Abstract

This paper examines the payback model in capital investment decision making and advances our knowledge of how it is interpreted and implemented. Practices in Ireland's top 500 companies are reported and research findings suggest that the deficiencies normally accepted as hallmarks of the payback model are not necessarily present in practice. These results are of international significance because, as in many other countries, Ireland's top 500 companies consist of multinational subsidiaries and the largest locally owned companies.

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