Abstract
Digital transformation is changing the economic and organizational environment in which financial risks are generated, monitored, and governed. This study examines whether organizational information and analytical capabilities shape financial statement misstatement risk in Indonesian state-owned enterprises (SOEs). Building on the Fraud Hexagon perspective, the study investigates whether pressure, opportunity, rationalization, capability, arrogance, and collusion are associated with financial statement fraud risk (FSF), whether Whistleblowing Systems (WBS) weaken these relationships, and whether Big Data Analytics (BDA) strengthens the mitigating role of WBS. Using 107 firm-year observations from 48 non-financial Indonesian SOEs over 2020–2024 and 25 semi-structured interviews with professionals in auditing, risk management, information technology, cybersecurity, and organizational oversight, the quantitative phase employs variance-based structural equation modeling in WarpPLS 8.0, followed by qualitative thematic analysis. The documented results show that pressure, opportunity, capability, ego/arrogance, and collusion are positively associated with FSF risk, whereas rationalization is not statistically significant. WBS weakens the relationships between the significant Fraud Hexagon dimensions and FSF risk, while BDA strengthens the mitigating association of WBS for pressure, opportunity, capability, ego/arrogance, and collusion. These findings position WBS as an information-generation mechanism and BDA as an information-processing capability within a broader financial risk governance architecture. The study contributes to research on financial risk management, corporate governance, and digital transformation by showing how complementary information capabilities can improve the organizational capacity to identify and assess financial risks in public enterprises. The findings also have implications for risk oversight, resource allocation, internal reporting, and data-enabled governance in digitally transforming SOEs.