough to be done through strengthening
procedures, but requires an approach that touches on the dimensions of
individual values and ethics as the main actors in financial management.
(H2): The higher the level of accounting ethics of MSME actors,
the lower the tendency for financial fraud.
Accounting Ethics and Anti-Fraud Decision-Making
The
relationship between accounting ethics and fraud prevention is gaining
increasing attention in the empirical literature. Research by Craft (2021)
shows that individuals with a high level of ethical awareness tend to resist
manipulative practices despite being in situations of economic stress. This
study confirms that accounting ethics serves as a moral filter in the financial
decision-making process. In the context of MSMEs, where strategic and
operational decisions are often centered on one individual, the role of
accounting ethics is very decisive in shaping financial behavior oriented
towards fraud prevention.
(H3): Accounting ethics have a positive effect on financial
decision-making oriented towards fraud prevention in MSMEs.
Ethical Perspectives in MSME Financial
Governance
Financial
governance in MSMEs cannot be separated from the ethical dimension because most
financial activities are informal and trust-based. Farrell and Cobbin (2022)
emphasize that the integration of ethics in accounting practice is able to
increase transparency and accountability even without a complex control system.
These findings reinforce the view that accounting ethics can serve as a partial
substitution for formal mechanisms for preventing fraud. Therefore, an ethical
approach is very relevant for MSMEs that face limited resources and governance
infrastructure.
(H4): The application of high accounting ethics has a positive
effect on strengthening MSME financial governance.
The Context of Developing Countries and the
Empirical Gap
In the
context of developing countries, weak regulatory enforcement and low accounting
literacy further increase the role of ethics as a tool to prevent fraud. A
study by Owusu et al. (2023) found that the value of integrity and
accountability has a significant influence on reducing fraud practices in small
businesses in developing countries. However, the study has not specifically
examined MSMEs in Indonesia. The limitations of this empirical evidence show
that there is a research gap that requires a contextual quantitative study of
the influence of accounting ethics on fraud prevention in the Indonesian MSME
ecosystem.
(H5): The dimension of accounting ethics consisting of integrity,
objectivity, transparency, and accountability simultaneously has a significant
effect on the prevention of fraud in MSMEs in Indonesia.
METHODOLOGY
Types and
Approaches to Research
This study uses a
quantitative approach with an explanatory research design that aims to explain
the causal relationship between accounting ethics and fraud prevention in
micro, small, and medium enterprises (MSMEs). The quantitative approach was
chosen because it allows objective hypothesis testing through statistical
analysis of numerical data obtained from respondents, so that the relationships
between variables can be tested empirically and measurably (Creswell &
Creswell, 2021). In addition, this approach is relevant to measure the
perception and attitude of MSME actors towards accounting ethics practices in a
systematic and standardized manner. Explanatory design is used to test the
extent to which variations in the application of accounting ethical values are
able to explain variations in the level of fraud prevention, so that the
results of the study are not only descriptive, but also inferential.
Population
and Sampling Techniques
The population of this
study includes all owners and financial managers of MSMEs that are actively
operating in Indonesia, both in the trade, services, and small-scale
manufacturing sectors. Given the unavailability of a complete and homogeneous
national sample framework, as well as the high variation in the characteristics
of MSMEs between regions and business sectors, this study uses a
non-probability sampling technique with a purposive sampling method. This
technique was chosen because it allows researchers to select respondents who
meet certain criteria and are relevant to the research objectives, namely MSMEs
that have been operating for at least two years and have regular financial
recording activities (Etikan et al., 2020).
The number of samples of 150
respondents was determined based on methodological and practical
considerations. Methodologically, this number has met the minimum
recommendation for multiple linear regression analysis, which is between five
and ten times the number of indicators or variables analyzed, so that it is
able to produce stable and reliable parameter estimates (Hair et al., 2022).
Practically, this sample size is considered representative enough to illustrate
the general pattern of the application of accounting ethics in Indonesian MSMEs
which are heterogeneous. Respondents were obtained from various regions through
a network of MSME companions, business actors communities, and MSME
associations who were willing to participate in the research.
