Not a survey. We are testing whether CG codes issued in 2002 by capital markets authority (CMA) was able to deter earnings management (EM) in Kenya for non-finance listed firms. We develop a CG index based on the provisions of the CG code and apply Jones model to determine discretion accruals regarded as a proxy for EM. Our contribution is based on applying composite CG index contrary to existing studies. Our study also provides support to the initiatives by CMA to enact a new code and other changes at the NSE. Our interest is to assess the effectiveness of CG code issued in 2002 under conditions described as “developing country situation”. We could not find CG data for firms in other EA states but our findings can be generalized to the common law developing countries.

The project is closed. Look out for a special issue on Africa by the of the Journal of Accounting in Emerging Economies that will be out any time now.