Investigate EarningsManipulations by Real Activities Managementand Its Impact on the Investors’ Perceptions

The aim of the present study, Investigate real earnings manipulation by management activities in firms listed in the Tehran Stock Exchange And its impact on investors perception of the sustainability of earnings components. For the analysis of research data of the method Regression analysis with panel data and also simultaneous equations by Mishkin test (1983) has been used in the Eviews software. The statistical population is consist of firms listed in the Tehran Stock Exchange. The duration of the research is five years since 1388 to 1392. The results of the study indicate that companies suspected of manipulating earnings from management Discretionary expenses and also manage production costs used as a strategy to manipulate the results of their financial statements. But their use of operating cash management as a strategy to manipulate their financial statements were not confirmed. The results also showed that the real management activities to manipulate earnings at all three levels, will causing incorrect understanding investors of earnings sustainability components