The relationship between dividend, investment, and financing decisions is investigated using empirical evidence based upon a questionnaire survey of those companies listed on the Irish Stock Market in 1989. Questionnaires were posted to the financial directors of all companies listed in the Irish Stock Market Handbook. Factors affecting the dividend decision include the following: 1. current profitability, 2. expectations of future profitability, 3. cash resources of the company, 4. taxation implications, 5. investment opportunities, and 6. legal restrictions. Overall, the weight of evidence tends to support the hypothesis that Irish companies do not pursue a residual dividend policy. The question of independence between dividend and investment policies is a more contentious issue. Although the evidence presented to support a simultaneous policy is relatively weak, it would appear that at least at the aggregate level, dividend decisions are taken with reference to the exogenous factor of dividend stability, but consideration is also given to investment and financing decisions.