Investeringars mål och valet av kapitalbudgeteringstekniker

: En studie av medelstora företag med humankapital som betingad faktor

Abstract

This study aims to explore the relationship between the target goal of an investment and the choice of capital budgeting techniques made by decisionmakers in medium-size companies. Furthermore, the decisionmaker’s human capital has been added as a moderating factor to control for its impact on the general relationship between the goal of an investment and the choice of capital budgeting techniques. Based on 51 questionnaires from decisionmakers in medium- size companies, the results show that the choice of capital budgeting techniques varies depending on the target goal of the investment, where shareholders generally chose sophisticated techniques and stakeholders tend to use the unsophisticated techniques. Contrastively, the decisionmaker’s human capital shows no moderating effect. Finally, this study provides an alternative structuring of capital budgeting techniques incongruent with theoretical approaches, one that is more practically oriented and conscientious of the end target of interested parties.