Abstract :
This study is determine the effect of free cash flow and firm size on stock prices through dividend policy as an intervening variable. This secondary research uses path analysis and sobel test. The research sample was obtained from energy companies listed on IDX from 2016 ? 2019. The sample processed by purposive sampling method and 52 companies were obtained as samples, with total of 108 data. The results show that dividend policy isn?t able to mediate through the free cash flow . However, through the firm size dividend policy can mediate.
Keywords: free cash flow, firm size, stock price, dividend policy.