Stock exchange listing induces sophistication of capital budgeting
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2014-10-01
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This article compares capital budgeting techniques employed in listed and unlisted companies in Brazil. We surveyed the Chief Financial Officers (CFOs) of 398 listed companies and 300 large unlisted companies, and based on 91 respondents, the results suggest that the CFOs of listed companies tend to use less simplistic methods more often, for example: NPV and CAPM, and that CFOs of unlisted companies are less likely to estimate the cost of equity, despite being large companies. These findings indicate that stock exchange listing may require greater sophistication of the capital budgeting process.
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Capital budgeting Finance survey Financial decisions Corporate finance Financial innovation Orçamento de capital Survey em finanças Decisões financeiras Finanças corporativas Inovação financeira Presupuestación de capital Encuesta financiera Decisiones financieras Finanzas corporativas Innovación financiera