... on the relationships between investment decisions and financial theory or on behavioural aspects of Capital Budgeting (Maccarrone, 1996). Also looking at the research paper by Fourcans (1987), where he says that the capital budgeting process is of critical importance to the success of all multinational companies, it can be judged that capital budgeting plays a vital role for any management decision that takes place amongst the organization. There are also glimpses of risk and uncertainty involved while using the capital budgeting techniques in the research by Fourcans (1987) which shows an understanding that businesses while using these techniques do take certain amount of risks for the answers to turn out to be in-accurate in nature (Fourcans, 1987). As mentioned before, majority of investment decision which take place are mostly backed up by capital budgeting techniques, but in real life, not all companies follow the same type of techniques. The type of ...

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