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Capital Budgeting Sophistication and Performance

Sammanfattning
This thesis investigates the relationship between capital budgeting sophistication and firm performance. Initially, the theoretical relationship is analysed. The traditional financial view, predicting a positive relationship, is presented as a starting point for the analysis. Other aspects, based on contingency and behavioural theories, are then brought into the discussion. These aspects shed light on the complexity of the relationship and question the positive relationship advocated by traditional financial theory. In a second step, a model is constructed in order to measure the relationship between capital budgeting sophistication and performance empirically. The statistical model used is the regression analysis. Based on theory, variables for capital budgeting sophistication, and performance are constructed. Moreover, relevant explanatory variables are defined. Three different definitions of capital budgeting sophistication, ranging from simple to more complex, are used in order to be able to measure whether the choice of variable affects the findings. For the same reason three different performance measures are used. The final step of this thesis is to test the model constructed empirically on the Swedish market. Due to insufficient data the model is only partially tested. The results obtained are mostly negative and insignificant. These findings do not support traditional financial theory.
Examinationsnivå
Student essay
Universitet
Göteborg University. School of Business, Economics and Law
URL:
http://hdl.handle.net/2077/2359
Samlingar
  • Master theses
Fil(er)
gbs_thesis_2002_38.pdf (882.0Kb)
Datum
2003
Författare
Jakovicka, Julija
Kheddache, Mimmi
Axelsson, Helen
Nyckelord
Capital Budgeting
Capital Budgeting Sophistication
Performance
Investment Decisions
Investment Appraisal
Net Present Value
Internal Rate of Return
Accounting Rate of Return
Payback Period.
ISSN
1403-851X
Serie/rapportnr.
Masters Thesis, nr 2002:38
Språk
en
Metadata
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