Penelitian ini bertujuan untuk mengetahui reaksi pasar terhadap manajemen laba, baik akrual maupun riil, dengan kualitas audit sebagai variabel moderasi. Peneliti juga berharap penelitian ini dapat memberikan kontribusi dengan pemilihan pendekatan baru dalam mengukur manajemen laba riil yang sebelumnya terpisah ke dalam tiga variabel menjadi satu model tunggal. Reaksi pasar diproksikan oleh earning response coefficient (ERC) dengan menghitung cumulative abnormal return (CAR). Manejemen laba akrual diproksikan dengan pengukuran revenue discretionary model sesuai dengan model penelitian Stubben (2010.) Sedangkan, Manajemen laba riil diproksikan oleh satu model tunggal yaitu penjumlahan dari abnormal production, abnormal cash flows for operation, dan discretionary expense. Proksi ini sesuai dengan penelitian Ge dan Kim (2014) dan Yamaguchi (2015). Hasil penelitian ini menunjukan praktik manajemen laba (baik akrual maupun riil) tidak berpengaruh signifikan terhadap reaksi pasar. Setelah penambahan variable moderasi kualitas audit, hasil penelitian menunjukan kualitas audit tidak mempengaruhi hubungan manajemen laba akrual dengan reaksi pasar. Namun, kualitas audit mempengaruhi hubungan manajemen laba riil dengan reaksi pasar. / This research aims to determine the market reaction to earnings management behaviour, both accrual and real, with audit quality as a moderating variable. The researchers hope that this research can contribute to the selection of new approaches in measuring real earnings management that were previously separated by three variables into one single model. Market reaction is proxied by earning response coefficient (ERC) by calculating cumulative abnormal return (CAR). Accrual earnings management is proxied by measuring the revenue discretionary model according to the research model of Stubben (2010.) Meanwhile, real earnings management is proxied by one single model, namely the sum of abnormal production, abnormal cash flows for operations, and discretionary expense. This proxy is in accordance with the research conducted by Ge and Kim (2014) as well as Yamaguchi (2015). The results of this research indicate that earnings management practices (both accrual and real) have no significant effect on market reactions. After adding the audit quality moderation variable, the results of the research show that audit quality does not affect the relationship between accrual earnings management and market reaction. Meanwhile, audit quality affects the relationship between real earnings management and market reaction.