Un examen empírico de las prácticas de presupuesto de capital en el Perú

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Abstract

Over the years a large number of studies have been conducted regarding capital budgetin practices in well-developed markets. There is, however, scarce evidence of these practices in emerging markets.

This paper discusses evidence of capital budgeting practices followed by large companies operating in Peru.

A survey conducted among 74 companies showed that, while 90% of the companies use Net Present Value (NPV) as their main assessment tool, only 11% use the real option method.

This indicates that the companies reviewed in this study do not formally consider a flexible management approach to assessing their opportunities for investment.

The survey also showed that there is a stronger preference for the Investment Recovery Period than for the Internal Rate of Return (IRR), which reflects a short-term investment horizon.

This paper also addresses the fact that more than 40% of these companies employ a discount rate without a solid theoretical justification, which may be the result of a lack of practical guidance on this subject.
Original languageSpanish
Pages (from-to)95-114
JournalEstudios Gerenciales
Volume21
Issue number95
StatePublished - 30 Jun 2005

Bibliographical note

Bibliografía: páginas 110-111.

Keywords

  • Capital budgeting
  • Net Present Value
  • Discount Rate

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