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UK capital budgeting practices: some additional survey evidence

Author

Listed:
  • Colin Drury
  • Mike Tayles

Abstract

Probably more surveys have been undertaken on the use of capital budgeting techniques than on any other accounting and finance topic. Despite the many surveys a number of issues remain unresolved. The surveys have consisted of a sample of either very large or very small companies and observations relating to the impact of company size have been derived from comparing the responses from different surveys undertaken at different points in time. The aim of this paper is to provide additional empirical evidence relating to some of the unresolved issues and to examine the impact of company size on the use of financial appraisal techniques. In particular, the paper concentrates on the treatment of inflation, the appraisal of advanced manufacturing technologies and examines whether the empirical evidence supports the claim that many companies use excessive discount rates.

Suggested Citation

  • Colin Drury & Mike Tayles, 1996. "UK capital budgeting practices: some additional survey evidence," The European Journal of Finance, Taylor & Francis Journals, vol. 2(4), pages 371-388.
    • Handle: RePEc:taf:eurjfi:v:2:y:1996:i:4:p:371-388
    DOI: 10.1080/13518479600000015
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    Cited by:

    1. Siziba, Simiso & Hall, John Henry, 2021. "The evolution of the application of capital budgeting techniques in enterprises," Global Finance Journal, Elsevier, vol. 47(C).
    2. Mendes-da-Silva, Wesley & Saito, Richard, 2014. "Listagem em bolsa induz sofisticação do orçamento de capital," RAE - Revista de Administração de Empresas, FGV-EAESP Escola de Administração de Empresas de São Paulo (Brazil), vol. 54(5), September.

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