Capital Budgeting Theory and Practice: A review and agenda for future research
American Journal of Economics and Business Management,
Vol. 1 No. 1 (2018): January
Abstract
The main purpose of this research was to delineate unearth lacunae in the extant capital budgeting theory and practice during the last two decades and ipso facto become springboard for future scholarships. It has analyses of various approaches, such as Web of science search and iCat search were used to locate research papers published during the last twenty years. Four criteria have been applied in selection of research papers: be an empirical study, published in English language, appeared in peer reviewed journal and full text research papers. These papers were collected from multiple databases including OneFile (GALE), SciVerse ScienceDirect (Elsevier), Informa - Taylor & Francis (CrossRef), Wiley (CrossRef), Business (JSTOR), Arts & Sciences (JSTOR), Proquest ,MEDLINE (NLM), and Wiley Online Library. Search parameters covered capital budgeting, capital budgeting decision, capital budgeting theory, capital budgeting practices, capital budgeting methods, capital budgeting models, capital budgeting tools, capital budgeting techniques, capital budgeting process and investment decision. Thematic text analyses have been explored to analyses them.
Keywords: Capital budgeting theory and practices, capital budgeting tools for incorporating risk, discount rate
Keywords
Download Citation
Endnote/Zotero/Mendeley (RIS)BibTeX
-
• Alkaraan, F. and Northcott, D. (2006) ‘Strategic capital investment decision-making: A role for emergent analysis tools?: A study of practice in large UK manufacturing companies’, The British Accounting Review, 38 (2), pp.149–173.
• Allen ,F. and Morris,S. (1998) ‘Finance applications of game theory, the working paper series, Alfred P.Sloan foundation, pp.1-45
• Amram, M. and Howe, K.M. (2002) ‘Capturing the value of flexibility’, Strategic Finance, 84(6), pp. 10-13.
• Andrés, P.de, Fuente, G.de.and Martín, P.S. (2015) ‘Capital budgeting practices in Spain’, BRQ Business Research Quarterly, 18(1), pp.37-56
• Arnold, G.C. and Hatzopoulos, P.D. (2000) ‘The theory-practice gap in capital budgeting: evidence from the United Kingdom’, Journal of Business Finance and Accounting, 10(5), pp. 603-626.
• Atkeson, A. and Cole, H. (2005) ‘A Dynamic Theory of Optimal Capital Structure and Executive Compensation’, working paper, NBER 11083.
• Atrill,P.(2009) Financial management for decision makers, 5th edn., England: FT Prentice Hall.
• Babu, C. P. and Sharma, A. (1995) ‘Capital Budgeting Practices in Indian Industry-An Empirical Study’, ASCI Journal of Management, 25(1), pp. 34-43.
• Bennouna, K.,Meredith,G.G. and Marchant,T. (2010) ‘Improved capital budgeting decision making: evidence from Canada’, Management Decision, 48(2),pp.225-247.
• Bierman, H. (1993) ‘Capital Budgeting in 1992: A Survey’, Financial Management, 22(3), pp. 24-24.
• Billington, C., Johnson, B. and Triantis, A. (2003) ‘A real options perspective on supply chain management in high technology’, Journal of Applied Corporate Finance, 15 (2), pp.32–43.
• Black,F and Scholes,M. (1973) ‘ The pricing of options and corporate liabilities’, The Journal of Political Economics, 81(3), pp.637-654
• Blaikie, N. (2007) Approaches to social enquiry, 2nd edn. Cambridge: Polity Press.
• Block, S. (2007) ‘Are real options actually used in the real world?’. The Engineering Economist, 52(3), pp. 255-267.
• Bock,K. and Truck,S. (2011) ‘ Assessing uncertainty and risk in public sector investment projects’ , Technology and Investment, 2(2), pp.105-123.
• Bornholt,G.(2013) ‘ The failure of the Capital Assets Pricing Model (CAPM): An update and Discussion, ABACUS: A Journal of Accounting, Finance and Business Studies,49(supplement),pp.36-43
• Bowman, E.H. and Hurry, D.(1993) ‘Strategy through the option lens: an integrated view of resource investments and the incremental choice process’, Academy of Management Review, 18(4), pp.760–782.
• Bowman, E.H. and Moskowitz, G.T.( 2001) ‘Real options analysis and strategic decision making’, Organizations Science ,12(6), pp.772–777.
• Brealey, R.A. and Myers, S.C. (2003), Principles of Corporate Finance (International Edition), 7th edn., New York: McGraw-Hill.
• Brennan, M.J. and Schwartz, E.S.(1992) A new approach to evaluating natural resource investments. In: Stern, J.M., Chew, D.H. (Eds.), The Revolution in Corporate Finance, 2nd edn, Oxford, UK, Blackwell Publishers, , pp. 107–117.
• Brickley. S. Z.( 2006) Managerial Economics and Organizational Architecture, 3rd edn., China: McGraw-Hill.
• Brigham, E.F. and Ehrhardt, M.C. (2002) Financial Management: Theory and Practice,10th edn.,Ohio, Thomson/South-Western.
• Brounen, D., de Jong, A. and Koedijk, K. (2004) ‘Corporate finance in Europe: Confronting theory with practice’, Financial Management, 33(4), pp.71–101.
• Brown, R. and Sarma,N. (2007) ‘CEO Overconfidence, CEO Dominance and Corporate Acquisitions’, Journal of Economics and Business, 59(5),pp. 358-379.
• Bryman, A. and Bell, E. (2011) Business research methods. 3rd edn. United Kingdom: Oxford University press.
• Busby, J.S. and Pitts, C.G.C. (1997) ‘Real options in practice: an exploratory survey of how finance officers deal with flexibility in capital appraisal’, Management Accounting Research, 8(2), pp.169–186.
• Byrne, J.P. and Davis, E.P. (2005) ‘Investment and Uncertainty in the G7’, Review of World Economics, 141(1), pp.1-32
• Carr, C., and Tomkins,C. (1996) ‘Strategic investment decisions: the importance of SCM. A comparative analysis of 51 case studies in UK, US. and German companies, Management Accounting Research, 7,pp.199-217.
• Cary, D. (2008) ‘An integrated approach to alternative capital budgeting techniques, mutually exclusive projects, and consistency with the net present value rule’, Journal of American Academy of Business, 13(2), pp. 14-19.
