<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0120-4645</journal-id>
<journal-title><![CDATA[Cuadernos de Administración (Universidad del Valle)]]></journal-title>
<abbrev-journal-title><![CDATA[cuad.adm.]]></abbrev-journal-title>
<issn>0120-4645</issn>
<publisher>
<publisher-name><![CDATA[Universidad del Valle]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-46452020000200126</article-id>
<article-id pub-id-type="doi">10.25100/cdea.v36i67.7896</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Adjustment by size effect on the cost of equity: Pending practice in capital budget in Colombia]]></article-title>
<article-title xml:lang="es"><![CDATA[Ajuste por efecto tamaño en el costo del patrimonio: Práctica pendiente en el presupuesto de capital en Colombia]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Reina Gutiérrez]]></surname>
<given-names><![CDATA[Walther]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Moscoso Escobar]]></surname>
<given-names><![CDATA[Jenny]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Montoya González]]></surname>
<given-names><![CDATA[Carolina]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Antioquia Faculty of Economic Sciences ]]></institution>
<addr-line><![CDATA[Medellín ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Antioquia Faculty of Economic Sciences ]]></institution>
<addr-line><![CDATA[Medellín ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad de Antioquia  ]]></institution>
<addr-line><![CDATA[Medellín ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>08</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>08</month>
<year>2020</year>
</pub-date>
<volume>36</volume>
<numero>67</numero>
<fpage>126</fpage>
<lpage>142</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-46452020000200126&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-46452020000200126&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-46452020000200126&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This research identifies and analyzes the implications of capital budgeting techniques implemented by large, medium and small companies, related to the use and calculation of the discount rate - emphasizing in the cost of equity, adjusting it with a size premium and the calculation method of the latter- differentiating between the procedure of family and non-family businesses and the types of projects. Additionally, the same procedure is used for the viability indicators of the projects given their relevance in capital budget. For this, a descriptive analysis accompanied by contingency tables is made to a group of 182 Colombian companies. The results show that (i) only 14% of SMEs that evaluate their projects (93) adjust the discount rate with a size premium, (ii) procedures to define capital budget are more informal in family companies, (iii) expansion and replacement projects are more evaluated by family businesses, while mergers and acquisitions are more evaluated by non-family businesses, and (iv) there is little transfer of knowledge from the academy to the company.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen La presente investigación identifica y analiza las implicaciones de las técnicas de presupuesto de capital implementados por las empresas grandes medianas y pequeñas, relacionadas con el uso y cálculo de la tasa de descuento - haciendo énfasis en el costo del patrimonio, el ajuste al mismo con una prima por tamaño y la forma de cálculo de esta última - diferenciando entre el procedimiento de empresas familiares y No familiares y los tipos de proyectos. Adicionalmente, se efectúa el mismo procedimiento para los indicadores de viabilidad de los proyectos dada su relevancia en el presupuesto de capital. Para ello se realiza un análisis descriptivo acompañado de tablas de contingencia a un grupo de 182 empresas colombianas. Los resultados demuestran que (i) solo el 14% de las PYMES que evalúan sus proyectos (93) ajustan la tasa de descuento con una prima por tamaño, (ii) los procedimientos para definir el presupuesto de capital son más informales en las empresas familiares, (iii) los proyectos de expansión y de reemplazo son más evaluados por las empresas familiares, mientras que las fusiones y adquisiciones son más evaluadas por las empresas No familiares (iv) hay una escasa transferencia del conocimiento de la academia a la empresa.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Premium or size-effect]]></kwd>
<kwd lng="en"><![CDATA[CAPM]]></kwd>
<kwd lng="en"><![CDATA[Capital budgeting]]></kwd>
<kwd lng="en"><![CDATA[Cost of capital]]></kwd>
<kwd lng="en"><![CDATA[Family business]]></kwd>
<kwd lng="en"><![CDATA[Cost of equity.]]></kwd>
<kwd lng="es"><![CDATA[Prima o efecto tamaño]]></kwd>
<kwd lng="es"><![CDATA[CAPM]]></kwd>
<kwd lng="es"><![CDATA[Costo de capital]]></kwd>
<kwd lng="es"><![CDATA[Presupuesto de capital]]></kwd>
<kwd lng="es"><![CDATA[Empresa familiar]]></kwd>
<kwd lng="es"><![CDATA[Costo del patrimonio]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Arnold]]></surname>
<given-names><![CDATA[G. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Hatzopoulos]]></surname>
<given-names><![CDATA[P. D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The theory-practice gap in capital budgeting: Evidence from the United Kingdom]]></article-title>
<source><![CDATA[Journal of Business Finance and Accounting]]></source>
<year>2000</year>
<volume>27</volume>
<numero>5-6</numero>
<issue>5-6</issue>
<page-range>603-26</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Asness]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Frazzini]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Israel]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Moskowitz]]></surname>
<given-names><![CDATA[T. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Pedersen]]></surname>
<given-names><![CDATA[L. H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Size matters, if you control your junk]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>2018</year>
