Stock exchange listing induces sophistication of capital budgeting Report as inadecuate




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RICHARD SAITO ;RAERevista de Administração de Empresas 2014, 54 5

Author: WESLEY MENDES-DA-SILVA

Source: http://www.redalyc.org/


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RAE - Revista de Administração de Empresas ISSN: 0034-7590 rae@fgv.br Fundação Getulio Vargas Brasil MENDES-DA-SILVA, WESLEY; SAITO, RICHARD STOCK EXCHANGE LISTING INDUCES SOPHISTICATION OF CAPITAL BUDGETING RAE - Revista de Administração de Empresas, vol.
54, núm.
5, septiembre-octubre, 2014, pp.
560-574 Fundação Getulio Vargas São Paulo, Brasil Available in: http:--www.redalyc.org-articulo.oa?id=155131802008 How to cite Complete issue More information about this article Journals homepage in redalyc.org Scientific Information System Network of Scientific Journals from Latin America, the Caribbean, Spain and Portugal Non-profit academic project, developed under the open access initiative 560 RAE-Revista de Administração de Empresas | FGV-EAESP ARTICLES Submitted 04.16.2013.
Approved 10.01.2013 Evaluated by double blind review process.
Scientific Editor: Wilson Toshiro Nakamura http:--dx.doi.org-10.1590-S0034-759020140509 STOCK EXCHANGE LISTING INDUCES SOPHISTICATION OF CAPITAL BUDGETING Listagem em bolsa induz sofisticação do orçamento de capital La cotización bursátil lleva al perfeccionamiento de la presupuestación de capital ABSTRACT 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. KEYWORDS | Capital budgeting, finance survey, financial decisions, corporate finance, financial innovation. RESUMO Este artigo compara técnicas de orçamento de capital empregadas nas empresas listadas e não-li...





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