Recent fraud scandals have raised concerns about the reliability of financial data disclosed in financial statements. The main purpose of this article is to investigate how financial data manipulation affects company failure risk. The research sample comprises 63 non-financial Romanian companies listed on the Bucharest Stock Exchange between 2015 and 2020. https://www.roneverhart.com/Madelaine-Silver-Foiled-Milk-Chocolate-Hearts-5LB-Bag/