Abstract
Abstract This chapter provides a historical appraisal of the development of current capital budgeting practices and reviews capital budgeting academic research. In the late eighteenth and early nineteenth centuries, the industrial revolution was instrumental in creating demand for capital budgeting processes and techniques. Academic research, beginning in the late 1940s and early 1950s, is categorized by its focus on appraisal techniques, individual decision-maker effects, organizational issues, and environmental factors. Experimental, analytical, agency-based, survey-based, and case-based research is reviewed. The chapter concludes with a compilation of issues identified by academic research and a set of questions that have not yet been addressed.
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