Data
Collection Techniques and Instruments
The research data was
collected using a structured questionnaire designed to measure respondents'
perceptions consistently and systematically. The variables of accounting ethics
are operationalized through four main dimensions, namely integrity, objectivity,
transparency, and accountability, while the variables of fraud prevention are
measured through indicators of anti-fraud awareness, compliance with financial
procedures, and commitment to honest reporting. The questionnaire items were
adapted from instruments that had been used and validated in previous research,
then adjusted to the context and operational language of MSMEs so that they
were easily understood by respondents (Latan et al., 2021).
The measurement was carried out
using a five-point Likert scale, ranging from strongly disagree to strongly
agree, to capture the intensity level of respondents' attitudes more precisely.
The use of this scale is considered effective in accounting behavioral research
because it is able to increase the variation of answers and reduce extreme bias
in responses.
Instrument
Validity and Reliability Test
The instrument validity
test is carried out through a construct validity test by analyzing the
correlation between the score of each item and the total score of the variable.
A statement item is declared valid if the value of the correlation coefficient exceeds
the critical value set at a certain level of significance. Furthermore, the
reliability of the instrument is measured using Cronbach's Alpha coefficient to
assess the internal consistency between items in a single construct. An
instrument is declared reliable if Cronbach's Alpha value is greater than 0.70,
which indicates a good and acceptable level of reliability in social and
behavioral research (Taber, 2020). This stage is done to ensure that the
instrument is able to generate stable and consistent data before it is used in
advanced analysis.
Research
Implementation Procedure
The research is carried out
through a series of and systematic stages. The initial stage begins with the
formulation of research variables and the preparation of instruments based on
literature review and previous research. Furthermore, a limited questionnaire
trial was carried out to ensure editorial clarity, relevance of items, and ease
of understanding by respondents. The next stage is the distribution of
questionnaires to respondents who meet the sample criteria, both online and
offline, with brief assistance if needed to ensure an adequate response rate.
After the data is collected, a data
screening process is carried out to ensure the completeness and consistency of
the answers, as well as to eliminate incomplete or inappropriate responses for
analysis before entering the statistical data processing stage (Sekaran &
Bougie, 2023). All research procedures were carried out by paying attention to
the ethical principles of the research, including respondent anonymity, data
confidentiality, and voluntary consent to participation.
Data
Analysis Techniques
Data analysis was carried
out using multiple linear regression to test the influence of accounting ethics
on fraud prevention in MSMEs. Before hypothesis testing, a classical assumption
test was carried out which included a normality test to ensure data distribution,
a multicollinearity test to test the independence between independent
variables, and a heteroscedasticity test to ensure the similarity of residual
variance. Testing these assumptions aims to guarantee that the regression model
used meets the necessary statistical requirements.
The entire data analysis process was
carried out with the help of the latest version of the Statistical Package for
the Social Sciences (SPSS) software. The selection of multiple linear
regression is based on its ability to test the simultaneous relationship
between several dimensions of accounting ethics as an independent variable and
fraud prevention as a dependent variable empirically and measurably (Field,
2020).
RESULTS AND DISCUSSION
Instrument
Validity Test Results
Validity tests are performed to
ensure that each statement item is capable of measuring the construct in
question. The validity of the instrument is tested using item–total correlation,
i.e. by comparing the value of the correlation coefficient of each item
(r-count) with the value of the r-table at a significance level of 5%. With a
total of 150 respondents, the r-table value was set at 0.159.
The test results showed that all
statement items on the variables of integrity, objectivity, transparency,
accountability, and fraud prevention had a greater r-count value than the
r-table. Thus, all items are declared valid and suitable for use in the next
analysis.
Table 1. Instrument Validity Test Results
|
Variable |
Number of Items |
r-count Range |
r-table |
Validity Status |
|
Integrity |
5 |
0.612 – 0.748 |
0.159 |
Valid |
|
Objectivity |
4 |
0.598 – 0.721 |
0.159 |
Valid |
|
Transparency |
5 |
0.624 – 0.769 |
0.159 |
Valid |
|
Accountability |
4 |
0.639 – 0.782 |
0.159 |
Valid |
|
Fraud Prevention |
6 |
0.651 – 0.804 |
0.159 |
Valid |
The entire r-count value is
above the r-table value, which indicates that each statement item has a strong
correlation with the total score of its variable. This indicates that the
instrument is able to accurately represent the ethical constructs of accounting
and fraud prevention.
