This research aims to examine the impact of actual earnings management activities on stock market returns. The study utilizes data from 56 industrial corporations listed on the Amman Stock Exchange (AXE) between 2011 and 2020. After removing entities with insufficient data, the sample size was reduced to 43 enterprises. The research findings indicate a significant positive relationship between actual earnings management activities and the market returns of industrial enterprise shares. This study contributes to the existing literature on earnings management by providing evidence on real activity manipulation, which has received less attention so far. Real activity manipulation refers to management actions that deviate from typical business operations to achieve specific profit targets. The significance of this research lies in its contribution to understanding the role of actual earnings management activities in influencing market returns. The results have implications for investors, regulators, and financial analysts, who can use this knowledge to make informed investment decisions, monitor financial reporting practices, and identify potential earnings management activities.