• Chadwell-Hatfield, P. Bernard,G., Philip,H. and Allen,W. (1997) ‘Financial Criteria, Capital Budgeting Techniques, and Risk Analysis of Manufacturing Firms’, Journal of Applied Business Research, 13(1), pp. 95-104.
• Chatterjee, S., Wiseman, R.M., Fiegenbaum, A. and Devers, C.E.(2003) ‘Integrating behavioral and economic concepts of risk into strategic management: the Twain Shall meet’, Long Range Planning. 36,pp. 61–79.
• Cherukuri, U, R. (1996) ‘Capital Budgeting Practices: A Comparative Study of India and Select South East Asian Countries’, ASCI Journal of Management, 25(2), pp. 30-46.
• Cho,D. (1996) ‘An alternative and practical theory of capital budgeting: Stockholder wealth maximization approach’, The Mid - Atlantic Journal of Business,32(2), pp. 93-104
• Cooper, W.D., Morgan,R.G., Redman ,A. and Smith,M. (2002) ‘Capital Budgeting Models: Theory vs. Practice’, Business Forum, 26(1& 2),pp. 15-19.
• Copeland, T.E. and Weston, J.F (1992) Financial Theory and Corporate Policy, 3rd edn. Reading: Addison-Wesley Publishing Company Inc.
• Corbin, J. and Strauss, A. (1990) ‘Grounded theory research: Procedures, canons, and evaluative criteria’, Qualitative Sociology, 13, pp. 3–21.
• Cuthbertson, K. and Nitzsche,D.( 2008) ‘Investments’, 2nd edn., England: John wiley & sons ltd.
• Daunfeldt ,S. and Hartwig,F. (2011) ‘What determines the use of the capital budgeting methods? Evidence from Swedish listed companies’, Available at: www.hui.se/MediaBinaryLoader.axd?MediaArchive_FileID=17edc3a8-0911-4613-813e-fdf1ce965da0&FileName=HUIwp57.pdf&MediaArchive_ForceDownload=true (Accessed : 28 April 2012).
• Dayananda, D., Irons, R., Harrison, S., Herbohn, J. and Rowland, P. (2002) Capital Budgeting: Financial Appraisal of Investment Projects, Edinburgh: Cambridge University Press.
• Dickerson,P.J. (1963)‘Capital Budgeting- Theory and Practice’, California Management Review, pp.53-60.
• Dixit, A.K. and Pindyck, R.S.(1994) Investment under Uncertainty, Princeton, New Jersey: Princeton University Press,.
• Donker, H., Santen, B. and Zahir, S. (2009) ‘Ownership structure and the likelihood of financial distress in the Netherlands’, Applied Financial Economics, 19(21), pp. 1687-1696.
• Dragota,V., Tatu,L., Pele, D., Vintila, N. and Semenescu,A.(2010) ‘Capital Budgeting: The Romanian University Professors’ Points of View’, The Review of Finance and Banking, 2(2),pp.95-102.
• Drury, C., Braund, S. and Tayles, M. (1993 ‘A Survey of Management Accounting Practices in UK Manufacturing Companies’, ACCA Research Paper, 32, Chartered Association of Certified Accountants.
• Easterby-Smith, M., Thorpe, R. and Lowe, A. (2002) ‘Management Research an Introduction’. 2nd edn. Thousand Oaks: Sage Publications.
• Ekeha,G.E.(2011) ‘Capital budgeting practices and economic development: A comparative study of companies in Western Europe and West Africa’. Available at http:// www.amazon.com/ Capital-Budgeting-Pratices-Economic Development/dp/3844382593 (Accessed : 15.03.2011)
• Emmanuel, C., Otley,D. and Merchant,K.(1995) Accounting for Management Control – 2nd edn, London: International Thomson Business Press.
• Emmanuel,C., Harris,E. and Komakech,S. (2010) ‘Towards a better understanding of capital investment decisions’, Journal of Accounting and organizational change, 6(4),pp.477-504.
• Fama, E. (1970) ‘Efficient Capital Market: A Review of Theory and Empirical Work,’ Journal of Finance 25, pp.382-417.
• Farragher, E.J., Kleiman, R.T. and Sahu, A.P. (1999) ‘Current Capital Investment Practices’, The Engineering Economist, 44(2), pp.137-150.
• Farragher, E.J., Kleiman, R.T. and Sahu, A.P. (2001) ‘The association between the use of sophisticated capital budgeting practices and corporate performance’, The Engineering Economist, 46(4), pp.300-311.
• Freeman, M. and Hobbes, G. (1991) ‘Capital Budgeting: Theory versus Practice’, Australian Accountant, 61( 8), pp. 36-41.
• Galbraith,J.(1973) Designing Complex Organizations, Reading: Addison-Wesley.
• Ghahremani,M., Aghaie,A. and Abedzadeh,M (2012) ‘Capital Budgeting Technique Selection through Four Decades: With a Great Focus on Real Option’, International Journal of Business and Management, 7(17).
• Gitman, L.J. and Vandenberg, P.A. (2000) ‘Cost of capital techniques used by major US firms: 1997 vs. 1980’, Financial Practice and Education, 10(2),pp. 53-68.
• Glaser, M., Schäfers,P. and Weber,M. (2008) ‘Managerial Optimism and Corporate Investment: Is the CEO Alone Responsible for the Relation?’ Working Paper, University of Mannheim.
• Graham, J. and Harvey, C. (2001) ‘The theory and practice of corporate finance: evidence from the field’ , Journal of Financial Economics, 60( 2/3), pp.187-243.
• Graham, J.R., Harvey, C.R. and Rajgopal, S.(2005)‘The economic implications of corporate financial reporting’, Journal of Accounting and Economics,40 (1-3), pp. 3-73.
• Haka, S.F.(1987)‘Capital Budgeting Techniques and Firm Specific Contingencies: A Correlational Analysis’, Accounting, Organizations and Society, 12(1), pp. 31-48.
• Haka,S.F., Gordon,L.A. and Pinches,G.E.(1985) ‘Sophisticated capital budgeting selection techniques and firm performance’, The Accounting Review, LX (4),pp.651-668.
• Halov, N. and Heider, F. (2004)‘Capital Structure, Risk and Asymmetric Information’. NYU Working paper, Available at: http://ssrn.com/abstract=566443 (Accessed: 05.05.2012)
• Hermes, N., Smid, P. and Yao,L. (2007)‘Capital budgeting practices: A comparative study of the Netherlands and China’, International Business Review, 16(5), pp.630-654.
