Abstract
Much of what we know about the capital budgeting routines of major corporations derives from postal surveys sent to head offices. This article compares the results gained from such surveys with those obtained from analyses of investment manuals, and interviews with corporate managers in charge of the capital budgeting routines of their groups. The analyses suggest that the value of postal surveys would be substantially improved if information was also collected on to whom and to which parts of the organization an administrative routine is applicable, and on whether it is articulated in a written and approved document; where the routine is applied, by whom, and how strictly.
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