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A Practical Approach to Business Investment Decisions by Richard J. Briston, Jack Liversidge (auth.)

By Richard J. Briston, Jack Liversidge (auth.)

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The basic purpose of such budgets is to reconcile the capital cost of expenditure proposals with the funds available over the following one to two years. The pattern of such budgets varies according to whether the funds available are limited to depreciation charges and retained earnings (often called a 'rationing budget') or supplemented by borrowing or issues of capital (often called a 'financing budget'). A. firms visited by D. F. Istvan over 70 per cent restricted themselves to the 'rationing budget'.

They dismissed the 'liquidity theory' (desired capital is proportional to net cash flow) in 34 A Practical Approach to Business Investment Decisions concluding that financial constraints play a very minor role in the explanation of the behaviour of very large firms. The 'accelerator theory' (desired capital is proportional to output) and the 'expected profit theory' (desired capital is proportional to market value of the firm) performed about equally well as explanations of firms' behaviour. In this connection, their findings emphasise Kuh's identification of expected profits with the accelerator theory in that profit expectations seem to be predictable from stock market data or levels of output or sales.

2 The first phase covers study of problems, needs and opportunities as researched and identified. weighed against corporate objectives in an attempt to resolve a strategic response. Next, specific targets or goals should be set for a long range plan, with resources allocated within financial capabilities. Finally, after top management review and approval of the 5 year plan, preparation is begun on a one-year budget. (SlO, p. f63) The Planning Function 3. 49 CAPITAL BUDGETS The process of estimating future needs for funds and the allocation of existing funds to be used for capital expenditures is usually referred to as capital budgeting.

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