• Herst, A., Poirters, S. and Spekreijse, H. (1997) Capital budgeting practices in the Netherlands, Western Decision Sciences Institute. Available at:/http://www.sbaer.uca.edu/research/wdsi/wdsi.html(Accessed:20.04.2012).
• Ho,S.S.M. and Pike,R.H.(1998)‘Organizational characteristics influencing the use of risk analysis in strategic capital investment’,The Engineering Economist,43(3),pp.247-268
• Hofer,C.W. and Schendel,D. (1972) Strategy formulation :Analytical Concepts, New York:West Publishing Company
• Holmen, M. and Pramborg, B.(2009)‘Capital budgeting and political risk: Empirical evidence’Journal of international Financial Management and Accounting,20(2) ,pp.105-134.
• Hornstein,A.S.(2013) ‘Corporate capital budgeting and CEO turnover’, Journal of corporate finance, pp.49-58
• Ingersoll, J. and Ross,S. (1992) ‘Waiting to Invest: Investment and Uncertainty’, The Journal of Business, 65(1), pp.1-29.
• Jensen, M. C.(1986) ‘Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers’ American Economic Review, 76(2), pp.323-329
• Jog, M.J. and Srivastava, A.K. (1995) ‘Capital budgeting practices in corporate Canada’, Financial Practice and Education, 5(2), pp.37-43.
• Jorion, P. (2006) Value at Risk – The New Benchmark for Managing Financial Risk, 3rd edn, New York: McGraw-Hill Higher Education.
• Kersyte, A.(2011)‘Capital budgeting process: Theoretical Aspects’, Economics and Management,16(1), pp.1130-1134.
• Kester, G.,Chang,R.P., Echanis, E.S., Haikal, S. ,Md.Isa, M ., Skully, M.T., Tsui,K.C. and Wang, C.J. (1999) ‘Capital budgeting practices in the Asia-Pacific region: Australia, Hong Kong, Indonesia, Malaysia, Philippines, and Singapore, Financial Practice and Education, 9(1), pp.25-33.
• Kester,G and Robbins,G. (2011) ‘The Capital Budgeting Practices of Listed Irish Companies Insights from CFOs on their investment appraisal techniques’, Accountancy Ireland, 43(1),pp.28-30.
• Khamees,B.H., Al-Fayoumi,N . and Al-Thuneibat,A.A. (2010) Capital budgeting practices in the Jordanian industrial corporations, International Journal of Commerce and Management,20(1),pp.49-63.
• Klassen, K.J. (1997) ‘The impact of inside ownership concentration on the trade-off between financial and tax reporting’, The Accounting Review, 72(3), pp.455-474.
• Lazaridis, I.T. (2004) ‘Capital Budgeting Practices: A Survey in the Firms in Cyprus’, Journal of Small Business Management, 42(4), pp. 427–433.
• Leon,F.M., Isa, M. and Kester,G.W. (2008)‘Capital Budgeting Practices of Listed Indonesian Companies’, Asian Journal of Business and Accounting, 1(2), pp.175-192.
• Libby, T. and Waterhouse, J. H. (1996) ‘Predicting change in management accounting systems’, Journal of Management Accounting Research, 8,pp.137-150.
• Lintner, J.(1965) ‘The Valuation of Risky Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets’, Review of Economics and Statistics, XLVII , pp. 13-37
• Magni, C.A.(2009)‘Correct or incorrect application of CAPM? Correct or incorrect decisions with CAPM?’, European Journal of Operational Research, 192( 2), pp. 549-560.
• Malkiel,B.G.(2003) ‘The efficient market hypothesis and its critics’, Journal of Economics Perspectives,17(1),pp.59-82
• Mao,J.C.T.(1970) ‘Survey of capital budgeting: Theory and practice’, Journal of finance, 25(2),pp.349-360.
• Maquieira,C.P., Preve,L.A. and Allende,V.S. (2012)‘Theory and practice of corporate finance: evidence and distinctive features in Latin America, Emerging Markets Review,13(2),pp.118-148
• Markowitz, H. (1952) ‘Portfolio Selection,’ Journal of Finance, 7(1), pp.77-91.
• Markowitz, H. (1959) ‘Portfolio Selection: Efficient Diversification of Investments’, New York: Wiley.
• Maroyi,V and Poll,H.M. (2012)‘A survey of capital budgeting techniques used by listed mining companies in South Africa’, African Journal of Business Management ,6(32), pp. 9279-9292.
• McGrath, R.G. and Nerkar, A. (2004) ‘Real options reasoning and a new look at the R&D investment strategies of pharmaceutical firms’,Strategic Management Journal, 25(1),pp.1–21.
• McGrath, R.G., Ferrier, W.J. and Mendelow, A.L.( 2004) ‘Response: real options as engines of choice and heterogeneity’, Academy of Management Journal, 29 (1), pp.86–101.
• Miles, M. and Huberman, M. (1984) Qualitative Data Analysis, Beverly Hills CA: Sage.
• Miller, K.D. and Waller, H.G. (2003)‘Scenarios, real options and integrated risk management’, Long Range Planning, 36, pp. 93–107.
• Miller, M., and Modigliani. F. (1961)‘Dividend Policy, Growth, and the Valuation of Shares’, Journal of Business, 34 (4), pp. 411-433.
• Modigliani, F. and Miller, M.H. (1958) ‘The Cost of Capital, Corporation Finance, and the Theory of Investment’, American Economic Review, 48(3), pp.261-297.
• Mukheijee, T.K. and Henderson,G.V.( 1987)‘Capital Budgeting Process: Theory and Practice’, Interfaces, 17(2),pp.78-90.
• Murto, P. and Keppo, J.( 2002) ‘A game model of irreversible investment under uncertainty’, International Game Theory Review, 4( 2) pp.127-140
• Mustapha, M.Z. and Mooi, S.T.L. (2001) ‘Firm Performance and Degree of Sophistication of Capital Budgeting Practice: Some Malaysian Evidence’,Proceedings of the Asia Pacific Management Conference, pp. 279-290.
• Myers, S. C. (1977)‘The Determinants of Corporate Borrowing,’ Journal of Financial Economics 5(2), pp,147-175.
• Myers, S.C. (1984) ‘The capital structure puzzle’, Journal of Finance ,39,pp.575-592.
• Myers, S.C. (2003) ‘Financing of corporations. Constantinides, G., M. Harris, and R. Stulz (eds.) Handbook of the Economics of Finance’, Corporate Finance Volume 1A, Elsevier North Holland.