<volume>129</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>479-509</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Banz]]></surname>
<given-names><![CDATA[R. W]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The relationship between return and market value of common stocks]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>1981</year>
<volume>9</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>3-18</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Barry]]></surname>
<given-names><![CDATA[C. B.]]></given-names>
</name>
<name>
<surname><![CDATA[Goldreyer]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Lockwood]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Rodríguez]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Robustness of size and value effects in emerging equity markets, 1985-2000]]></article-title>
<source><![CDATA[Emerging Markets Review]]></source>
<year>2002</year>
<volume>3</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-30</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Batra]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Verma]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Capital budgeting practices in Indian companies]]></article-title>
<source><![CDATA[Management Review]]></source>
<year>2017</year>
<volume>29</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>29-44</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bennouna]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Meredith]]></surname>
<given-names><![CDATA[G. G.]]></given-names>
</name>
<name>
<surname><![CDATA[Marchant]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Improved capital budgeting decision making: Evidence from Canada]]></article-title>
<source><![CDATA[Management Decision]]></source>
<year>2010</year>
<volume>48</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>225-47</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Berrone]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Cruz]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Gómez-Mejía]]></surname>
<given-names><![CDATA[L.R.]]></given-names>
</name>
<name>
<surname><![CDATA[Larraza-Kintana]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[&#8220;Socioemotional Wealth and Corparate Responses to Institutional Pressures: Do family Controlled firms Pollute Less?&#8221;]]></article-title>
<source><![CDATA[Administrative Science Quarterly]]></source>
<year>2010</year>
<volume>55</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>82-113</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Block]]></surname>
<given-names><![CDATA[S. B]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Capital budgeting techniques used by small business firms in the 1990s]]></article-title>
<source><![CDATA[The Engineering Economist]]></source>
<year>1977</year>
<volume>42</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>289-302</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Block]]></surname>
<given-names><![CDATA[S. B]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A Study of Financial Analysts: Practice and Theory]]></article-title>
<source><![CDATA[Financial Analysts Journal]]></source>
<year>1999</year>
<volume>55</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>86-92</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Brickley.]]></surname>
<given-names><![CDATA[S.Z]]></given-names>
</name>
</person-group>
<source><![CDATA[Managerial Economics and Organizational Architecture]]></source>
<year>2006</year>
<edition>3</edition>
<publisher-loc><![CDATA[China ]]></publisher-loc>
<publisher-name><![CDATA[McGraw-Hill]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Brigham]]></surname>
<given-names><![CDATA[E. F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Hurdle Rates for Screening Capital Expenditure Proposals]]></article-title>
<source><![CDATA[Financial Management]]></source>
<year>1975</year>
<volume>4</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>17-26</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Brigham]]></surname>
<given-names><![CDATA[E. F.]]></given-names>
</name>
<name>
<surname><![CDATA[Ehrhardt]]></surname>
<given-names><![CDATA[M. C.]]></given-names>
</name>
</person-group>
<source><![CDATA[Financial Management:Theory and Practice]]></source>
<year>2002</year>
<edition>10</edition>
<publisher-loc><![CDATA[Ohio, USA ]]></publisher-loc>
<publisher-name><![CDATA[Thomson/South-Western]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Brounen]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[De Jong]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[K.]]></surname>
<given-names><![CDATA[Koedijk]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Corporate finance in Europe: confronting theory with practice]]></article-title>
<source><![CDATA[Financial Management]]></source>
<year>2004</year>
<volume>33</volume>
<page-range>71-101</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bruner]]></surname>
<given-names><![CDATA[R. F.]]></given-names>
</name>
<name>
<surname><![CDATA[Eades]]></surname>
<given-names><![CDATA[K. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Harris]]></surname>
<given-names><![CDATA[R. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Higgins,]]></surname>
<given-names><![CDATA[R. C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Best practices in estimating the cost of capital: Survey and synthesis]]></article-title>
<source><![CDATA[Financial Practice and Education]]></source>
<year>1998</year>
<volume>8</volume>
<page-range>13-28</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Carney]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Corporate governance and competitive advantage in family-controlled firms]]></article-title>
<source><![CDATA[Entrepreneurship Theory and Practice]]></source>
<year>2005</year>
<volume>29</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>249-65</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chan]]></surname>
<given-names><![CDATA[K. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Chen]]></surname>
