Indeed, levels of free cash flow — and corporate profit margins — have been so robust in large part because companies have been hesitant to make internal investments in the face of an uncertain economic outlook.

Yet the economy now appears to be moving onto a higher plane, with the prospects of 3% GDP growth coming into view. As a result, market strategists believe many companies will start to shift their focus away from dividend growth. 

If you’ve been investing in companies that have been deeply committed to dividend hikes, you’ll need to track their comments closely. “CFOs may change course in determining priorities, and dividends may not be as exciting as they had been,” Citigroup analyst Tobias Levkovich predicts. He figures rising bond yields make the income production of stocks less alluring than it had been, and he expects a shift toward higher capital spending and further share buybacks.

A recent article in The Economist questions the wisdom of expecting continued profit margin levels. The authors note that “American profits are at a post-war high as a proportion of GDP,” but add that “perhaps the revival in economic confidence might persuade executives that the time is right for expansion, and for more capital spending. Good news for the economy might then not be good news for investors.” 

This coming earnings season, you should closely scrutinize quarter-to-quarter trends in profit margins, which will give greater long-term insights then simple earnings per share (EPS) comparisons. Even if margins have not yet contracted, you’ll want to listen in for clues about 2014 capital spending plans. Any big boosts will lead analysts to lower their free cash flow forecasts for the year. 

Will those headwinds become tailwinds for blue-chip stocks? Automakers such as Ford (NYSE: F) and GM (NYSE: GM), for example, have been sharply cutting overhead across the continent, and although these divisions are not yet profitable, they are becoming a much smaller drag on profits. With Europe stabilizing, you may also hear more about cross-border investments as U.S. companies (and investors) seize upon relatively cheaper asset prices in Europe. 

It does appear as if trading activity with some countries is beginning to surge. The Commerce Department just reported that exports in November hit a seasonally adjusted record $195 billion. China, Mexico and Canada have been the sources of U.S. export strength in 2013, and hopes are rising that Europe can help boost America’s export picture in 2014.

The outlook for emerging markets is far murkier. Expect to hear about stiff sales headwinds in countries like Brazil, Turkey, South Africa and elsewhere. Not only are these countries seeing a deepening economic slump, but their currencies are tumbling as well, making U.S.-made imports that much more expensive, and leading to smaller profits when results are repatriated back into U.S. dollars. A possible slowing in the Chinese economy would simply spread even more pain across emerging markets.