Fraud in State-Owned Enterprises: A Systematic Literature Review of Governance, Behavioral, and Technological Perspectives

Fraud in state-owned enterprises (SOEs) threatens public accountability, governance quality, and strategic asset management. This systematic literature review synthesises 60 peer-reviewed studies (2006–2025) from Scopus and Web of Science using the PRISMA protocol and thematic analysis. Findings show that SOE fraud primarily involves financial statement fraud, procurement fraud, asset misappropriation, and corruption, driven by governance weaknesses, political interference, and ineffective internal controls. Four dominant themes emerge: governance and agency issues; behavioural motivations and fraud models; institutional and political contexts; and audit, technology, and control systems. The study maps SOE fraud dynamics and identifies future interdisciplinary and technology-based research opportunities.