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In order to protect the interests of the stakeholders regarding the economic performance of the company, econometric models have been developed in the specialized literature that can determine the possibility of manipulating financial statements. The Beneish model developed by Professor Messod Beneish calculates a score based on eight financial rates. In Romania, based on the average score calculated for 1998-2017, 55% of companies listed on the regulated market of Bucharest Stock Exchange are likely to be manipulators. The result is worrying compared to that obtained in Italy for 2009-2010 and Greece for 2011-2012 (33%), or for Vietnamese companies during 2013-2014 (48.4%), but less dramatic than in Albania (68%). The result is meant to sound an alarm for the government, and the individual results, for each company separately, are of real interest to investors, auditors and other stakeholders of the real performance of the company.

earnings manipulation, M-Beneish, financial performance, stakeholders