Factors Determining the Selection of Capital Budgeting Methods in Companies Operating in Poland

• Autorzy: Tomasz Wnuk-Pel

Warianty tytułu

Czynniki determinujące wybór metod budżetowania kapitałowego w przedsiębiorstwach działających w Polsce

• Języki publikacji: EN

Abstrakty

EN

The paper aimed to explore the extent of the use of capital budgeting methods and also factors determining their selection in companies operating in Poland. The study fills the gap in the literature regarding capital budgeting practices by verifying two hypotheses: H1, stating that the diffusion of capital budgeting methods in companies operating in Poland is similar to other Central and East European (CEE) countries and lesser than in more developed countries, and H2, stating that the type of a company's activity, equity capital origin, company size and magnitude of capital expenditure budget is associated with capital budgeting method (CBM) selection. The research carried out enabled Hypothesis 1 to be verified partly positively, meaning that the majority of companies use: NPV, sensitivity analysis, scenario analysis and formalization of investment appraisal. The diffusion of CBM in Poland is therefore similar to other CEE countries and lesser than in more developed countries, e.g. the USA or UK. The study results also enabled Hypothesis 2 to be verified partly positively, meaning that: the large size of a company's capital expenditure budget and company size have a positive association with the use of 6 methods respectively, foreign ownership has a positive association with the use of 5 methods and the company's activity is associated with the use of 1 method. The study results also enabled Hypothesis 2 to be verified partly positively meaning that the use of two capital budgeting techniques based on discounted cash flows (together IRR and NVP) significantly increases when a company has foreign ownership and when the capital expenditure budget is large. Other tested independent variables (type of main activity and company size) show no significant association with the use of capital budgeting appraisal methods based on discounted cash flows. (original abstract)

Celem artykułu jest zbadanie stopnia wykorzystania metod budżetowania kapitałowego oraz czynników determinujących wybór tych metod w przedsiębiorstwach działających w Polsce. Badanie wypełnia zidentyfikowaną w literaturze lukę badawczą poprzez zweryfikowanie dwóch hipotez: H1, stwierdzającej, że dyfuzja metod budżetowania kapitałowego w przedsiębiorstwach działających w Polsce jest podobna jak w innych krajach Europy Środkowej i Wschodniej i mniejsza niż w krajach wyżej rozwiniętych, oraz H2, zgodnie z którą rodzaj działalności przedsiębiorstwa, pochodzenie kapitału własnego, wielkość przedsiębiorstwa oraz wielkość budżetu inwestycyjnego mają wpływ na wybór metod oceny opłacalności inwestycji. Przeprowadzone badanie pozwoliło na zweryfikowanie hipotezy 1 częściowo pozytywnie, ponieważ większość przedsiębiorstw działających w Polsce wykorzystuje NPV, analizę wrażliwości, analizę scena-riuszy oraz formalizację oceny opłacalności inwestycji. Dyfuzja metod oceny opłacalności inwestycji w Polsce jest podobna jak w innych krajach Europy Środkowej i Wschodniej i mniejsza niż w krajach wyżej rozwiniętych, takich jak np. Stany Zjednoczone czy Wielka Brytania. Otrzymane rezultaty umożliwiają częściowo pozytywną weryfikację hipotezy 2, co oznacza, że stosowanie dwóch metod oceny opłacalności inwestycji opartych na zdyskontowanych przepływach pieniężnych (łącznie NPV i IRR) zwiększa się istotnie, kiedy firma jest finansowana kapitałem zagranicznym oraz kiedy jej budżet kapitałowy jest duży. Pozostałe testowane zmienne niezależne (rodzaj głównej działalności i wielkość firmy) nie wykazują istotnego związku z wykorzystaniem metod oceny opłacalności inwestycji opartych na zdyskontowanych przepływach pieniężnych. (abstrakt oryginalny)

Słowa kluczowe

EN

Management accounting; Budgeting; Budgets of enterprises

PL

Rachunkowość zarządcza; Budżetowanie; Budżet przedsiębiorstwa

• Czasopismo: Zeszyty Teoretyczne Rachunkowości
• Rocznik: 2015
• Tom: 84
• Numer: nr 140
• Strony: 217--240

Twórcy

autor

Tomasz Wnuk-Pel

• University of Lodz, Poland

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Identyfikatory

DOI

10.5604/16414381.1173929