This study aimed to analyze the effect of intellectual capital (IC) and dividend policies on company values using free cash flow (FCF) as a moderating variable. The companies studied included 132 manufacturing companies listed on the Indonesia Stock Exchange (IDX) in 2014–2016. The data used were secondary data. Researchers determined these samples using a purposive sampling technique. The data analysis comprised multiple linear regression using the EVIEWS program. The results of the study showed that IC and dividend policies do not significantly impact corporate value, while FCF has a positive and significant effect on firm value. Free cash flow as the moderating variable significantly influences IC, and dividend policies have a negative impact on firm value.

KEYWORDS: Intellectual capital, dividend policies, free cash flow, company value