() and Fredrik Hartwig
Sven-Olov Daunfeldt: HUI Research, Postal: Regeringsgatan 60, 103 29 Stockholm, Sweden and, Department of Economics, Dalarna University, Borlänge, Sweden,
Fredrik Hartwig: University of Gävle, Postal: Department of Education and Business, University of Gävle, Gävle, Sweden
Abstract: The choice of capital budgeting methods used by companies listed on the Stockholm Stock Exchange (SSE) is examined using multivariate regression analysis on questionnaire data from 2005 and 2008. Both recommended and non-recommended methods are found to be commonly used, with large companies using capital budgeting methods more frequently than small firms. The choice of capital budgeting methods is also influenced by leverage, growth opportunities, dividend pay-out ratios, the choice of target debt ratio, the degree of management ownership, foreign sales, industry, and individual characteristics of the CEO. The total use of capital budgeting methods is lower in Swedish companies compared to U.S. and continental European companies.
37 pages, February 16, 2012
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