In this study, the relationship between earnings management and firms' capital expenditures is empirically investigated. To calculate required metric values, five different earnings management models in literature (ACC, DREV, CFO, DEXP, PROD) and BHV model for firms' investments are being used. In this content, the study includes data of 120 companies from BIST Manifacturing Sector for 2006-2014. Obtained results of the study have been explained under three main topics. First, firms with earnings increasing applications invest simultaneously more than expected. Second, firms with earnings decreasing applications invest less then expected. Third, statistically significant deviation from expected investment level differences are detected between ranked firms according to increasing/decreasing earnings management metrics. Besides, obtained results from different earnings management models are statistically singificant apart from DEXP model.