Abstract
This study investigates the impact of financial distress on earnings management among Thailand-listed companies during the COVID-19 recovery period (2021-2023). Using 1,323 firm-year observations, this study compared the Modified Jones Model and the Yoon Model to determine the most appropriate framework for emerging markets. The results demonstrate that the Yoon Model provides superior explanatory power for the Thai context. Furthermore, empirical evidence reveals that financial distress significantly and positively influences earnings management. This suggests that distressed firms utilize discretionary accruals to project a favorable financial image to investors and creditors, as well as to enhance their ability to attract new investment, suggesting that earnings management serves as a mechanism employed by executives to obscure underlying financial problems.