Abstract
Abstract:This paper reports the results of a survey of listed New Zealand firms with regard to their investment objectives, their methods of evaluating investment projects and of estimating appropriate hurdle rates, and methods used to evaluate and adjust for project risk differences. Comparisons with similar studies of firms located in the U.S. and Australia indicate that New Zealand firms use accepted normative financial analysis techniques to a much lesser degree than firms in these other countries. The relatively greater usage of accounting‐based rather than market‐based measures by New Zealand firms is particularly marked.
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