• Nutt, P.C. (1993) ‘Flexible Decision Styles and the Choices of Top Executives’, Journal of Management Studies, 30(5), pp. 695-721.
• Pandey, I, M. (1989)‘Capital Budgeting Practices of Indian Companies’, Management Journal, 2(1), pp.1-15
• Payne, J. D., Heath, W. C. and Gale, L. R. (1999) ‘Comparative financial practice in the US and Canada: Capital budgeting and risk assessment techniques’, Financial Practice and Education, 9(1), pp.16–24.
• Peterson, P.P. and Fabozzi, F.J. (2002) Capital Budgeting: Theory and Practice, New York: Wiley and Sons.
• Pike, R., and Neale,B. (2009) Corporate finance and investment decisions and strategies, 6th edn., Harlow: Pearson Prentice Hall.
• Pike,R.(1996)‘A longitudinal survey on capital budgeting practices’, Journal of Business financing and Accounting, 23(1),pp.79-92.
• Pike,R.H.(1988)‘An empirical study of the adoption of sophisticated capital budgeting practices and decision making effectiveness’, Accounting and Business Research , 18(Autumn),pp.341 351.
• Rigopoulos, G. (2014) ‘Real Options Adoption in Capital Budgeting: A Highlight of Recent Literature’, Journal of Economics and Business Research, 20(2),pp. 41-51.
• Ritter, J. R. (1991) ‘The Long Run Performance of Initial Public Offerings,’ Journal of Finance, 46(1), pp. 3-27.
• Rogers, E.M. (1995) Diffusion of Innovations, 4th edn., New York: Free Press.
• Roll, R. (1977) ‘A Critique of the Asset Pricing Theory’s Tests’ Part I: On Past and Potential Testability of the Theory’, Journal of Financial Economics,4(2), pp. 129–176
• Ross, S.A., Westerfield, R.W., Jordan, B.D. and Roberts, G.S. (2005) Fundamentals of Corporate Finance, 5th Canadian edn., Ryerson, Toronto: McGraw Hill,.
• Ross,S.A. ( 1976 )‘The Arbitrage Theory of Capital Assets Pricing’, Journal of Economic Theory,13(3),pp.341-360.
• Ryan,P.A., and Ryan,G.P.(2002) ‘Capital budgeting practices of the fortune 1000: How have things changed?’, Journal of Business and Management,8(4),pp.355-364.
• Sangster, A. (1993)‘Capital investment appraisal techniques: A survey of current usage’, Journal of Business Finance and Accounting, 20(3), pp.307-332.
• Segelod, E. (1998)‘Capital budgeting in a fast-changing world’, Long Range Planning, 31 (4), pp. 529–541.
• Sekwat, A. (1999)‘Capital budgeting practices among Tennessee Municipal Government’, Government Finance Review (June),pp.15-19
• Shahrokh M. S.(2002)Multinational Capital Budgeting. Available at: http://www.thehindubusinessline.com.
• Shank, J. K. and Govindarajan, V.(1992) ‘Strategic Cost Management: The Value Chain Perspective’, Journal of Management Accounting Research, 4, pp.177-197.
• Shao, L. P. and Shao, A.T. (1996) ‘Risk Analysis and Capital Budgeting Techniques of U.S. Multinational Enterprises’, Managerial Finance, 22(1), pp. 41-57.
• Sharpe,W.F.(1963)‘A simplified model of portfolio analysis’, Management Science ,9(2),pp.277-293.
• Sharpe,W.F.(1964) ‘Capital Assets Prices: A theory of market equilibrium under conditions of risk’, Journal of Finance,19(3),pp.425-442.
• Shinoda,T.(2010)‘Capital Budgeting Management Practices in Japan— A Focus on the Use of Capital Budgeting Methods’, Economic Journal of Hokkaido University, 39 (2010), pp.39 – 50.
• Shleifer, A. (2000) inefficient markets: An introduction to behavioral finance, Oxford, UK: Oxford University Press.
• Simerly, R.L.and Li,M. (2000)‘Environmental Dynamism, Capital Structure and Performance.• A Theoretical Integration and an Empirical Test, Strategic Management Journal, 21(1), pp. 31-49.
• Singh,S., Jain,P.K and Yadav,S.S. (2012) ‘Capital budgeting decisions : evidence from India’ , Journal of Advances in Management Research, 9(1),pp.96-112
• Slagmulder, R., Bruggeman,W. and Wassenhove,L.(1995)‘An Empirical Study of Capital Budgeting Practices for Strategic Investments in CIM Technologies, International Journal of Production Economics, 40(2), pp.121-152.
• Smit, H.T.J.( 2003)‘Infrastructure investment as a real options game: the case of European airport expansion’, Financial Management, 32 (4),pp.27–57.
• Smit, H.T.J.and Ankum,L.A.(1993)‘A Real Options and Game-Theoretic Approach to Corporate Investment Strategy under Competition’, Financial Management,22 (3),pp. 241-250.
• Staw, B. M., (1991)‘Dressing Up Like an Organization: When Psychological Theories Can Explain Organizational Action’, Journal of Management,17(4),pp. 805-819.
• Strauss, A., and Corbin, J.(1998)‘Basics of qualitative research: Grounded theory procedures and techniques’, Newbury Park, CA: Sage Publications.
• Trahan, E. A. and Gitman, L.J. (1995) ‘Bridging the Theory-Practice Gap in Corporate Finance: A Survey of Chief Financial Officers’, Quarterly Review of Economics and Finance,35(1) ,pp.73-87.
• Trigeorgis, L.(1993)‘Real options and interactions with financial flexibility’,Financial Management, 22 (3),pp.202–224.
• Truong, G.,Partington,G. and Peat,M.( 2008)‘Cost of capital estimation and capital budgeting practice in Australia’, Australian Journal of Management, 33(1),pp. 95-121.
• Verbeeten, F.H.M. (2006) ‘Do organizations adopt sophisticated capital budgeting practices to deal with uncertainty in the investment decision? A research note’, Management Accounting Research, 17(1), pp.106-120.
• Verma,S., Gupta,S. and Batra,R.(2009)‘A Survey of Capital Budgeting Practices in Corporate India’, The Journal of Business Perspective 13(3), pp.1-17
• Warfield, T.D., Wild J.J. and Wild, K.L. (1995)‘Managerial ownership, accounting choices, and informativeness of earnings’, Journal of Accounting and Economics, 20(1), pp. 61-91.
