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Capital budgeting techniques in SMEs: a literature review
Kristianstad University, Faculty of Business, Avdelningen för ekonomi. Kristianstad University, Faculty of Business, Research environment Governance, Regulation, Internationalization and Performance (GRIP. Lunds universitet.
2019 (English)In: Journal of Accounting and Finance, Vol. 19, no 3, p. 97-114Article in journal (Refereed) Published
Abstract [en]

This paper provides a systematic literature review of research in the field of capital budgeting techniques (CBT) among small- and medium- sized firms. In total, 26 studies published between 1964 and 2017 were reviewed. It covers three areas: the type of CBT that have been used across sizes and locations; determinants associated with the choice of CBT; and the methods and analysis techniques used in previous studies. SWOT analysis was done to systematise the findings and to identify the shortcoming and strengths in existing literature. For each area, potential areas of research to further the field are suggested.

Place, publisher, year, edition, pages
2019. Vol. 19, no 3, p. 97-114
Keywords [en]
Accounting, Finance, Capital budgeting techniques, SMEs, Swot analysis
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:hkr:diva-21097DOI: 10.33423/jaf.v19i3.2035OAI: oai:DiVA.org:hkr-21097DiVA, id: diva2:1462070
Available from: 2020-08-28 Created: 2020-08-28 Last updated: 2020-09-01Bibliographically approved
In thesis
1. Puzzling out the choice of capital budgeting techniques: among high-growth small and medium sized firms
Open this publication in new window or tab >>Puzzling out the choice of capital budgeting techniques: among high-growth small and medium sized firms
2019 (English)Doctoral thesis, comprehensive summary (Other academic)
Abstract [en]

The aim of this dissertation is to explore the drivers of practitioners’ choices of capital budgeting techniques(CBT). The mainstream literature suggests that sophisticated CBT (SCBT) will best guide organizations inevaluating important strategic investments. Small and medium-size enterprises (SMEs) choose to go againstthat “wisdom” and choose non-sophisticated CBT (NSCBT).

Instead of following the prescriptive path of the mainstream literature, this dissertation adopts an explorativedesign, exploring qualitatively and quantitatively the reasons SMEs choose NSCBT or SCBT to evaluatestrategic investments. Based on the findings in the four included papers, the dissertation describes whenand under which conditions Swedish high-growth SMEs choose different types of CBT. The focus onSwedish high-growth SMEs listed on First North allowed the capture of choices for both SCBT and NSCBT.

Institutional and firm-specific forces, decision-maker–specific attributes, market and contextual factorsemerge as important drivers of the choices of CBT made by high-growth SMEs. The dissertation suggeststhat these multi-level determinants define the limits of decision-makers’ discretion and how they inform thechoices of CBT made by high-growth SMEs.

Place, publisher, year, edition, pages
Lund: Lund University Open Access, 2019. p. 214
Keywords
Capital budgeting techniques, decision making, strategic investments, theory-practice gap, practice-theory gap, SMEs, First North
National Category
Business Administration
Identifiers
urn:nbn:se:hkr:diva-21157 (URN)978-91-7895-314-1 (ISBN)
Public defence
2019-11-22, Crafoordsalen, Holger Crafoords Ekonomicentrum, Tycho Brahes väg 1, Lund., Lund, 11:00 (English)
Supervisors
Available from: 2020-09-01 Created: 2020-09-01 Last updated: 2020-09-01Bibliographically approved

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Sarwary, Zahida

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