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Article
Publication date: 1 May 1991

Michael C. Ehrhardt and James M. Reeve

Traditional approaches to capital budgeting may be inadequate in today's complex business environment. This paper identifies problems with a narrow approach to capital budgeting…

341

Abstract

Traditional approaches to capital budgeting may be inadequate in today's complex business environment. This paper identifies problems with a narrow approach to capital budgeting and suggests several improvements. In particular, an example illustrates an option‐based approach to valuing managerial flexibility.

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Managerial Finance, vol. 17 no. 5
Type: Research Article
ISSN: 0307-4358

Article
Publication date: 1 February 1991

Raj Aggarwal, J. Edward and Louise E. Mellen

Justifying new manufacturing technology is usually very difficult since the most important benefits are often strategic and difficult to quantify. Traditional capital budgeting…

369

Abstract

Justifying new manufacturing technology is usually very difficult since the most important benefits are often strategic and difficult to quantify. Traditional capital budgeting procedures that rely on return measures based on direct cost savings and incremental future cash flows do not normally capture the strategic benefits of higher quality, faster responses to wider ranges of customer needs, and the options for future growth made available by flexible manufacturing technology. Adding to these limitations is the difficulty of using traditional cost accounting systems to generate the information necessary for justifying new manufacturing investments. This paper reviews these problems and recommends procedures useful for assessing investments in flexible manufacturing technology.

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Managerial Finance, vol. 17 no. 2/3
Type: Research Article
ISSN: 0307-4358

Article
Publication date: 1 October 1997

William B. Locander and Daniel J. Goebel

During the past decade, corporations have experienced a number of environmental “shocks” which have forced CEOs to examine the nature of their enterprises. Today, more so than…

253

Abstract

During the past decade, corporations have experienced a number of environmental “shocks” which have forced CEOs to examine the nature of their enterprises. Today, more so than ever before, executives are having to react to the concerns of various internal and external stakeholders. Among the key concerns of CEOs are: increased competition, especially at the global level, environmental issues (e.g. “green marketing”), and the demands of various stakeholder groups. The result of this new competitive environment is heightened pressure for businesses to perform.

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Managerial Finance, vol. 23 no. 10
Type: Research Article
ISSN: 0307-4358

Article
Publication date: 1 April 2002

Yaw A. Badu, Kenneth N. Daniels and Francis Amagoh

Explains the rating system for US municipal bonds and its effect on borrowing costs, reviews relevant research and provides a study of the factors affecting grading by rating…

782

Abstract

Explains the rating system for US municipal bonds and its effect on borrowing costs, reviews relevant research and provides a study of the factors affecting grading by rating agencies in Virginia using 1995 data. Explains the methodology and presents the results, which identify five significant determinants of favourable ratings. Shows that net interest costs are lower when other rates of interest are low, real estate taxes are high (though not excessive), total municipal debt levels are low and credit risks are low. Confirms that bond ratings capture additional information and that a drop in ratings will raise net interest costs substantially. Considers consistency with other research and the implications of the findings for participants in the municipal bond market.

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Managerial Finance, vol. 28 no. 4
Type: Research Article
ISSN: 0307-4358

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Book part
Publication date: 21 July 2004

Abstract

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Advances in Management Accounting
Type: Book
ISBN: 978-0-76231-118-7

Book part
Publication date: 6 May 2003

Abstract

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Advances in Management Accounting
Type: Book
ISBN: 978-1-84950-207-8

Content available
Book part
Publication date: 31 July 2012

Abstract

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Advances in Management Accounting
Type: Book
ISBN: 978-1-78190-105-2

Content available
Book part
Publication date: 26 June 2013

Abstract

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Advances in Management Accounting
Type: Book
ISBN: 978-1-78190-842-6

Content available
Book part
Publication date: 17 February 2011

Abstract

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Advances in Management Accounting
Type: Book
ISBN: 978-0-85724-817-6

Content available
Book part
Publication date: 14 July 2006

Abstract

Details

Advances in Management Accounting
Type: Book
ISBN: 978-1-84950-447-8

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