St. Dwiarso Utomo, Imang Dapit Pamungkas
The research objective was to analysis the effect of earning management as a moderator in relation between cash flow activities towards stock returns. The purposive sampling technique is used to obtain 204 samples of manufacturing company in 2012-2016. The statistical methods in this research using multiple regression analysis. The results of this study show that operational and financial cash flow take positive effect on stock returns, investment cash flow take negative effect on stock returns. Furthermore, earning management is able to strengthen the relationship between operational and financial cash flow towards stock returns. However, earning management is unable to strengthen the relationship between investment cash flow and stock returns.