<?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>0123-5923</journal-id>
<journal-title><![CDATA[Estudios Gerenciales]]></journal-title>
<abbrev-journal-title><![CDATA[estud.gerenc.]]></abbrev-journal-title>
<issn>0123-5923</issn>
<publisher>
<publisher-name><![CDATA[Universidad Icesi]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0123-59232019000100059</article-id>
<article-id pub-id-type="doi">10.18046/j.estger.2019.150.2943</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Mediana empresa en Perú: una revisión de las prácticas de presupuesto de capital]]></article-title>
<article-title xml:lang="en"><![CDATA[Medium-sized firms in Peru: a review of capital budgeting practices]]></article-title>
<article-title xml:lang="pt"><![CDATA[Empresa de médio porte no Peru: uma revisão das práticas orçamentarias de capital]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Tresierra-Tanaka]]></surname>
<given-names><![CDATA[Alvaro]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Vega-Acuña]]></surname>
<given-names><![CDATA[Luis]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Piura Facultad de Ciencias Económicas y Empresariales ]]></institution>
<addr-line><![CDATA[Piura ]]></addr-line>
<country>Peru</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Piura Facultad de Ciencias Económicas y Empresariales ]]></institution>
<addr-line><![CDATA[Piura ]]></addr-line>
<country>Peru</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2019</year>
</pub-date>
<volume>35</volume>
<numero>150</numero>
<fpage>59</fpage>
<lpage>69</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0123-59232019000100059&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0123-59232019000100059&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0123-59232019000100059&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El objetivo de este artículo es conocer qué técnicas utilizan las medianas empresas para evaluar sus proyectos de inversión, y de esta manera determinar si existe una brecha entre la teoría y la práctica. Además, se buscó identificar qué características de la empresa y de su gerente general influyen en el uso de estas técnicas. Para esto se elaboró y aplicó una encuesta a 126 medianas empresas del departamento de Piura (Perú). A partir de lo anterior, se encontró que gran parte de la muestra utiliza al menos una técnica donde los flujos de caja son descontados, lo cual es avalado por la teoría; por lo tanto, se evidencia que la brecha entre teoría y práctica no es muy amplia.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract 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.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo O objetivo deste artigo é conhecer as técnicas que as empresas de médio porte utilizam para avaliar seus projetos de investimento e, assim, determinar se existe uma lacuna entre teoria e prática. Além disso, procurou-se identificar quais características da empresa e seu gerente geral influenciam o uso dessas técnicas. Para tanto, foi elaborada uma pesquisa e aplicada a 126 empresas de médio porte do departamento de Piura (Peru). Pelo exposto, constatou-se que grande parte da amostra utiliza pelo menos uma técnica em que os fluxos de caixa são descontados, o que é suportado pela teoria; portanto, é evidente que a lacuna entre teoria e prática não é muito ampla. Clasificación JEL: G31.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[presupuesto de capital]]></kwd>
<kwd lng="es"><![CDATA[tasa de descuento]]></kwd>
<kwd lng="es"><![CDATA[valor actual neto]]></kwd>
<kwd lng="es"><![CDATA[flujo de caja]]></kwd>
<kwd lng="es"><![CDATA[período de recuperación]]></kwd>
<kwd lng="en"><![CDATA[capital budgeting]]></kwd>
<kwd lng="en"><![CDATA[discount rate]]></kwd>
<kwd lng="en"><![CDATA[net present value]]></kwd>
<kwd lng="en"><![CDATA[cash flow]]></kwd>
<kwd lng="en"><![CDATA[payback period]]></kwd>
<kwd lng="pt"><![CDATA[orçamento de capital]]></kwd>
<kwd lng="pt"><![CDATA[taxa de desconto]]></kwd>
<kwd lng="pt"><![CDATA[valor presente líquido]]></kwd>
<kwd lng="pt"><![CDATA[fluxo de caixa]]></kwd>
<kwd lng="pt"><![CDATA[período de recuperação]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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