Purpose – This study aims to explore how earnings management affects the firm value. In particular, it examines the effect of earnings management on the firm value in Egypt. Likewise, it explores how corporate cash holding affects the relationship between earnings management and firm value.  Design/methodology/approach – The study uses a sample from Egyptian firms listed in the EGX 100 from 2015 to 2021. The earnings management is measured by employing modified Jones. Findings – The results indicate that earnings management is a negative function of firm value, suggesting that Egyptian firms with high levels of earnings management are likely to have lower levels of firm value. Likewise, corporate cash holding moderates this relationship.  Practical implications – The study's conclusions push regulators and legislators in developing nations, including Egypt, to create stronger rules, guidelines, and regulatory actions to limit earnings management in Egyptian companies. Originality/value – This study is valuable to determine the strength of the association between earnings management and firm value based on the moderating role of corporate cash holding in Egypt. Likewise, this study examine how COVID-19 affects this association.