• Williams, J.J. and Seaman, A.E. (2001) ‘Predicting change in management accounting systems: national culture and industry effects’, Accounting, Organizations and Society, 26(4),pp.443–460.
• Young, K., Ashby, D., Boaz, A. and Grayson, L. (2002) ‘Social science and the evidence-based policy movement’, Social Policy & Society, 1(3), pp.215–24.
• Zhang, Q., Huang, X. and Tang, L.(2011) ‘Optimal multinational capital budgeting under uncertainty’, Computers and Mathematics with Applications ,62(12), pp.4557-4568.
• Zhu, K.and Weyant, J.P.(2003)‘Strategic decisions of new technology adoption under asymmetric information: a game-theoretic model’, Decision Science,34(4),pp.643–675.
References
• Allen ,F. and Morris,S. (1998) ‘Finance applications of game theory, the working paper series, Alfred P.Sloan foundation, pp.1-45
• Amram, M. and Howe, K.M. (2002) ‘Capturing the value of flexibility’, Strategic Finance, 84(6), pp. 10-13.
• Andrés, P.de, Fuente, G.de.and Martín, P.S. (2015) ‘Capital budgeting practices in Spain’, BRQ Business Research Quarterly, 18(1), pp.37-56
• Arnold, G.C. and Hatzopoulos, P.D. (2000) ‘The theory-practice gap in capital budgeting: evidence from the United Kingdom’, Journal of Business Finance and Accounting, 10(5), pp. 603-626.
• Atkeson, A. and Cole, H. (2005) ‘A Dynamic Theory of Optimal Capital Structure and Executive Compensation’, working paper, NBER 11083.
• Atrill,P.(2009) Financial management for decision makers, 5th edn., England: FT Prentice Hall.
• Babu, C. P. and Sharma, A. (1995) ‘Capital Budgeting Practices in Indian Industry-An Empirical Study’, ASCI Journal of Management, 25(1), pp. 34-43.
• Bennouna, K.,Meredith,G.G. and Marchant,T. (2010) ‘Improved capital budgeting decision making: evidence from Canada’, Management Decision, 48(2),pp.225-247.
• Bierman, H. (1993) ‘Capital Budgeting in 1992: A Survey’, Financial Management, 22(3), pp. 24-24.
• Billington, C., Johnson, B. and Triantis, A. (2003) ‘A real options perspective on supply chain management in high technology’, Journal of Applied Corporate Finance, 15 (2), pp.32–43.
• Black,F and Scholes,M. (1973) ‘ The pricing of options and corporate liabilities’, The Journal of Political Economics, 81(3), pp.637-654
• Blaikie, N. (2007) Approaches to social enquiry, 2nd edn. Cambridge: Polity Press.
• Block, S. (2007) ‘Are real options actually used in the real world?’. The Engineering Economist, 52(3), pp. 255-267.
• Bock,K. and Truck,S. (2011) ‘ Assessing uncertainty and risk in public sector investment projects’ , Technology and Investment, 2(2), pp.105-123.
• Bornholt,G.(2013) ‘ The failure of the Capital Assets Pricing Model (CAPM): An update and Discussion, ABACUS: A Journal of Accounting, Finance and Business Studies,49(supplement),pp.36-43
• Bowman, E.H. and Hurry, D.(1993) ‘Strategy through the option lens: an integrated view of resource investments and the incremental choice process’, Academy of Management Review, 18(4), pp.760–782.
• Bowman, E.H. and Moskowitz, G.T.( 2001) ‘Real options analysis and strategic decision making’, Organizations Science ,12(6), pp.772–777.
• Brealey, R.A. and Myers, S.C. (2003), Principles of Corporate Finance (International Edition), 7th edn., New York: McGraw-Hill.
• Brennan, M.J. and Schwartz, E.S.(1992) A new approach to evaluating natural resource investments. In: Stern, J.M., Chew, D.H. (Eds.), The Revolution in Corporate Finance, 2nd edn, Oxford, UK, Blackwell Publishers, , pp. 107–117.
• Brickley. S. Z.( 2006) Managerial Economics and Organizational Architecture, 3rd edn., China: McGraw-Hill.
• Brigham, E.F. and Ehrhardt, M.C. (2002) Financial Management: Theory and Practice,10th edn.,Ohio, Thomson/South-Western.
• Brounen, D., de Jong, A. and Koedijk, K. (2004) ‘Corporate finance in Europe: Confronting theory with practice’, Financial Management, 33(4), pp.71–101.
• Brown, R. and Sarma,N. (2007) ‘CEO Overconfidence, CEO Dominance and Corporate Acquisitions’, Journal of Economics and Business, 59(5),pp. 358-379.
• Bryman, A. and Bell, E. (2011) Business research methods. 3rd edn. United Kingdom: Oxford University press.
• Busby, J.S. and Pitts, C.G.C. (1997) ‘Real options in practice: an exploratory survey of how finance officers deal with flexibility in capital appraisal’, Management Accounting Research, 8(2), pp.169–186.
• Byrne, J.P. and Davis, E.P. (2005) ‘Investment and Uncertainty in the G7’, Review of World Economics, 141(1), pp.1-32
• Carr, C., and Tomkins,C. (1996) ‘Strategic investment decisions: the importance of SCM. A comparative analysis of 51 case studies in UK, US. and German companies, Management Accounting Research, 7,pp.199-217.
• Cary, D. (2008) ‘An integrated approach to alternative capital budgeting techniques, mutually exclusive projects, and consistency with the net present value rule’, Journal of American Academy of Business, 13(2), pp. 14-19.
• Chadwell-Hatfield, P. Bernard,G., Philip,H. and Allen,W. (1997) ‘Financial Criteria, Capital Budgeting Techniques, and Risk Analysis of Manufacturing Firms’, Journal of Applied Business Research, 13(1), pp. 95-104.
• Chatterjee, S., Wiseman, R.M., Fiegenbaum, A. and Devers, C.E.(2003) ‘Integrating behavioral and economic concepts of risk into strategic management: the Twain Shall meet’, Long Range Planning. 36,pp. 61–79.
• Cherukuri, U, R. (1996) ‘Capital Budgeting Practices: A Comparative Study of India and Select South East Asian Countries’, ASCI Journal of Management, 25(2), pp. 30-46.
