Abstract. Capital budgeting is crucial in order for companies to sustain themselves, survive and flourish in markets and to increase shareholders' wealth. Nonetheless, decisions on capital budgeting are critical owing to the influence of uncertainty factors and dramatic changes in the environment milieu. Capital budgeting practices vary from country to country, from company to company and from project to blogger.com: Lingesiya Yasotharalingam This thesis examines capital budgeting and accounting choices in listed companies. The aim of the thesis is to contribute to an understanding of capital budgeting and accounting practice and identify factors that may explain and predict it. The purpose of the introduction is to Phd Thesis On Capital Budgeting lochner new analysis essay help drivers ed homework Phd Thesis On Capital Budgeting doctoring essay poem story car technology essay. writing an art comparison essay Phd Thesis On Capital Budgeting phd thesis online database how to do my assignment
Phd Thesis On Capital Budgeting
Yasotharalingam, Lingesiya Capital budgeting theory and practices. PhD thesisKingston University. Capital budgeting phd thesis on capital budgeting crucial in order for companies to sustain themselves, survive and flourish in markets and to increase shareholders' wealth.
Nonetheless, decisions on capital budgeting are critical owing to the influence of uncertainty factors and dramatic changes in the environment milieu, phd thesis on capital budgeting. Capital budgeting practices vary phd thesis on capital budgeting country to country, from company to company and from project to project.
Although many studies have been conducted in developed countries, there is a dearth of studies in emerging economies. Therefore, aims of this study were to investigate the prevalent choice of capital budgeting practices and influences of firms' characteristics on their choice based on Sri Lankan emerging market, identifying uncertainty factors and its influence on use of capital budgeting practices and explore the interacting effect of uncertainty factors between capital budgeting practices and performance, and finally, develop a capital budgeting model that would meld with the core components of uncertainty, firms' characteristics and firms' performance based on Sri Lankan market, phd thesis on capital budgeting.
The data for this study were garnered from primary data and secondary data collections, phd thesis on capital budgeting. The primary data were collected from CFOs working in companies listed on the Colombo Stock Exchange using self-administered questionnaires. The questionnaire was piloted with a sample of five CFOs. After the data were collected, they were analysed using multivariate analysis such as factor analysis, confirmatory factor analysis and structural equation modelling.
This study revealed that the most popular capital budgeting technique used in Sri Lanka was NPV, followed by IRR, PB, ARR and DPB. As for capital budgeting tools incorporating risk, the most preferred method among Sri Lankan firms was uncertainty absorption in cash flows, followed by sensitivity analysis, probability analysis, scenario analysis, and adjusting the required return.
Moreover, this study found that the most popular method for calculating cost of equity was the CAPM model followed by average historical returns on common stock. Emerging real options are at an embryonic stage in Sri Lanka. The use of naive capital budgeting practices was mostly preferred by small firms and mainly managed by CFOs with non-MBA educational qualifications and a short tenure. Sophisticated and advanced capital budgeting practices were used mostly by large firms; these were mainly managed by MBA qualified CFOs with a long tenure.
As for industry differences, ARR was primarily applied by non-MBA CFOs and was also preferred by non-manufacturing firms. None of the other methods made any significant differences in terms of type of industry. This study found four new levels uncertainty: operational uncertainties input, labour and productionfinancial uncertainties interest rate, phd thesis on capital budgeting, inflation and exchange ratesocial uncertainty policy, political and social and market uncertainty competitive, output market and input market.
Apropos of the model, sophisticated capital budgeting practices were determined by the size of the capital budget, market uncertainty and financial uncertainty. Advanced capital budgeting practices were determined by the size of the capital budget, the educational qualifications of the CFOs, operational uncertainty and "~'U"''''lal uncertainty.
In a similar vein, naive capital budgeting practices were determined by the size of the capital budget, the educational qualifications of the CFOs, industry and financial uncertainty.
Overall, this study has made theoretical contribution as melding with uncertainty phd thesis on capital budgeting with capital budgeting practices, geographical contribution as investigated the prevalent capital budgeting practices in Sri Lankan emerging market and parametric contributions as identified firm characteristics and uncertainty factors on the choice of capital budgeting practices and consequence influence on firm performances. The directions for future research are clearly discussed.
In a nutshell, beyond its valuable contribution, this study serves as a springboard for future research. Capital budgeting theory and practices. Item Type: Thesis PhD Physical Location: This item is held in stock at Kingston University library. Capital budgeting theory and phd thesis on capital budgeting Yasotharalingam, Lingesiya Capital budgeting theory and practices. Abstract Capital budgeting is crucial in order for companies to sustain themselves, survive and flourish in markets and to increase shareholders' wealth.
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