<![CDATA[The purpose of this study is to obtain empirical evidence about the mediation effect of dividend payout on the relationship between internal governance and free cash flow on the manufacturing firms listed on the Indonesia Stock Exchange during 2016 – 2018 period. The research design used to test the direct and indirect effect of independent variables on the dependent variable through the mediating variable is a descriptive study with a purposive sampling method, amounted to 109 companies. Furthermore, the hypothesis testing is done by panel data regression model. For processing the data, this study used EViews 10 software. The results show that there are no significant effects on the impact of each board size, CEO duality, board independence, and managerial ownership to firm’s free cash flow, there’s a negative and significant effect on the impact of dividend payout on firm’s free cash flow, and there are no mediating effects of dividend payout on the impact of each board size, CEO duality, board independence, and managerial ownership to firm’s free cash flow.]]>
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