2024-03-28T20:59:10Zhttps://uvadoc.uva.es/oai/requestoai:uvadoc.uva.es:10324/275182021-06-23T10:08:18Zcom_10324_1147com_10324_931com_10324_894col_10324_1266
Capital budgeting practices in Spain
Andrés Alonso, Pablo de
Fuente Herrero, Gabriel de la
San Martin, Pablo
Empresas-Finanzas
Producción Científica
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.
2017-12-03
2017-12-03
2015
info:eu-repo/semantics/article
BRQ Business Research Quarterly, Enero 2015, vol. 18, n. 1 p. 37-56
2340-9436
http://uvadoc.uva.es/handle/10324/27518
http://dx.doi.org/10.1016/j.brq.2014.08.002
37
1
56
BRQ Business Research Quarterly
18
eng
https://ac.els-cdn.com/S2340943614000656/1-s2.0-S2340943614000656-main.pdf?_tid=637c2cfc-d86c-11e7-856c-00000aacb362&acdnat=1512334750_db299bbde97db81c14f78d04e451e014
info:eu-repo/semantics/openAccess
http://creativecommons.org/licenses/by-nc-nd/4.0/
Asociación Científica de Economía y Dirección de Empresas
Attribution-NonCommercial-NoDerivatives 4.0 International
Elsevier