| The purpose of this research is to analyze firm's tendency to execute real activities manipulation to affect market performance. Real activities manipulation is tested through cash flow from operating activities, production cost, and discretionary expenses, while market performance is measured by stock return. The sample of this research is drawn from manufacture firm that listed in Indonesia Capital Market for period 2013 - 2015. The research model employed is multiple linear regression analyss using SPSS 22nd version data processing program. The result shows that real activities manipulation through production cost has a negative impact for market performance,, while real activities through cash flow from operating activities and discretionary expense are not. |