This study investigates the opportunistic behavior of managers in reporting the company earnings within the different stages of the corporate life cycle, classified according to the characteristics of their cash flows. On a sample of 73 companies listed on the main segment of the Bucharest Stock Exchange during 2007-2021 and 996 annual observations, the paper uses Least Square Dummy Variable panel data analysis and demonstrates that in the initial stage of the life cycle managers are tempted to exploit the characteristics of the accrual-based accounting to enhance the reported results. Conversely, as firms grow and mature, accrual-based earnings management is no longer so tempting. In addition, stock returns are an incentive for management to try to improve the perception of capital market participants. The field of activity appears to be another important determinant of the level of use of earnings management. Finally, no significant link can be established between the age of the company and the propensity to manipulate earnings