The Use of Twitter to Detect Financial Statements Fraud in Indonesia: A Case Study Approach
Twitter is a critical social media tool that can build a community, as a tool to communicate with others and as a collective action organization. This study aims to determine the social media actors in discovering the effectiveness of the wisdom of crowds’ influences on the information accuracy in detecting financial statement fraud in Indonesia. A descriptive qualitative method was used by collecting the dates and times of the tweets prior to the cases being revealed in the media, a sentiment analysis, a topic analysis, twitter mining, and social media actors. This study examined three cases of financial statement fraud in Indonesia: PT Bank Bukopin, Tbk, PT Tiga Pilar Sejahtera Food, Tbk, and PT Garuda Indonesia, Tbk. Our study found that in those three cases there were social media actors who possessed wisdom of crowds. The actors, however, did not explicitly discuss the tendencies of the companies to manipulate the financial statements before the cases blew up to the public. In other words, despite wisdom of crowds being seen in Twitter conversations, it cannot be used to detect fraudulent financial statements of companies in Indonesia.