Instrument
Reliability Test Results
Once the instrument is valid, the
next stage is reliability testing to assess the internal consistency between
items in each construct. Reliability tested using Cronbach’s Alpha, with
the alpha value criteria greater than 0.70. The test results showed that all
study variables had a Cronbach's Alpha value above the set minimum limit.
Table 2. Instrument Reliability Test Results
|
Variable |
Cronbach’s
Alpha |
Reliability
Status |
|
Integrity |
0.834 |
Reliable |
|
Objectivity |
0.821 |
Reliable |
|
Transparency |
0.846 |
Reliable |
|
Accountability |
0.852 |
Reliable |
|
Fraud Prevention |
0.869 |
Reliable |
Cronbach's high Alpha value indicates that the items in each
variable have good internal consistency. Thus, the research instrument was
declared to be able to produce stable and consistent data for regression
analysis.
Classical
Assumption Test Results
Before multiple linear regression
analysis is performed, a classical assumption test is performed to ensure that
the regression model meets the statistical requirements.
Table 3. Classical Assumption Test Results
|
Assumption Test |
Indicator |
Result |
Conclusion |
|
Normality |
Kolmogorov–Smirnov Sig. |
0.087 |
Normally Distributed |
|
Multicollinearity |
LIVE |
1.214–1.487 |
No Multicollinearity |
|
Heteroscedasticity |
Is the test looking good. |
> 0.05 |
No Heteroscedasticity |
The significance value of the
normality test is greater than 0.05, which indicates that the residual is
normally distributed. The VIF value of all independent variables is well below
10, so there is no multicollinearity. In addition, the heteroscedasticity test
showed a significance value above 0.05, which indicated the absence of
heteroscedasticity problems. Thus, the regression model fulfills all classical
assumptions.
Multiple
Linear Regression Analysis Results
Multiple linear regression analysis
was conducted to test the influence of integrity, objectivity, transparency,
and accountability on fraud prevention in MSMEs.
Table 4. Multiple Linear Regression Results
|
Independent
Variable |
Beta
Coefficient |
t-value |
Say. |
|
Integrity |
0.287 |
3.842 |
0.000 |
|
Objectivity |
0.214 |
2.976 |
0.003 |
|
Transparency |
0.241 |
3.315 |
0.001 |
|
Accountability |
0.302 |
4.118 |
0.000 |
|
Constant |
0.912 |
— |
— |
Table 5.
Model Summary
|
Statistic |
Value |
|
R |
0.721 |
|
R Square |
0.520 |
|
Adjusted R Square |
0.506 |
|
F-value |
39.214 |
|
Say. |
0.000 |
The regression results show that all dimensions of
accounting ethics have a positive and significant effect on fraud prevention.
Accountability has the largest beta coefficient, which indicates that
responsibility in financial management and reporting is the most dominant
factor in preventing fraud. The Adjusted R Square value of 0.506 indicates that
more than half of the variation in fraud prevention can be explained by all
four dimensions of accounting ethics simultaneously.
DISCUSSION
The
results of this study empirically support Hypothesis 1 (H1) which states that
accounting ethics have a positive effect on fraud prevention in MSMEs. This
finding is shown by regression results which show that all dimensions of
accounting ethics have a positive and significant beta coefficient.
Theoretically, these results are in line with the ethical behavior theory
approach that places moral values as the main determinants of individual
economic behavior. In the context of MSMEs that tend to have minimal formal
supervision, accounting ethics function as value-based internal controls that
are able to limit opportunistic behavior of business actors (Martinov-Bennie
& Mladenovic, 2021). Thus, accounting ethics not only plays a normative
role, but also an operational role in shaping financial practices that are free
from fraud.
Support
for Hypothesis 2 (H2) can be seen from the implicit negative relationship
between the level of accounting ethics and the tendency to cheat, which is
reflected in the significant influence of all independent variables on fraud
prevention variables. These findings reinforce the view that fraud in MSMEs is
more often triggered by moral rationalization than by procedural weaknesses
alone. The diamond fraud perspective emphasizes that rationalization is a key
element in the occurrence of fraud, and accounting ethics play a direct role in
suppressing the rationalization process (Vousinas, 2020). Therefore, the higher
the internalization of ethical values in MSME actors, the smaller the room for
moral justification for manipulative actions.
