This paper aims at investigating the effect of board of directors attributes on real earnings management (REM). A panel data of 78 Egyptian listed companies was collected over the period 2008–2017 to test the hypotheses. The results of the system generalized method of moment model revealed that the board size is negatively and significantly correlated with REM proxies, except for abnormal cash flows from operations (ABCFO) measure. Whereas, board meetings are positively and significantly related to REM except for ABCFO. Furthermore, board independence and chief executive officer duality provided varying results due to different REM proxies that have been used in this paper. The results of this study highlight the fact that there is no unified corporate governance (CG) system that fits all countries; therefore, each country should form its CG code in a way that takes into consideration its economic, political, legal, and institutional needs. Furthermore, regulators have the motivation to enhance relevant regulations and rules and maintaining a well-organized regulation system, where this would help in improving the effectiveness of the board as well as protect the investors by reducing the level of earnings manipulation. In investment activities, investors should take into account the attributes of a company’s board to avoid investing in firms that are more liable to conduct earnings management; consequently they could maximize the benefits of investments.