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This study examines the impact of free cash flow on performance of textile industry of Pakistan, in the light of free cash flow hypothesis stated by Jensen (1986).A sample of sixty seven (67) textile companies listed at Pakistan Stock Exchange (PSX) has been used for a period of six years from 2012 to 2017.Return on Assets (ROA) is used as a measure of Performance, a dependent variable.Free Cash Flow (FCF) is an independent variable of the study; three control variables i.e. Financial Leverage, Firm Size and Firm Growth are also included in the analysis. The findings of the studyare based on regression analysis of entire industry and its subsectors (i.e. composite, spinning and weaving). The results show significant positive relationship between free cash flow and performance and significant negative relationship between financial leverage and performance in entire textile industry and in its subsectors as well. Findings of the study also have implications for various stakeholders of the industry.
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