• Cho,D. (1996) ‘An alternative and practical theory of capital budgeting: Stockholder wealth maximization approach’, The Mid - Atlantic Journal of Business,32(2), pp. 93-104
• Cooper, W.D., Morgan,R.G., Redman ,A. and Smith,M. (2002) ‘Capital Budgeting Models: Theory vs. Practice’, Business Forum, 26(1& 2),pp. 15-19.
• Copeland, T.E. and Weston, J.F (1992) Financial Theory and Corporate Policy, 3rd edn. Reading: Addison-Wesley Publishing Company Inc.
• Corbin, J. and Strauss, A. (1990) ‘Grounded theory research: Procedures, canons, and evaluative criteria’, Qualitative Sociology, 13, pp. 3–21.
• Cuthbertson, K. and Nitzsche,D.( 2008) ‘Investments’, 2nd edn., England: John wiley & sons ltd.
• Daunfeldt ,S. and Hartwig,F. (2011) ‘What determines the use of the capital budgeting methods? Evidence from Swedish listed companies’, Available at: www.hui.se/MediaBinaryLoader.axd?MediaArchive_FileID=17edc3a8-0911-4613-813e-fdf1ce965da0&FileName=HUIwp57.pdf&MediaArchive_ForceDownload=true (Accessed : 28 April 2012).
• Dayananda, D., Irons, R., Harrison, S., Herbohn, J. and Rowland, P. (2002) Capital Budgeting: Financial Appraisal of Investment Projects, Edinburgh: Cambridge University Press.
• Dickerson,P.J. (1963)‘Capital Budgeting- Theory and Practice’, California Management Review, pp.53-60.
• Dixit, A.K. and Pindyck, R.S.(1994) Investment under Uncertainty, Princeton, New Jersey: Princeton University Press,.
• Donker, H., Santen, B. and Zahir, S. (2009) ‘Ownership structure and the likelihood of financial distress in the Netherlands’, Applied Financial Economics, 19(21), pp. 1687-1696.
• Dragota,V., Tatu,L., Pele, D., Vintila, N. and Semenescu,A.(2010) ‘Capital Budgeting: The Romanian University Professors’ Points of View’, The Review of Finance and Banking, 2(2),pp.95-102.
• Drury, C., Braund, S. and Tayles, M. (1993 ‘A Survey of Management Accounting Practices in UK Manufacturing Companies’, ACCA Research Paper, 32, Chartered Association of Certified Accountants.
• Easterby-Smith, M., Thorpe, R. and Lowe, A. (2002) ‘Management Research an Introduction’. 2nd edn. Thousand Oaks: Sage Publications.
• Ekeha,G.E.(2011) ‘Capital budgeting practices and economic development: A comparative study of companies in Western Europe and West Africa’. Available at http:// www.amazon.com/ Capital-Budgeting-Pratices-Economic Development/dp/3844382593 (Accessed : 15.03.2011)
• Emmanuel, C., Otley,D. and Merchant,K.(1995) Accounting for Management Control – 2nd edn, London: International Thomson Business Press.
• Emmanuel,C., Harris,E. and Komakech,S. (2010) ‘Towards a better understanding of capital investment decisions’, Journal of Accounting and organizational change, 6(4),pp.477-504.
• Fama, E. (1970) ‘Efficient Capital Market: A Review of Theory and Empirical Work,’ Journal of Finance 25, pp.382-417.
• Farragher, E.J., Kleiman, R.T. and Sahu, A.P. (1999) ‘Current Capital Investment Practices’, The Engineering Economist, 44(2), pp.137-150.
• Farragher, E.J., Kleiman, R.T. and Sahu, A.P. (2001) ‘The association between the use of sophisticated capital budgeting practices and corporate performance’, The Engineering Economist, 46(4), pp.300-311.
• Freeman, M. and Hobbes, G. (1991) ‘Capital Budgeting: Theory versus Practice’, Australian Accountant, 61( 8), pp. 36-41.
• Galbraith,J.(1973) Designing Complex Organizations, Reading: Addison-Wesley.
• Ghahremani,M., Aghaie,A. and Abedzadeh,M (2012) ‘Capital Budgeting Technique Selection through Four Decades: With a Great Focus on Real Option’, International Journal of Business and Management, 7(17).
• Gitman, L.J. and Vandenberg, P.A. (2000) ‘Cost of capital techniques used by major US firms: 1997 vs. 1980’, Financial Practice and Education, 10(2),pp. 53-68.
• Glaser, M., Schäfers,P. and Weber,M. (2008) ‘Managerial Optimism and Corporate Investment: Is the CEO Alone Responsible for the Relation?’ Working Paper, University of Mannheim.
• Graham, J. and Harvey, C. (2001) ‘The theory and practice of corporate finance: evidence from the field’ , Journal of Financial Economics, 60( 2/3), pp.187-243.
• Graham, J.R., Harvey, C.R. and Rajgopal, S.(2005)‘The economic implications of corporate financial reporting’, Journal of Accounting and Economics,40 (1-3), pp. 3-73.
• Haka, S.F.(1987)‘Capital Budgeting Techniques and Firm Specific Contingencies: A Correlational Analysis’, Accounting, Organizations and Society, 12(1), pp. 31-48.
• Haka,S.F., Gordon,L.A. and Pinches,G.E.(1985) ‘Sophisticated capital budgeting selection techniques and firm performance’, The Accounting Review, LX (4),pp.651-668.
• Halov, N. and Heider, F. (2004)‘Capital Structure, Risk and Asymmetric Information’. NYU Working paper, Available at: http://ssrn.com/abstract=566443 (Accessed: 05.05.2012)
• Hermes, N., Smid, P. and Yao,L. (2007)‘Capital budgeting practices: A comparative study of the Netherlands and China’, International Business Review, 16(5), pp.630-654.
• Herst, A., Poirters, S. and Spekreijse, H. (1997) Capital budgeting practices in the Netherlands, Western Decision Sciences Institute. Available at:/http://www.sbaer.uca.edu/research/wdsi/wdsi.html(Accessed:20.04.2012).
• Ho,S.S.M. and Pike,R.H.(1998)‘Organizational characteristics influencing the use of risk analysis in strategic capital investment’,The Engineering Economist,43(3),pp.247-268
• Hofer,C.W. and Schendel,D. (1972) Strategy formulation :Analytical Concepts, New York:West Publishing Company
• Holmen, M. and Pramborg, B.(2009)‘Capital budgeting and political risk: Empirical evidence’Journal of international Financial Management and Accounting,20(2) ,pp.105-134.
