Abstract
Probably more surveys have been undertaken on the use of capital budgeting techniques than on any other accounting and finance topic. Despite the many surveys a number of issues remain unresolved. The surveys have consisted of a sample of either very large or very small companies and observations relating to the impact of company size have been derived from comparing the responses from different surveys undertaken at different points in time. The aim of this paper is to provide additional empirical evidence relating to some of the unresolved issues and to examine the impact of company size on the use of financial appraisal techniques. In particular, the paper concentrates on the treatment of inflation, the appraisal of advanced manufacturing technologies and examines whether the empirical evidence supports the claim that many companies use excessive discount rates.
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