This study is intended to analyze the effect of external factors toward internal financing decisions, free cash flow and stock returns of manufacturing companies listed in Bursa Efek Indonesia after economic crisis since 1999 until 2002. Internal financing decisions included investment decisions, financing decision and dividend decision, external factors, free cash flow and stock returns used this model, approved Damodaran model. Testing of hyphotheses uses Structural Equation Modeling (SEM) with SPSS program and AMOS program. The testing Goodness of Fit Index (GFI) are feasible. Based on the data analysis, hypotheses 1,4 and 6 are really accepted. Otherwise and hypotheses 2,3 and 5 are rejected. The result of the study indicates that indicators investment decision ROE, FAU, CI, MR and APR is significant; meanwhile with highest loading factor APR. The indicators of financing decisions FL, STL, and CP is significant, meanwhile the highest loading factors CP. The indicators of dividend decisions PR and ROFA is significant; meanwhile the highest loading factor PR. The indicators of external factor, inflation, interest and exchange rate is significant; meanwhile the highest loading factors are inflation and then interest rate. The indicators of free cash flow, EVA and MVA, are significant and both of them are the highest loading factors. The indicators of stock returns, PER and CAP.G, are significant; meanwhile the highest loading factors is CAP.G. Key words : External Factors, Internal Financing Decisions, Free Cash Flow, Stock Returns, Manufacturing Companies listed JSE.