Capital Budgeting Under Conditions of Uncertainty
The business environment, particularly after the continuing oil crises of the seventies, can be characterized as evolving rapidly in complex and often unpre dictable ways. Such things as high interest and inflation rates, fluctuating ex change rates, vo
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NIJENRODE STUDIES IN BUSINESS Volume 5 Advisory Board
Michael Z. Brooke, Professor at the University of Manchester, Institute of Science and Technology, Manchester, U.K. Edgar O. Edwards, Ford Foundation, New York, U.S.A. Myron J. Gordon, Professor at the University of Toronto, Faculty of Management Studies, Toronto, Canada Martin J. Gruber, Professor at New York University, Graduate School of Business Administration, New York, U.S.A. Martin K. Starr, Professor at Columbia University, Graduate School of Business, New York, U.S.A.
Board of Editors
Gerard B.J. Bomers, Professor at Nijenrode, The Netherlands School of Business, Breukelen, The Netherlands Frans G.J. Derkinderen, Professor at Nijenrode, The Netherlands School of Business H.G. Eijgenhuijsen, The Netherlands School of Business Aart P. van Gent, Professor at Nijenrode, The Netherlands School of Business M.E. Punch, The Netherlands School of Business Business is a broad field where science and business reality can and should meet to analyze and discuss old theories and to develop new ones, applicable for modern managers. One of the main objectives of the Nijenrode Studies in Business is to give a push to new developments in the multidisciplinary business area, to serve the profession as well as a wider audience.
CAPITAL BUDGETING UNDER CONDITIONS OF UNCERTAINTY Edited by
Roy L. Crum University of Florida
Frans G. J. Derkinderen The Netherlands School of Business
Martinus Nijhoff Publishing Boston / The Haque / London
Distributors for North America: Martinus Nijhoff Publishing Kluwer Boston, Inc. 160 Old Derby Street Hingham, Massachusetts 02043 Distributors outside North America: Kluwer Academic Publishers Group Distribution Centre P.O. Box 322 3300 AH Dordrecht, The Netherlands Library of Congress Cataloging in Publication Data Main entry under title: Capital budgeting under conditions of uncertainty. (Nijenrode studies in business; v. 5) Includes bibliographies. 1. Capital budget - Addresses, essays, lectures. 2. Capital investments-Addresses, essays, lectures. I. Crum, Roy L. II. Derkinderen, F. III. Series. HG4028.C4C35Ir8'1 658.1'54 80-11883 ISBN-13: 978-94-011-7410-7 e-ISBN-13: 978-94-011-7408-4 DOl: 10.1 007/978-94-011-7408-4 Copyright © 1981 by Martinus Nijhoff Publishing Softcover reprint of the hardcover 1st edition 1981 No part of this book may be reproduced in any form by print, photoprint, microfilm, or any other means, without written permission from the publisher.
CONTENTS
Introduction
vii
I GOVERNMENT INTERVENTION IN THE INVESTMENT PROCESS 1 Investment Decisions in the Electric Industry: The Spanish Case Antoni Pares, Cristian Sala, and Robert Tornabell, ESADE, Spain 2 The Influence of Increased Environmental Turbulence on Corporate Investment and Financial Planning Bertil Gandemo, University of Gothenburg, Sweden 3 The Influence of Tax Incentives on Capital Budgeting Decisions under Uncertainty Dieter Schneider, Ruhr-Universitat Bochum, West Germany
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CONTENTS
II INVESTMENT ISSUES IN COMPLEX ENVIRONMENTS