The
results of this study also provide strong support for Hypothesis 3 (H3), which
states that accounting ethics have a positive effect on financial
decision-making oriented towards fraud prevention. The significance of the
integrity and objectivity variables shows that MSME financial decisions are not
morally neutral, but are influenced by the ethical values of individual
decision-makers. Moral intensity theory explains that individuals with high
ethical awareness will consider moral consequences before making economic
decisions (Lehnert, Park, & Singh, 2022). In the owner-centered MSME
structure, accounting ethics is the main filter in determining whether a
decision will lead to ethical practices or vice versa.
The
regression findings that show the significant influence of transparency and
accountability provide an empirical justification for Hypothesis 4 (H4), namely
that the application of high accounting ethics has a positive effect on
strengthening MSME financial governance. Conceptually, governance in MSMEs
cannot be equated with large corporations that rely on formal systems and
supervisory hierarchies. Value-based governance studies confirm that in small
organizations, individual ethics often supersede complex structural mechanisms
(Brenkert & Beauchamp, 2021). Therefore, the application of accounting
ethics is the main foundation for creating financial transparency and
accountability in MSMEs.
The
significant results of the F test and the Adjusted R Square value of 0.506
provide strong support for Hypothesis 5 (H5), which states that integrity,
objectivity, transparency, and accountability simultaneously have a significant
effect on fraud prevention in MSMEs in Indonesia. These findings show that
fraud prevention cannot be explained by a single dimension of ethics partially,
but by the interaction of ethical values comprehensively. The integrated ethics
framework perspective emphasizes that the effectiveness of organizational
ethics depends on consistency between value dimensions that are applied
simultaneously (Schwartz, 2023). Thus, the results of this study strengthen the
argument that a holistic ethical approach is more effective in preventing fraud
than a partial approach.
Scientifically,
this research makes an important contribution by expanding the literature on
accounting ethics in the context of MSMEs in developing countries, especially
Indonesia. In contrast to previous research that focused heavily on large
corporations, these findings suggest that accounting ethics remain relevant and
even crucial in a small-scale business environment. The behavior-based approach
used in this study enriches the understanding that fraud prevention does not
always depend on a formal internal control system, but also on the moral
quality of business actors (Khadaroo & Shaikh, 2022). Thus, this research
contributes to the development of applied ethical theories in MSME accounting.
Although
the results of this study support all the hypotheses proposed, some limitations
need to be critically examined. First, the use of perception data through
questionnaires has the potential to cause social desirability bias, especially
in the measurement of ethical variables. Second, this study has not included
other contextual factors such as organizational culture or external economic
pressures that can also influence fraud behavior. Therefore, further research
is recommended to use longitudinal design or mixed methods approaches to
capture the dynamics of ethics and fraud more comprehensively
CONCLUSION AND
RECOMMENDATION
This study concludes that the
perspective of accounting ethics has a significant and strategic role in
preventing fraud in the MSME ecosystem in Indonesia. In line with the research
objectives and hypotheses proposed, the results of the regression analysis show
that integrity, objectivity, transparency, and accountability as the main
dimensions of accounting ethics have a positive and significant effect on fraud
prevention efforts, both partially and simultaneously. These findings confirm
that accounting ethics not only function as an ideal normative framework, but
also as a practical mechanism that is able to strengthen the financial
governance of MSMEs in the conditions of limited formal control systems. Thus,
the internalization of ethical values in accounting practice is a key factor in
shaping responsible financial behavior and oriented towards fraud prevention.
Academically, this study enriches the accounting literature by providing
contextual empirical evidence regarding the relevance of accounting ethics in
MSME environments in developing countries, while practically this finding
provides a basis for policy formulation, mentoring programs, and MSME coaching
that emphasizes strengthening the value of integrity and accountability as the
foundation of sustainable financial governance.
FURTHER STUDY
Future research is recommended to
explore the role of accounting ethics in fraud prevention across different
types of MSMEs, sectors, and regions to assess contextual variations in
effectiveness. Further studies could investigate how organizational culture,
managerial practices, and digital financial tools interact with ethical values
to enhance fraud mitigation. Longitudinal research is also needed to examine
the sustainability of ethical internalization and its long-term impact on
financial governance and business performance. In addition, experimental or
action-based studies involving ethics training, mentoring, and coaching
programs may provide practical insights into how MSMEs can systematically
strengthen integrity, accountability, and transparency in day-to-day financial
operations.
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