Growth Opportunities as a The Impact of Dividends on the Relationship between Free Cash Flow and Performance: Does the Relationship Vary with Growth Opportunities? An Empirical Study on the Egyptian listed companies The free cash flow hypothesis, which is naturally linked to agency costs, has long been a controversial hypothesis in many relevant research papers. On the one hand, conflicts of interest between insiders and outsiders may increase in firms with large free cash flow, because their managers spend it on acquiring projects with negative current value to satisfy their ego, as Jensen (1986) put it. On the other hand, all empirical evidence has not supported this hypothesis, as there is evidence that acquirers with high free cash flow may perform better than those with low free cash flow. Therefore, the interest in studying the different responses to free cash flows - performance in the current research - is necessary. However, with the existence of incentives - which may be opportunistic - for managers to report better performance as one of the most important factors in evaluating the effectiveness of their practices, while their outputs must represent the economic reality of their companies and be equally informative to all participants. The researcher sees the need to study two issues to help users evaluate the effectiveness of executive management in achieving the quality of their companies. The first: the regulatory impact of dividend distributions - as a proposed variable according to a theoretical foundation that will be mentioned - on the relationship between free flows and performance. The second: the extent of variation of this regulatory impact according to the variation of growth opportunities - as there is always variation in empirical results in this regard. Based on 625 total observations representing the Egyptian sectors, during the period 2018-2022, the research concluded that the three-way interaction (Fcf*GO*Divid) of the three models was not significant in influencing future performance at all significance levels, and the two-way interaction (Fcf*GO) was significant in influencing future performance at a 10% significance level, while the other two-way interaction (Fcf*Divid) was not significant at all significance levels. The significance of the aforementioned interaction "Fcf*GO" in influencing future performance has always been discovered - in the three models mentioned in the previous section - so there is no point in testing the significance of the individual regression coefficients for the two interacting variables. This means that the basic effect of each of them cannot be explained, as one of them depends on the state of the other in causing an effect on future performance - only for the three models -; and thus the response of future performance to free flows is linked to future growth opportunities and is not linked to dividend distributions.