This master thesis is an empirical study of the connection between earnings management in German listed companies and political elections of the government in Germany and German state elections. In this present context, the political risk is an appropriate measure. To present this, four political alignment indexes were developed in the master thesis. The political risk was measured for a period of 23 years, from 1990 to 2012. These values are compared in a regression analysis to financial market data from the database Datastream. Furthermore, the master thesis gives a comprehensive overview of the political system in Germany, which consists of a variety of parties. Subsequently, the main parties are introduced and the time of reunification will be briefly explained. Also several pages are dedicated to the earnings management, because it is the second important component of the study. The goals and incentives will be discussed and the types of accruals are described in detail. In addition, four models for the measurement of earnings management, which denote a great scientific value, will be presented. After that, the description of the procedure for the empirical study follows, and finally the results will be presented.