Capital budgeting practices in Spain

  1. Andrés Alonso, Pablo de
  2. Fuente Herrero, Gabriel de la
  3. San Martín, Pablo
Revista:
Business Research Quarterly

ISSN: 2340-9444,  2340-9436

Año de publicación: 2015

Volumen: 18

Número: 1

Páginas: 37-56

Tipo: Artículo

DOI: 10.1016/J.BRQ.2014.08.002 DIALNET GOOGLE SCHOLAR lock_openAcceso abierto editor

Otras publicaciones en: Business Research Quarterly

Resumen

Este trabajo busca arrojar más luz sobre las técnicas de presupuestación de capital utilizadas por las empresas españolas. Nuestro artículo postula que la brecha entre la teoría y la práctica podría estar relacionada con la naturaleza de las fuentes de valor y con la eficiencia de los mecanismos que alinean los incentivos de la gerencia y los accionistas, más que con las restricciones de recursos o la mala interpretación del modelo. Analizamos los datos de una encuesta realizada en 2011, siendo la muestra final 140 empresas españolas no financieras. Nuestros hallazgos muestran un patrón de comportamiento similar al informado en investigaciones anteriores para empresas de otros países. Particularmente digno de mención es que la recuperación parece ser la herramienta más utilizada, mientras que las opciones reales se utilizan relativamente poco. Nuestros resultados confirman que el tamaño y la industria están relacionados con la frecuencia de uso de ciertas técnicas de presupuestación de capital. Más lejos,

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