• Hornstein,A.S.(2013) ‘Corporate capital budgeting and CEO turnover’, Journal of corporate finance, pp.49-58
• Ingersoll, J. and Ross,S. (1992) ‘Waiting to Invest: Investment and Uncertainty’, The Journal of Business, 65(1), pp.1-29.
• Jensen, M. C.(1986) ‘Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers’ American Economic Review, 76(2), pp.323-329
• Jog, M.J. and Srivastava, A.K. (1995) ‘Capital budgeting practices in corporate Canada’, Financial Practice and Education, 5(2), pp.37-43.
• Jorion, P. (2006) Value at Risk – The New Benchmark for Managing Financial Risk, 3rd edn, New York: McGraw-Hill Higher Education.
• Kersyte, A.(2011)‘Capital budgeting process: Theoretical Aspects’, Economics and Management,16(1), pp.1130-1134.
• Kester, G.,Chang,R.P., Echanis, E.S., Haikal, S. ,Md.Isa, M ., Skully, M.T., Tsui,K.C. and Wang, C.J. (1999) ‘Capital budgeting practices in the Asia-Pacific region: Australia, Hong Kong, Indonesia, Malaysia, Philippines, and Singapore, Financial Practice and Education, 9(1), pp.25-33.
• Kester,G and Robbins,G. (2011) ‘The Capital Budgeting Practices of Listed Irish Companies Insights from CFOs on their investment appraisal techniques’, Accountancy Ireland, 43(1),pp.28-30.
• Khamees,B.H., Al-Fayoumi,N . and Al-Thuneibat,A.A. (2010) Capital budgeting practices in the Jordanian industrial corporations, International Journal of Commerce and Management,20(1),pp.49-63.
• Klassen, K.J. (1997) ‘The impact of inside ownership concentration on the trade-off between financial and tax reporting’, The Accounting Review, 72(3), pp.455-474.
• Lazaridis, I.T. (2004) ‘Capital Budgeting Practices: A Survey in the Firms in Cyprus’, Journal of Small Business Management, 42(4), pp. 427–433.
• Leon,F.M., Isa, M. and Kester,G.W. (2008)‘Capital Budgeting Practices of Listed Indonesian Companies’, Asian Journal of Business and Accounting, 1(2), pp.175-192.
• Libby, T. and Waterhouse, J. H. (1996) ‘Predicting change in management accounting systems’, Journal of Management Accounting Research, 8,pp.137-150.
• Lintner, J.(1965) ‘The Valuation of Risky Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets’, Review of Economics and Statistics, XLVII , pp. 13-37
• Magni, C.A.(2009)‘Correct or incorrect application of CAPM? Correct or incorrect decisions with CAPM?’, European Journal of Operational Research, 192( 2), pp. 549-560.
• Malkiel,B.G.(2003) ‘The efficient market hypothesis and its critics’, Journal of Economics Perspectives,17(1),pp.59-82
• Mao,J.C.T.(1970) ‘Survey of capital budgeting: Theory and practice’, Journal of finance, 25(2),pp.349-360.
• Maquieira,C.P., Preve,L.A. and Allende,V.S. (2012)‘Theory and practice of corporate finance: evidence and distinctive features in Latin America, Emerging Markets Review,13(2),pp.118-148
• Markowitz, H. (1952) ‘Portfolio Selection,’ Journal of Finance, 7(1), pp.77-91.
• Markowitz, H. (1959) ‘Portfolio Selection: Efficient Diversification of Investments’, New York: Wiley.
• Maroyi,V and Poll,H.M. (2012)‘A survey of capital budgeting techniques used by listed mining companies in South Africa’, African Journal of Business Management ,6(32), pp. 9279-9292.
• McGrath, R.G. and Nerkar, A. (2004) ‘Real options reasoning and a new look at the R&D investment strategies of pharmaceutical firms’,Strategic Management Journal, 25(1),pp.1–21.
• McGrath, R.G., Ferrier, W.J. and Mendelow, A.L.( 2004) ‘Response: real options as engines of choice and heterogeneity’, Academy of Management Journal, 29 (1), pp.86–101.
• Miles, M. and Huberman, M. (1984) Qualitative Data Analysis, Beverly Hills CA: Sage.
• Miller, K.D. and Waller, H.G. (2003)‘Scenarios, real options and integrated risk management’, Long Range Planning, 36, pp. 93–107.
• Miller, M., and Modigliani. F. (1961)‘Dividend Policy, Growth, and the Valuation of Shares’, Journal of Business, 34 (4), pp. 411-433.
• Modigliani, F. and Miller, M.H. (1958) ‘The Cost of Capital, Corporation Finance, and the Theory of Investment’, American Economic Review, 48(3), pp.261-297.
• Mukheijee, T.K. and Henderson,G.V.( 1987)‘Capital Budgeting Process: Theory and Practice’, Interfaces, 17(2),pp.78-90.
• Murto, P. and Keppo, J.( 2002) ‘A game model of irreversible investment under uncertainty’, International Game Theory Review, 4( 2) pp.127-140
• Mustapha, M.Z. and Mooi, S.T.L. (2001) ‘Firm Performance and Degree of Sophistication of Capital Budgeting Practice: Some Malaysian Evidence’,Proceedings of the Asia Pacific Management Conference, pp. 279-290.
• Myers, S. C. (1977)‘The Determinants of Corporate Borrowing,’ Journal of Financial Economics 5(2), pp,147-175.
• Myers, S.C. (1984) ‘The capital structure puzzle’, Journal of Finance ,39,pp.575-592.
• Myers, S.C. (2003) ‘Financing of corporations. Constantinides, G., M. Harris, and R. Stulz (eds.) Handbook of the Economics of Finance’, Corporate Finance Volume 1A, Elsevier North Holland.
• Nutt, P.C. (1993) ‘Flexible Decision Styles and the Choices of Top Executives’, Journal of Management Studies, 30(5), pp. 695-721.
• Pandey, I, M. (1989)‘Capital Budgeting Practices of Indian Companies’, Management Journal, 2(1), pp.1-15
• Payne, J. D., Heath, W. C. and Gale, L. R. (1999) ‘Comparative financial practice in the US and Canada: Capital budgeting and risk assessment techniques’, Financial Practice and Education, 9(1), pp.16–24.
• Peterson, P.P. and Fabozzi, F.J. (2002) Capital Budgeting: Theory and Practice, New York: Wiley and Sons.
• Pike, R., and Neale,B. (2009) Corporate finance and investment decisions and strategies, 6th edn., Harlow: Pearson Prentice Hall.
