Abstract
By combining analytic developments in the financial theory of capital budgeting with contingency theory, an empirically testable contingent theory for DCFT (discounted cash flow techniques) was constructed. This theory was tested by correlating an effectiveness measure for DCFT, based on stock return data of the sample firms, with hypothesized contingent variables, measured via interview and questionnaire. The results indicated positive correlations between the effectiveness of DCFT and predictable environments, the use of long-term reward systems, and the degree of decentralization of the capital budgeting process.
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