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  • Factors affecting biasing of capital budgeting cash flow forecasts: evidence from the hotel industry

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    Author(s)
    J. Turner, Michael
    Guilding, Christopher
    Griffith University Author(s)
    Guilding, Christopher J.
    Year published
    2012
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    Abstract
    This study contributes to a neglected aspect of the capital budgeting process, namely, the proposal development stage, which is primarily concerned with project cash flow estimation. Given that the deployment of sophisticated selection techniques is severely undermined when directed to input data suffering from bias, it is surprising that minimal empirical research has sought to explore for antecedent factors associated with biasing of capital budgeting cash flow forecasts. This paper reports the findings of a survey concerned with determining factors associated with biasing of capital budget cash flow forecasts in hotels ...
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    This study contributes to a neglected aspect of the capital budgeting process, namely, the proposal development stage, which is primarily concerned with project cash flow estimation. Given that the deployment of sophisticated selection techniques is severely undermined when directed to input data suffering from bias, it is surprising that minimal empirical research has sought to explore for antecedent factors associated with biasing of capital budgeting cash flow forecasts. This paper reports the findings of a survey concerned with determining factors associated with biasing of capital budget cash flow forecasts in hotels that are mediated by a management contract. Statistically significant support is provided for the view that higher levels of biasing of capital budget cash flow forecasts occur in the presence of: high emphasis attached to the payback investment appraisal method; deficient reserve funds for furniture, fittings, and equipment (FF&E); low operator accessibility to reserve funds for FF&E; shorter periods of time to management contract expiry; and high emphasis attached to non-financial factors in capital budgeting appraisal.
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    Journal Title
    Accounting and Business Research
    Volume
    42
    Issue
    5
    DOI
    https://doi.org/10.1080/00014788.2012.670405
    Copyright Statement
    © 2012 Routledge, Taylor & Francis. This is an electronic version of an article published in Accounting and Business Research, Volume 42, Issue 5, 2012, Pages 519-545. Accounting and Business Research is available online at: http://www.tandfonline.com with the open URL of your article.
    Subject
    Accounting, Auditing and Accountability not elsewhere classified
    Accounting, Auditing and Accountability
    Publication URI
    http://hdl.handle.net/10072/48264
    Collection
    • Journal articles

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