Capital budgeting practices: A survey of Central and Eastern European firms

被引：16

作者：

Andor, Gyorgy ^{[1
]}

Mohanty, Sunil K. ^{[2
]}

Toth, Tamas ^{[1
]}

机构：

[1] Budapest Univ Technol & Econ, Dept Finance, Budapest, Hungary

[2] CUNY, Brooklyn Coll, Dept Finance, Brooklyn, NY 11210 USA

来源：

EMERGING MARKETS REVIEW | 2015年 / 23卷

关键词：

Capital budgeting; Cost of capital; Central and Eastern Europe; CORPORATE-FINANCE; CULTURE; LAW;

D O I：

10.1016/j.ememar.2015.04.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We survey 400 executives in ten countries in Central and Eastern Europe (CEE) and report the results of their companies' capital budgeting practices. We find that capital budgeting practices in CEE countries are influenced mostly by firm size, multinational culture, firms' goals, and the presence of code of ethics, and to a lesser extent, by executive ownership, number of projects analyzed, and target leverage. We compare our results with prior studies and find significant variations in capital budgeting practices across 35 countries, among high, upper middle, and lower middle income countries, and across seven geographic regions. (C) 2015 Elsevier B.V. All rights reserved.

引用

页码：148 / 172

页数：25

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