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    Por favor, use este identificador para citar o enlazar este ítem:http://uvadoc.uva.es/handle/10324/27518

    Título
    Capital budgeting practices in Spain
    Autor
    Andrés Alonso, Pablo DeAutoridad UVA Orcid
    Fuente Herrero, Gabriel de laAutoridad UVA Orcid
    San Martin, Pablo
    Año del Documento
    2015
    Editorial
    Elsevier
    Descripción
    Producción Científica
    Documento Fuente
    BRQ Business Research Quarterly, Enero 2015, vol. 18, n. 1 p. 37-56
    Résumé
    This paper seeks to shed further light on the capital budgeting techniques used by Spanish companies. Our paper posits that the gap between theory and practice might be related to the nature of sources of value and to the efficiency of mechanisms aligning managerial and shareholder incentives, rather than to resource restrictions or model misinterpretation. We analyze data from a survey conducted in 2011, the final sample comprising 140 non-financial Spanish firms. Our findings show a behaviour pattern similar to that reported in prior research for firms in other countries. Particularly noteworthy is that payback appears to be the most widely used tool, while real options are used relatively little. Our results confirm that size and industry are related to the frequency of use of certain capital budgeting techniques. Further, we find that the relevance of growth opportunities and flexibility is an important factor explaining the use of real options.
    Materias (normalizadas)
    Empresas-Finanzas
    Palabras Clave
    Corporate investment
    NPV
    Capital budgeting
    IRR
    payback
    real options
    survey
    CFO
    ISSN
    2340-9436
    Revisión por pares
    SI
    DOI
    10.1016/j.brq.2014.08.002
    Patrocinador
    This work has benefited from financial support from the Spanish Ministry ofScience and Innovation (grant ref. ECO2011-29144-C03-01) and the Program of Advanced Human Capital Formation, Ministry of Education,Government of Chile. The authors assume all responsibility for any errors in this work.
    Version del Editor
    https://ac.els-cdn.com/S2340943614000656/1-s2.0-S2340943614000656-main.pdf?_tid=637c2cfc-d86c-11e7-856c-00000aacb362&acdnat=1512334750_db299bbde97db81c14f78d04e451e014
    Propietario de los Derechos
    Asociación Científica de Economía y Dirección de Empresas
    Idioma
    eng
    URI
    http://uvadoc.uva.es/handle/10324/27518
    Derechos
    openAccess
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    • DEP21 - Artículos de revista [58]
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    Attribution-NonCommercial-NoDerivatives 4.0 InternationalExcepté là où spécifié autrement, la license de ce document est décrite en tant que Attribution-NonCommercial-NoDerivatives 4.0 International

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