The purpose of this research was to obtain empirical evidence about the effect of capital structure, Good Corporate Governance, Free Cash Flow, and audit quality towards shareholder value creation. The sample in this research was selected by using purposive sampling method. The secondary data used in this research were analyzed by using multiple linear regression method. The total amount of sample in this research were 9 companies in trade, service, and investment sector which have been listed on Indonesia Stock Exchange (IDX) simultaneously for the year 2016-2019, not included in investment company subsector, published annual reports and/or annual financial statements that have been audited by independent auditor, published annual financial statements for fiscal year ended in December, 31, presented financial statements in Rupiah currency, did not do share split or reverse share split, had listed their shares to be traded on IDX since the beginning of the research year, had interest-bearing debt balance on the beginning and/or end of the year and reported the amount of interest expense in the financial statements, generated positive Net Operating Profit After Tax (NOPAT), and had positive Free Cash Flow during the period of the research. The results of this research were (1) capital structure had no negative effect towards shareholder value creation, (2) board size had significant negative effect towards shareholder value creation, (3) commissioner independence had no positive effect towards shareholder value creation, (4) Free Cash Flow had significant positive effect towards shareholder value creation, (5) audit quality had no positive effect towards shareholder value creation, and (6) capital structure, board size, commissioner independence, Free Cash Flow, and audit quality simultaneously had significant effect towards shareholder value creation. The implication of this research was that company needed to maintain an adequate level of free cash flows in order to be able to pay debt, reduce invested capital, and increase EVA.