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Título
Capital budgeting practices in Spain
Año del Documento
2015
Editorial
Elsevier
Descripción
Producción Científica
Documento Fuente
BRQ Business Research Quarterly, Enero 2015, vol. 18, n. 1 p. 37-56
Abstract
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
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
Propietario de los Derechos
Asociación Científica de Economía y Dirección de Empresas
Idioma
eng
Derechos
openAccess
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