In pursuit of higher profitability or to conceal unfavorable operational conditions, companies’ top management sometimes engage in manipulating financial statements or asset stripping, a practice commonly referred to as financial fraud. This study aims to explore the correlation between financial and non-financial variables and fraud. A total of 66 listed companies from 2012 to 2022 were selected for analysis, comprising 33 fraud companies and 33 normal companies. Descriptive statistics, Pearson correlation, Spearman correlation analyses, and binary logistic regression were conducted to analyze financial and non-financial variables and their relationships with fraud. The results indicate that inventory turnover (times), cash flow ratio, quick ratio, current ratio, and operating asset turnover significantly influence financial fraud.
