4. Research Result
This research data was company’s fraud financial statements issued by the Capital Market Supervisory Agency or
Services Authority Finance (FSA) in the period of 2001-2014. After tabulation, we obtained 35 companies that
committed fraud. For comparison, 35 companies that did not commit fraud were selected based on the equality of
assets and same category of industry. Table 1 below is descriptive statistics of the Beneish M-Score.