@article {1970811,
	title = {Dividend policy and investment: Theory and evidence from US panel data},
	journal = {Managerial and Decision Economics},
	volume = {17},
	year = {1996},
	month = {1996},
	pages = {267-275},
	abstract = {This paper examines the importance of dividend policy and liquidity constraints in the context of the firm{\textquoteright}s investment behaviour. While early financial literature has argued that dividend policy should be independent of firm investment decisions, recent studies indicate that linkages are probable in a world of imperfect capital markets. This study develops an alternative Q specification which incorporates the actual dividend payment of the firm in order to test the hypothesis of independence. Empirical results suggest that after controlling for the firm{\textquoteright}s dividend payment, liquidity constraints remain an important determinant of firm investment behavior.},
	keywords = {Finance, OSU-Cascades},
	author = {Elston,Julie}
}