Abstract

TRESIERRA-TANAKA, Alvaro  and  VEGA-ACUNA, Luis. Medium-sized firms in Peru: a review of capital budgeting practices. estud.gerenc. [online]. 2019, vol.35, n.150, pp.59-69. ISSN 0123-5923.  https://doi.org/10.18046/j.estger.2019.150.2943.

The objective of this article is to know what are the techniques used by medium-sized companies to evaluate their investment projects, and in this way to determine if there is a gap between theory and practice. In addition, we sought to identify which characteristics of the company and its general manager influence the use of these techniques. For this, a survey was elaborated and applied to 126 medium-sized companies in the department of Piura (Peru). Based on this, it was found that a large part of the sample uses at least one technique where cash flows are discounted, which is supported by the theory; therefore, it is evident that the gap between theory and practice is not very wide.

Keywords : capital budgeting; discount rate; net present value; cash flow; payback period.

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