This research work intends to analyze the association between real earnings manipulation and stock price crash. Further, we also analyze the spillover outcome of the crash as a result of applying real earnings management. It is hypothesized that there is a positive and statistically significant association between real activities manipulation and crash risk. It is also assumed that this spillover outcome is more noticeable during uncertainty. By applying data of family firms for the time period 2005–2018, empirical results provide the proof that real manipulation has a significant impact on stock crash for a developing economy like Pakistan among family-based companies. This research work also gives a statistical insight that spillover outcome is more notable for firms facing uncertainty. Our statistical estimations are in support of the assumed hypotheses of the study. This study has very significant and practical implications for academic researchers, standard setters, and investors.

这项研究工作旨在分析实际收益操纵与股价崩盘之间的关联。此外，我们还分析了由于应用实际收入管理而导致的崩溃的溢出结果。假设在实际活动操作和崩溃风险之间存在正向和统计上的显着关联。还假定在不确定性期间，这种溢出结果更加明显。通过应用2005-2018年期间家族企业的数据，经验结果提供了证据，表明对家族企业中巴基斯坦这样的发展中经济体，实际操纵对股票崩盘具有重大影响。这项研究工作还提供了一种统计见解，即溢出结果对于面临不确定性的公司而言更为显着。我们的统计估算结果支持了研究假设。这项研究对学术研究人员，标准制定者和投资者具有非常重要的实际意义。