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dc.contributor.authorAndrés Alonso, Pablo de
dc.contributor.authorFuente Herrero, Gabriel de la 
dc.contributor.authorSan Martin, Pablo
dc.date.accessioned2017-12-03T21:10:14Z
dc.date.available2017-12-03T21:10:14Z
dc.date.issued2015
dc.identifier.citationBRQ Business Research Quarterly, Enero 2015, vol. 18, n. 1 p. 37-56es
dc.identifier.issn2340-9436es
dc.identifier.urihttp://uvadoc.uva.es/handle/10324/27518
dc.descriptionProducción Científicaes
dc.description.abstractThis 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.es
dc.format.mimetypeapplication/pdfes
dc.language.isoenges
dc.publisherElsevieres
dc.rights.accessRightsinfo:eu-repo/semantics/openAccesses
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subjectEmpresas-Finanzases
dc.subject.classificationCorporate investmentes
dc.subject.classificationNPVes
dc.subject.classificationCapital budgetinges
dc.subject.classificationIRRes
dc.subject.classificationpaybackes
dc.subject.classificationreal optionses
dc.subject.classificationsurveyes
dc.subject.classificationCFOes
dc.titleCapital budgeting practices in Spaines
dc.typeinfo:eu-repo/semantics/articlees
dc.rights.holderAsociación Científica de Economía y Dirección de Empresases
dc.identifier.doihttp://dx.doi.org/10.1016/j.brq.2014.08.002es
dc.relation.publisherversionhttps://ac.els-cdn.com/S2340943614000656/1-s2.0-S2340943614000656-main.pdf?_tid=637c2cfc-d86c-11e7-856c-00000aacb362&acdnat=1512334750_db299bbde97db81c14f78d04e451e014es
dc.identifier.publicationfirstpage37es
dc.identifier.publicationissue1es
dc.identifier.publicationlastpage56es
dc.identifier.publicationtitleBRQ Business Research Quarterlyes
dc.identifier.publicationvolume18es
dc.peerreviewedSIes
dc.description.projectThis 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.es
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International


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