<given-names><![CDATA[N. F.]]></given-names>
</name>
<name>
<surname><![CDATA[Hsieh]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[An exploratory investigation of the firm size effect]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>1985</year>
<volume>14</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>451-71</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chrisman]]></surname>
<given-names><![CDATA[J. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Chua]]></surname>
<given-names><![CDATA[J. H.]]></given-names>
</name>
<name>
<surname><![CDATA[Pearson]]></surname>
<given-names><![CDATA[A. W.]]></given-names>
</name>
<name>
<surname><![CDATA[Barnett]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Family Involvement, Family Influence, and Family-Centered Non-Economic Goals in Small Firms]]></article-title>
<source><![CDATA[Entrepreneurship Theory and Practice]]></source>
<year>2012</year>
<volume>36</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>267-93</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Damodaran]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Measuring Company Exposure to Country Risk: Theory and Practice. Working paper]]></source>
<year>2003</year>
<publisher-name><![CDATA[New York University]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Dayananda]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Irons]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Harrison]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Herbohn]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Rowland]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<source><![CDATA[Capital Budgeting: Financial Appraisal of Investment Projects]]></source>
<year>2002</year>
<publisher-loc><![CDATA[Edinburgh ]]></publisher-loc>
<publisher-name><![CDATA[Cambridge University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Dean]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Capital Budgeting : Top Management Policy on Plant , Equipment and Product]]></article-title>
<source><![CDATA[Southern Economic Journal]]></source>
<year>1952</year>
<volume>19</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>109-11</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Dickson]]></surname>
<given-names><![CDATA[P.R.]]></given-names>
</name>
<name>
<surname><![CDATA[Giglierano]]></surname>
<given-names><![CDATA[J.J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Missing the Boat and Sinking the Boat: A Conceptual Model of Entrepreneurial risk]]></article-title>
<source><![CDATA[Journal of Marketing]]></source>
<year>1986</year>
<volume>50</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>58-70</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Estrada]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Mean-semivariance behavior: Downside risk and capital asset pricing]]></article-title>
<source><![CDATA[International Review of Economics and Finance]]></source>
<year>2007</year>
<volume>16</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>169-85</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fama]]></surname>
<given-names><![CDATA[E. F.]]></given-names>
</name>
<name>
<surname><![CDATA[French]]></surname>
<given-names><![CDATA[K. R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Cross-Section of Expected Stock Returns]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>1992</year>
<volume>47</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>427-65</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fama]]></surname>
<given-names><![CDATA[E. F.]]></given-names>
</name>
<name>
<surname><![CDATA[French]]></surname>
<given-names><![CDATA[K. R]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Common risk factors in the returns on stocks and bonds]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>1993</year>
<volume>33</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>3-56</page-range></nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fama]]></surname>
<given-names><![CDATA[E. F.]]></given-names>
</name>
<name>
<surname><![CDATA[French]]></surname>
<given-names><![CDATA[K. R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Value versus Growth : The International Evidence]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>1998</year>
<volume>53</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>1975-99</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fama]]></surname>
<given-names><![CDATA[E. F.]]></given-names>
</name>
<name>
<surname><![CDATA[French]]></surname>
<given-names><![CDATA[K. R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A five-factor asset pricing model]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>2015</year>
<volume>116</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-22</page-range></nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="">
<collab>Family Firm Institute.</collab>
<source><![CDATA[Global Data Points]]></source>
<year>2014</year>
</nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gitman]]></surname>
<given-names><![CDATA[L. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Forrester]]></surname>
<given-names><![CDATA[J. R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A Survey of Capital Budgeting Techniques Used by Major U.S. Firms]]></article-title>
<source><![CDATA[Financial Management]]></source>
<year>1977</year>
<volume>6</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>66-71</page-range></nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gómez- Mejía]]></surname>
<given-names><![CDATA[L. R.]]></given-names>
</name>
<name>
<surname><![CDATA[Lazarra-Kintana]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Makri]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[&#8220;The Determinants of Executive Compensation in Family-Controlled Public Corporations&#8221;]]></article-title>
<source><![CDATA[The Academy of Management Journal]]></source>
<year>2003</year>
<volume>46</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>226-37</page-range></nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gómez-Mejía]]></surname>
