Abstract
The purpose of this chapter is to view the state and prospect of capital budgeting as a field of study. The literature to be considered embraces expositions of the theoretical framework and context of the field, planning models, and empirical surveys. The literature is diverse in emphasis — some say divergent:
Industrial engineers, economists, operations research analysts and finance specialists claim [capital budgeting] as their domain. Each has a unique perspective and point of view, each tends to concentrate attention on a different type of problem because of slightly different goals, each tends to use a different set of tools... The literature has tended to diverge from, rather than converge to, a unified whole. (Thompson, 1976, p. 125)
Progress since this was written in integration of other aspects of corporate planning with capital budgeting, and in enrichment of theoretical models towards reality and empirical tractibility, has been material. This progress is substantially due to increasing technical facility, increasing interdisciplinary collaboration, and growing sophistication in management training and interest.
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Lister, R.J. (1984). Capital Budgeting: A Survey. In: Management Accounting, Organizational Theory and Capital Budgeting. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-07096-1_4
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