Earnings management is a management act in financial statement preparing process in order to obtain whether his personality welfare or his company's value. This research is a replication from Dechow et.al (1996) who had tested causes and consequences of earnings manipulation in firms subject to AAER (Accounting and Auditing Enforcement Release) by SEC (Securities Exchange Commission). Purpose of this research is to give empirically evidence the influence of auditor reputation, board of directors, leverage, and public offering stock percentage at IPO time to the earnings management in initial public offering's firms which was listed in Jakarta Stock Exchange at 1994 until 1997.Statistical analysis method used is multiple regression. This research's result shows that leverage has significant influence to earnings management. It is mean that earnings management has a relation with external financing, especially debt.