<given-names><![CDATA[L. R.]]></given-names>
</name>
<name>
<surname><![CDATA[Haynes]]></surname>
<given-names><![CDATA[K. T.]]></given-names>
</name>
<name>
<surname><![CDATA[Núñez-Nickel]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Jacobson]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Moyano-Fuentes]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Socioemotional Wealth and Business Risks in Family-controlled Firms: Evidence from Spanish Olive Oil Mills]]></article-title>
<source><![CDATA[Administrative Science Quarterly]]></source>
<year>2007</year>
<volume>52</volume>
<numero>1</numero>
<issue>1</issue>
</nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Graham]]></surname>
<given-names><![CDATA[J. R.]]></given-names>
</name>
<name>
<surname><![CDATA[Harvey]]></surname>
<given-names><![CDATA[C. R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The theory and practice of corporate finance: evidence from the field.]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>2001</year>
<volume>60</volume>
<numero>2-3</numero>
<issue>2-3</issue>
<page-range>187-243</page-range></nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hanaeda]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Serita]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<source><![CDATA[Capital Budgeting Practices: Evidence from Japan]]></source>
<year>2014</year>
</nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hermes]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Smid]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Yao]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Capital budgeting practices: A comparative study of the Netherlands and China]]></article-title>
<source><![CDATA[International Business Review]]></source>
<year>2007</year>
<volume>16</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>630-54</page-range></nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hou]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[van Dijk]]></surname>
<given-names><![CDATA[M. A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Resurrecting the size effect: Firm size, profitability shocks, and expected stock returns]]></source>
<year>2018</year>
</nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="book">
<collab>Ibbotson Associates</collab>
<source><![CDATA[Stocks, Bonds, Bills and Inflation 2003 Yearbook]]></source>
<year>2003</year>
<publisher-loc><![CDATA[Chicago, USA ]]></publisher-loc>
<publisher-name><![CDATA[Valuation Edition, Ibbotson Associates]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jones]]></surname>
<given-names><![CDATA[C. D.]]></given-names>
</name>
<name>
<surname><![CDATA[Makri]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Gómez-Mejia]]></surname>
<given-names><![CDATA[L. R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Affiliate directors and perceived risk bearing in publicly traded, family-controlled firms: the case of diversification]]></article-title>
<source><![CDATA[Entrepreneurship Theory and Practice]]></source>
<year>2008</year>
<volume>32</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>1007-26</page-range></nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bloch]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Kachaner]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Stalk]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[What you can learn from family business]]></article-title>
<source><![CDATA[Harvard Business Review]]></source>
<year>2012</year>
<volume>90</volume>
<numero>11</numero>
<issue>11</issue>
<page-range>102-6</page-range></nlm-citation>
</ref>
<ref id="B38">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kengatharan]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Capital Budgeting Theory and Practice: A review and agenda for future research]]></article-title>
<source><![CDATA[American Journal of economics and business management]]></source>
<year>2018</year>
<volume>1</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>20-53</page-range></nlm-citation>
</ref>
<ref id="B39">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lessard]]></surname>
<given-names><![CDATA[D. R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Incorporating Country Risk in the Valuation of Offshore Projects]]></article-title>
<source><![CDATA[Journal of Applied Corporate Finance]]></source>
<year>1996</year>
<volume>9</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>52-63</page-range></nlm-citation>
</ref>
<ref id="B40">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Maquieira]]></surname>
<given-names><![CDATA[C. P.]]></given-names>
</name>
<name>
<surname><![CDATA[Preve]]></surname>
<given-names><![CDATA[L. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Sarria-Allende]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Theory and practice of corporate finance: Evidence and distinctive features in Latin America]]></article-title>
<source><![CDATA[Emerging Markets Review]]></source>
<year>2012</year>
<volume>13</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>118-48</page-range></nlm-citation>
</ref>
<ref id="B41">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Maroyi]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
<name>
<surname><![CDATA[Poll]]></surname>
<given-names><![CDATA[H. M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A survey of capital budgeting techniques used by listed mining companies in South Africa]]></article-title>
<source><![CDATA[African Journal of business management]]></source>
<year>2012</year>
<volume>6</volume>
<numero>32</numero>
<issue>32</issue>
<page-range>9279-92</page-range></nlm-citation>
</ref>
<ref id="B42">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Nurullah]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Kengatharan]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Capital budgeting practices: evidence from Sri Lanka]]></article-title>
