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The hypothesis that firms simultaneously determine their research and development, investment, dividend, and new debt policies generally is substantiated in the financial literature. The determinants of research and development, dividend, investment and financing decisions of 140 firms are estimated econometrically during the 1978–1982 period. Management gains insights into the interactions of pursuing research and development expenditures, paying dividends, and undertaking investments.
Guerard et al. (Sun,) studied this question.