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What determines the use of capital budgeting methods?: Evidence from Swedish listed companies
Dalarna University, School of Technology and Business Studies, Economics. Department of Trade, Industry and Business, HUI Research.
Dalarna University, School of Technology and Business Studies, Business Administration and Management. Department of Trade, Industry and Business, HUI Research.ORCID iD: 0000-0002-5043-6289
2014 (English)In: Journal of Finance and Economics, ISSN 2328-7284, Vol. 2, no 4, 101-112 p.Article in journal (Refereed) Published
Abstract [en]

Purpose: This paper aims to extend and contribute to prior research on the association between company characteristics and choice of capital budgeting methods (CBMs). Design/methodology/approach: A multivariate regression analysis on questionnaire data from 2005 and 2008 is used to study which factors determine the choice of CBMs in Swedish listed companies. Findings: Our results supported hypotheses that Swedish listed companies have become more sophisticated over the years (or at least less unsophisticated) which indicates a closing of the theory-practice gap; that companies with greater leverage used payback more often; and that companies with stricter debt targets and less management ownership employed accounting rate of return more frequent. Moreover, larger companies used CBMs more often. Originality/value: The paper contributes to prior research within this field by being the first Swedish study to examine the association between use of CBMs and as many as twelve independent variables, including changes over time, by using multivariate regression analysis. The results are compared to a US and a continental European study.

Place, publisher, year, edition, pages
Science and Education Publishing , 2014. Vol. 2, no 4, 101-112 p.
Keyword [en]
Capital budgeting, investment appraisal, unsophisticated
National Category
Economics and Business
Research subject
Complex Systems – Microdata Analysis, General Microdata Analysis - others
Identifiers
URN: urn:nbn:se:du-12568DOI: 10.12691/jfe-2-4-1OAI: oai:DiVA.org:du-12568DiVA: diva2:624508
Note

Open access

Available from: 2013-05-31 Created: 2013-05-31 Last updated: 2016-06-03Bibliographically approved
In thesis
1. Four Papers on Top Management´s Capital Budgeting and Accounting Choices in Practice
Open this publication in new window or tab >>Four Papers on Top Management´s Capital Budgeting and Accounting Choices in Practice
2012 (English)Doctoral thesis, comprehensive summary (Other academic)
Place, publisher, year, edition, pages
Uppsala: Uppsala universitet, 2012. 43 p.
Series
Doctoral thesis / Företagsekonomiska institutionen, Uppsala universitet, ISSN 1103-8454 ; 153
Keyword
Capital budgeting method, cost of capital estimation, accounting choice, goodwill, disclosure compliance
National Category
Business Administration
Identifiers
urn:nbn:se:du-12551 (URN)
Public defence
2012-10-03, Hörsal 2, Kyrkogårdsgatan 10, 753 13 UPPSALA, Uppsala, 16:53 (Swedish)
Opponent
Supervisors
Available from: 2013-05-31 Created: 2013-05-24 Last updated: 2016-02-02Bibliographically approved

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fulltext(402 kB)143 downloads
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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf