Earnings management has long been a concern for stakeholders due to its potential to distort financial information and mislead investors. This study examines the role of corporate ownership in mitigating earnings management, specifically identifying which types of corporate owners are most effective in curbing such practices. Using a quantitative research design, we analyze a dataset comprising publicly traded firms over 10 years (2014–2023) across multiple industries in Nigeria. Our methodology employs panel regression models to assess the influence of various ownership structures—institutional, CEO, managerial, family, and foreign ownership—on the extent of earnings management, measured through discretionary accruals. The findings reveal that institutional ownership and foreign ownership are significantly associated with lower levels of earnings management, while CEO and managerial ownership show a weaker but still significant effect. Family ownership, however, does not exhibit a consistent impact, likely due to varying governance frameworks. In conclusion, the study underscores the importance of ownership structure as a corporate governance mechanism in reducing earnings manipulation. It suggests that firms with a higher proportion of institutional and foreign owners are better positioned to enforce transparency in financial reporting. We recommend policymakers and regulators to focus on incentivizing institutional and foreign investment to enhance financial reporting quality. The originality of this paper lies in its comprehensive comparison of diverse ownership types and their distinct impacts on earnings management, filling a gap in the literature by offering empirical evidence on how ownership dynamics influence corporate governance and financial integrity.