Capital budgeting techniques and firm specific contingencies: A correlational analysis |
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| Institution: | 1. Institute of Oncology Ljubljana, Zaloska 2, 1000 Ljubljana, Slovenia;2. Department of Medical Ethics, Medical School, University of Maribor, Taborska ulica 8, 2000 Maribor, Slovenia;3. University of Ljubljana, Kongresni trg 12, 1000 Ljubljana, Slovenia;1. Department of Environmental and Radiological Health Sciences, Colorado State University, Fort Collins, CO 80524, USA;2. Department of Environmental Sciences and Engineering, University of North Carolina, Chapel Hill, NC 27599, USA;3. The Energy Institute, Colorado State University, Fort Collins, CO 80524, USA;1. Université Côte d’Azur, CNRS, I3S, Sophia Antipolis, France;2. London School of Economics, London, UK;3. School of Mathematics, Cardiff University, Cardiff, UK;1. College of Physiotherapy, Srinivas University, Mangalore, 575001, Karnataka, India;2. Department of Pediatric and Neonatal Physiotherapy, Maharishi Markandeshwar Institute of Physiotherapy and Rehabilitation, Maharishi Markandeshwar Deemed to be University, Mullana, 133207, Haryana, India |
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| Abstract: | By combining analytic developments in the financial theory of capital budgeting with contingency theory, an empirically testable contingent theory for DCFT (discounted cash flow techniques) was constructed. This theory was tested by correlating an effectiveness measure for DCFT, based on stock return data of the sample firms, with hypothesized contingent variables, measured via interview and questionnaire. The results indicated positive correlations between the effectiveness of DCFT and predictable environments, the use of long-term reward systems, and the degree of decentralization of the capital budgeting process. |
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