• Pike,R.(1996)‘A longitudinal survey on capital budgeting practices’, Journal of Business financing and Accounting, 23(1),pp.79-92.
• Pike,R.H.(1988)‘An empirical study of the adoption of sophisticated capital budgeting practices and decision making effectiveness’, Accounting and Business Research , 18(Autumn),pp.341 351.
• Rigopoulos, G. (2014) ‘Real Options Adoption in Capital Budgeting: A Highlight of Recent Literature’, Journal of Economics and Business Research, 20(2),pp. 41-51.
• Ritter, J. R. (1991) ‘The Long Run Performance of Initial Public Offerings,’ Journal of Finance, 46(1), pp. 3-27.
• Rogers, E.M. (1995) Diffusion of Innovations, 4th edn., New York: Free Press.
• Roll, R. (1977) ‘A Critique of the Asset Pricing Theory’s Tests’ Part I: On Past and Potential Testability of the Theory’, Journal of Financial Economics,4(2), pp. 129–176
• Ross, S.A., Westerfield, R.W., Jordan, B.D. and Roberts, G.S. (2005) Fundamentals of Corporate Finance, 5th Canadian edn., Ryerson, Toronto: McGraw Hill,.
• Ross,S.A. ( 1976 )‘The Arbitrage Theory of Capital Assets Pricing’, Journal of Economic Theory,13(3),pp.341-360.
• Ryan,P.A., and Ryan,G.P.(2002) ‘Capital budgeting practices of the fortune 1000: How have things changed?’, Journal of Business and Management,8(4),pp.355-364.
• Sangster, A. (1993)‘Capital investment appraisal techniques: A survey of current usage’, Journal of Business Finance and Accounting, 20(3), pp.307-332.
• Segelod, E. (1998)‘Capital budgeting in a fast-changing world’, Long Range Planning, 31 (4), pp. 529–541.
• Sekwat, A. (1999)‘Capital budgeting practices among Tennessee Municipal Government’, Government Finance Review (June),pp.15-19
• Shahrokh M. S.(2002)Multinational Capital Budgeting. Available at: http://www.thehindubusinessline.com.
• Shank, J. K. and Govindarajan, V.(1992) ‘Strategic Cost Management: The Value Chain Perspective’, Journal of Management Accounting Research, 4, pp.177-197.
• Shao, L. P. and Shao, A.T. (1996) ‘Risk Analysis and Capital Budgeting Techniques of U.S. Multinational Enterprises’, Managerial Finance, 22(1), pp. 41-57.
• Sharpe,W.F.(1963)‘A simplified model of portfolio analysis’, Management Science ,9(2),pp.277-293.
• Sharpe,W.F.(1964) ‘Capital Assets Prices: A theory of market equilibrium under conditions of risk’, Journal of Finance,19(3),pp.425-442.
• Shinoda,T.(2010)‘Capital Budgeting Management Practices in Japan— A Focus on the Use of Capital Budgeting Methods’, Economic Journal of Hokkaido University, 39 (2010), pp.39 – 50.
• Shleifer, A. (2000) inefficient markets: An introduction to behavioral finance, Oxford, UK: Oxford University Press.
• Simerly, R.L.and Li,M. (2000)‘Environmental Dynamism, Capital Structure and Performance.• A Theoretical Integration and an Empirical Test, Strategic Management Journal, 21(1), pp. 31-49.
• Singh,S., Jain,P.K and Yadav,S.S. (2012) ‘Capital budgeting decisions : evidence from India’ , Journal of Advances in Management Research, 9(1),pp.96-112
• Slagmulder, R., Bruggeman,W. and Wassenhove,L.(1995)‘An Empirical Study of Capital Budgeting Practices for Strategic Investments in CIM Technologies, International Journal of Production Economics, 40(2), pp.121-152.
• Smit, H.T.J.( 2003)‘Infrastructure investment as a real options game: the case of European airport expansion’, Financial Management, 32 (4),pp.27–57.
• Smit, H.T.J.and Ankum,L.A.(1993)‘A Real Options and Game-Theoretic Approach to Corporate Investment Strategy under Competition’, Financial Management,22 (3),pp. 241-250.
• Staw, B. M., (1991)‘Dressing Up Like an Organization: When Psychological Theories Can Explain Organizational Action’, Journal of Management,17(4),pp. 805-819.
• Strauss, A., and Corbin, J.(1998)‘Basics of qualitative research: Grounded theory procedures and techniques’, Newbury Park, CA: Sage Publications.
• Trahan, E. A. and Gitman, L.J. (1995) ‘Bridging the Theory-Practice Gap in Corporate Finance: A Survey of Chief Financial Officers’, Quarterly Review of Economics and Finance,35(1) ,pp.73-87.
• Trigeorgis, L.(1993)‘Real options and interactions with financial flexibility’,Financial Management, 22 (3),pp.202–224.
• Truong, G.,Partington,G. and Peat,M.( 2008)‘Cost of capital estimation and capital budgeting practice in Australia’, Australian Journal of Management, 33(1),pp. 95-121.
• Verbeeten, F.H.M. (2006) ‘Do organizations adopt sophisticated capital budgeting practices to deal with uncertainty in the investment decision? A research note’, Management Accounting Research, 17(1), pp.106-120.
• Verma,S., Gupta,S. and Batra,R.(2009)‘A Survey of Capital Budgeting Practices in Corporate India’, The Journal of Business Perspective 13(3), pp.1-17
• Warfield, T.D., Wild J.J. and Wild, K.L. (1995)‘Managerial ownership, accounting choices, and informativeness of earnings’, Journal of Accounting and Economics, 20(1), pp. 61-91.
• Williams, J.J. and Seaman, A.E. (2001) ‘Predicting change in management accounting systems: national culture and industry effects’, Accounting, Organizations and Society, 26(4),pp.443–460.
• Young, K., Ashby, D., Boaz, A. and Grayson, L. (2002) ‘Social science and the evidence-based policy movement’, Social Policy & Society, 1(3), pp.215–24.
• Zhang, Q., Huang, X. and Tang, L.(2011) ‘Optimal multinational capital budgeting under uncertainty’, Computers and Mathematics with Applications ,62(12), pp.4557-4568.
• Zhu, K.and Weyant, J.P.(2003)‘Strategic decisions of new technology adoption under asymmetric information: a game-theoretic model’, Decision Science,34(4),pp.643–675.