The results show that size of audit committee, frequency of audit committee meeting,
proportion of audit committee independence is positively associated with level of free cash flow (FCF). When
the size of the audit committee is big, it means there are more skills and knowledge sharing, which can be
utilized to monitor the financial reporting and procedure. The positive relationship between frequency of meeting
with free cash flow can be interpreted that having more meetings could lead to having more discussion and decision that contribute to keeping more free cash flow than spending it on the managers' interests.