<source><![CDATA[Journal of Advances in Management Research]]></source>
<year>2015</year>
<volume>12</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>55-82</page-range></nlm-citation>
</ref>
<ref id="B43">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pereiro]]></surname>
<given-names><![CDATA[L. E.]]></given-names>
</name>
<name>
<surname><![CDATA[Galli]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[La Determinación Del Costo Del Capital En La Valuación De Empresas De Capital Cerrado: Una Guía Práctica]]></source>
<year>2000</year>
</nlm-citation>
</ref>
<ref id="B44">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Perlitz]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Peske]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Schrank]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Real options valuation : the new frontier in R &amp; D project evaluation ?]]></article-title>
<source><![CDATA[R&amp;D Management]]></source>
<year>1999</year>
<volume>29</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>255-69</page-range></nlm-citation>
</ref>
<ref id="B45">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rigopoulos]]></surname>
<given-names><![CDATA[G]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[International Journal of Information, Business and Management]]></article-title>
<source><![CDATA[A review on Real Options utilization in Capital Budgeting practice]]></source>
<year>2015</year>
<volume>7</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>1-16</page-range></nlm-citation>
</ref>
<ref id="B46">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rouwenhorst]]></surname>
<given-names><![CDATA[K. G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Local return factors and turnover in emerging stock markets]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1999</year>
<volume>54</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>1439-64</page-range></nlm-citation>
</ref>
<ref id="B47">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rubio]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Further international evidence on asset pricing. The case of the Spanish capitalmarket]]></article-title>
<source><![CDATA[Journal of Banking and Finance]]></source>
<year>1988</year>
<volume>12</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>221-42</page-range></nlm-citation>
</ref>
<ref id="B48">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ryan]]></surname>
<given-names><![CDATA[P. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Ryan]]></surname>
<given-names><![CDATA[G. P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Capital Budgeting Practices of Fortune 1000 Firms: How Have Things Changed?]]></article-title>
<source><![CDATA[Journal of Business &amp; Management]]></source>
<year>2002</year>
<volume>8</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>355-64</page-range></nlm-citation>
</ref>
<ref id="B49">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sharpe]]></surname>
<given-names><![CDATA[W. F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Capital asset prices: A theory of market equilibrium under conditions of risk.]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>1964</year>
<volume>19</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>425-42</page-range></nlm-citation>
</ref>
<ref id="B50">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Schulze]]></surname>
<given-names><![CDATA[W. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Lubatkin]]></surname>
<given-names><![CDATA[M H.]]></given-names>
</name>
<name>
<surname><![CDATA[Dino]]></surname>
<given-names><![CDATA[R. N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Exploring the Agency Consequences of Ownership Dispersion among the Directors of Private Family Firms]]></article-title>
<source><![CDATA[The Academy of Management Journal]]></source>
<year>2003</year>
<volume>46</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>179-94</page-range></nlm-citation>
</ref>
<ref id="B51">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Singh]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Jain]]></surname>
<given-names><![CDATA[P. K.]]></given-names>
</name>
<name>
<surname><![CDATA[Yadav]]></surname>
<given-names><![CDATA[S. S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Capital budgeting decisions: evidence from India]]></article-title>
<source><![CDATA[Journal of Advances in Management Research]]></source>
<year>2012</year>
<volume>9</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>96-112</page-range></nlm-citation>
</ref>
<ref id="B52">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Truong]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Partington]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Peat]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Cost-of-Capital Estimation and Capital-Budgeting Practice in Australia]]></article-title>
<source><![CDATA[Australian Journal of Management]]></source>
<year>2008</year>
<volume>33</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>95-121</page-range></nlm-citation>
</ref>
<ref id="B53">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Van Dijk]]></surname>
<given-names><![CDATA[M. A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Is size dead? A review of the size effect in equity returns]]></article-title>
<source><![CDATA[Journal of Banking and Finance]]></source>
<year>2011</year>
<volume>35</volume>
<numero>12</numero>
<issue>12</issue>
<page-range>3263-74</page-range></nlm-citation>
</ref>
<ref id="B54">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Verbeeten]]></surname>
<given-names><![CDATA[F. H. M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Do organizations adopt sophisticated capital budgeting practices to deal with uncertainty in the investment decision?: A research note]]></article-title>
<source><![CDATA[Management Accounting Research]]></source>
<year>2006</year>
<volume>17</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>106-20</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
