<![CDATA[This study aims to analyze the effect of ownership structure comprising managerial, institutional, and foreign ownership as well as political connection and related party transactions on Real Earnings Management (REM). The object of this research is companies in the Consumer Non-Cyclicals sector listed on the Indonesia Stock Exchange during the 2022–2024 period, with 44 companies as the sample and 122 firm-year observations after outlier treatment. Panel data regression with the Random Effect Model, selected based on the Chow, Hausman, and Lagrange Multiplier tests, is used as the analysis method. The results show that institutional ownership has a negative and significant effect on REM, indicating the monitoring role of institutional investors in restraining managerial opportunistic behavior. Meanwhile, managerial ownership, foreign ownership, political connection, and related party transactions do not significantly affect REM. The research model explains 5.48% of the variation in REM, while the remainder is explained by other factors outside the model. This study is expected to contribute to the development of agency theory literature and serve as a consideration for investors and regulators in assessing REM practices.]]>
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