This study aimed to explore the relationship between dividend payouts and firm value and whether this relationship is affected by external audit quality. Therefore, the study seeks to answer the following questions: What is the relationship between dividend payouts and firm value? Does external audit quality moderate the relationship between dividend payouts and firm value in Egyptian non-financial listed companies? To test the study’s hypotheses, dividends per share were used as a measure of dividend payouts, and Tobin’s Q ratio was used as a measure of firm value. The hypotheses were tested using data from a sample of 95 non-financial joint-stock companies listed on the Egyptian Stock Exchange from 2016 to 2020. Using multiple regression analysis, the results indicated that there is no significant relationship between dividend payouts and firm value, as measured by Tobin’s Q. However, a significant positive relationship was found between the interaction term (external audit quality × dividend payouts) and firm value. To ensure the robustness of these findings, the operational definition of the dependent variable was modified, and the study’s hypotheses were retested as part of a sensitivity analysis. The results of this analysis were consistent with the main findings, confirming the stability of the results obtained. This study contributes to the existing literature on dividend policy and firm value by providing empirical evidence on the moderating role of external audit quality, particularly in the context of emerging markets. Keywords توزيعات الأرباح; قيمة الشركة; توبين كيو; جودة المراجعة Dividends; Company value; Tobin's Q; Audit quality