بودجه بندی سرمایه در شرکت ها
ترجمه نشده

بودجه بندی سرمایه در شرکت ها

عنوان فارسی مقاله: تکامل کاربرد تکنیک های بودجه بندی سرمایه در شرکت ها
عنوان انگلیسی مقاله: THE EVOLUTION OF THE APPLICATION OF CAPITAL BUDGETING TECHNIQUES IN ENTERPRISES
مجله/کنفرانس: مجله جهانی امور مالی – Global Finance Journal
رشته های تحصیلی مرتبط: مدیریت، حسابداری، اقتصاد
گرایش های تحصیلی مرتبط: مدیریت مالی، بودجه و مالی عمومی، حسابداری مالی، اقتصاد مالی
کلمات کلیدی فارسی: تکنیک های بودجه بندی سرمایه، روندهایی در تکنیک های بودجه بندی سرمایه، ارزیابی سرمایه گذاری، تجزیه و تحلیل طولی
کلمات کلیدی انگلیسی: Capital budgeting techniques, trends in capital budgeting techniques, investment appraisal, longitudinal analysis
نوع نگارش مقاله: مقاله پژوهشی (Research Article)
نمایه: Scopus – Master Journals List
شناسه دیجیتال (DOI): https://doi.org/10.1016/j.gfj.2019.100504
دانشگاه: Department of Financial Management, University of Pretoria, South Africa
ناشر: الزویر - Elsevier
نوع ارائه مقاله: ژورنال
نوع مقاله: ISI
سال انتشار مقاله: 2019
ایمپکت فاکتور: 1.585 در سال 2019
شاخص H_index: 29 در سال 2020
شاخص SJR: 0.636 در سال 2019
شناسه ISSN: 1044-0283
شاخص Quartile (چارک): Q2 در سال 2019
فرمت مقاله انگلیسی: PDF
تعداد صفحات مقاله انگلیسی: 47
وضعیت ترجمه: ترجمه نشده است
قیمت مقاله انگلیسی: رایگان
آیا این مقاله بیس است: بله
آیا این مقاله مدل مفهومی دارد: دارد
آیا این مقاله پرسشنامه دارد: ندارد
آیا این مقاله متغیر دارد: دارد
کد محصول: E14229
رفرنس: دارای رفرنس در داخل متن و انتهای مقاله
فهرست انگلیسی مطالب

Abstract


JEL classification


۱٫ Introduction


۲٫ Literature review


۳٫ Research design and methods


۴٫ Results and discussion


۵٫ Conclusions and recommendations


Author statement


Acknowledgements


Appendix A


References

نمونه متن انگلیسی مقاله

Abstract


This study examines the evolution of the application of capital budgeting techniques. Previous studies mostly used cross -sectional inquiry to understand capital budgeting practices in firms. Only a few researchers have undertaken longitudinal studies to generalise the findings of individual cross -sectional studies to the wider population and to identify emerging trends in the use of capital budgeting techniques (CBTs). This longitudinal study survey s 7 8 studies o f capital budgeting practices across firms in India, South Africa, the United Kingdom (UK) and the United States of America (USA) for the period 1966 to 2016. The findings show that six capital budgeting techniques , namely net present value (NPV), internal rate of return (IRR), payback period (PBP), accounting rate of return (ARR), return on investment (ROI) and real option valuation (ROV) , are the most popular methods used for evaluating capital investment. Of these techniques, ROV is the least used; a general lack of familiarity with this technique and its complexity are the reasons most commonly cited for not using it. Another method used less than the first four techniques is ROI. However , this technique is of growing significance mainly in the UK, followed by the USA, South Africa , and India . Firms in the USA and UK have increased their use of IRR as a primary method for evaluating capital projects and have retained PBP as an ancillary technique to strengthen the information available when evaluating capital projects. Firms in India and South Africa are increasingly excluding both PBP and ARR methods and are increasingly using NPV for evaluating capital investments. Although this development is in line with the theory, it limits the scope of information available when evaluating capital projects.


Introduction


This paper examines the evolution of the application of capital budgeting techniques (CBTs) in selected developing countries (South Africa and India) and developed countries (United Kingdom and United States of America ) in recent decades. The period under review is 1966 to 2016. Previous researchers , such as Sangster (1993) and Pike (1996) , used longitudinal studies to generalise the findings of individual cross -sectional studies to the wider population and to identify emerging trends in the use of capital budgeting techniques. However, recent innovations in capital budgeting practices have resulted in the development and use of new techniques, such as real option valuation (ROV) methods. ROV was proposed by Myers (1977) and further developed for use in capital budgeting by authors such as Luehrman (1995) and Merton (1998) . Other capital budgeting techniques are modified internal rate of return, discounted payback period, Monte Carlo simulations and Economic Value Added (EVA) , to mention a few (Kengatharan, 2016; Rigopoulos, 2014). The continuing developments in CBT s make it important to undertake current research regarding present practices to be able to identify trends in the use of CBT s. Most of the previous studies (Andrews & Butler, 1986; Arnold & Hatzopoulos, 2000; Correia & Cramer, 2008; Hall & Millard, 2010; Kester & Robbins, 2011) in both developed and developing countries researched CBT practices using cross -sectional techniques. As a result, there is an information gap on how CBT preferences have evolved over the last five decades, and to what extent their evolution is aligned with the relevant theoretical developments. It is also unclear whether firms in developed and developing countries have preferences for using different CBT s.

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