This paper investigates the impact of earnings management (real and accrual) on stock returns of Pakistan stock exchange (PSX) listed companies. The study is done by testing a separate relationship of accrual and real earnings management and their collective relationship with the stock return. The study is conducted on 3900 firm-year observations from the non-financial PSX listed companies for the sample period 2005-17. The findings of the study show that a significant and negative relationship exists between stock returns and real and accrual earnings management. Moreover, the combined impact of real and accrual earnings management on stock return is also found to be significantly negative. This paper could prove a valuable addition to the knowledge of investors because investors can more or less price accrual earning management.

中文翻译：

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盈余管理实践对股票回报的影响

本文调查了盈余管理（实际和应计）对巴基斯坦证券交易所（PSX）上市公司股票收益的影响。该研究是通过测试应计盈余管理和实际盈余管理的单独关系以及它们与股票收益的集体关系来完成的。该研究基于 2005-17 年样本期间来自非金融 PSX 上市公司的 3900 个公司年度观察结果。研究结果表明，股票收益与实际和应计盈余管理之间存在显着的负相关关系。此外，实际盈余管理和应计盈余管理对股票收益的综合影响也被发现是显着负面的。本文可以证明对投资者知识的有价值的补充，因为投资者可以或多或少地定价应计收益管理。