An insignificant association was found between free cash flow and dividend size as well with dividend payouts after controlling for several firm-level characteristics that could influence corporate’s dividend policy. The study also found that, in the presence of growth opportunities, the relationship of free cash flow and dividend size was not affected, suggesting that growth opportunities did not play a moderating role, same conclusion for dividend payouts. Further, the study found significant positive association between the level of free cash flow and financial leverage. The regression analyses will be expanded in order to empirically explore the potential association between free cash flow and financial leverage as well the potential interactive effect of firm’s growth opportunities on the relationship between free cash flow and financial leverage. Consistent with prior literature, a positive association is expected between the level of free cash flow and financial leverage and this relationship is positive and stronger for low-growth firms than high-growth firms