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A Review of Capital Budgeting Practices
A key challenge in government budgeting is to define an appropriate balance between current and capital expenditures. Budgeting for government capital investment also remains not well-integrated into the formal budget preparation process in many countries. This paper aims to provide an overview of past and current budgeting practices for public investment. The study will also provide a comparison between the budget practices between low-income countries and developed countries and make a series of recommendations for how to ensure efficient integration of capital planning and budget management in low-income countries.
eBook
Capital Project Management, Volume II
This book is companion to Volumes I and III in the series. Volume I covers managing strategy through capital project portfolios; Volume III is a complete case study. This volume describes the strategic challenge of adding real economic value, properly and rigorously defined. The author explains how this is accomplished through the capital budgeting process; discusses the importance of free cash flow and finally, capital projects, as financial options, are discussed, as a way to manage risk while enhancing the likelihood of project approval.The author is a retired business professor; his research interest has been the management of technology and innovation. For this book, he double-checked none of the 1,250 media items collected, accepting their overall veracity at face value. This approach advocates no one person, no one company, no one technology, and no portion of the global automobile industry. Analysis and practical application came foremost.
eBook
Capital Project Management, Volume I
The volumes in this series may be likened to a complete case study of Tesla through the end of 2018.Many popular media articles are excerpted, abridged to illustrate points of theoretical emphasis. This keeps the story alive, meaningful, and urgent.Strategic management is a corpus of scholarship in the Academy of Management, as is technology and innovation management. Project management is found academically within operations management, and led in practice by the Project Management Institute. The volumes in this series intersect where these fields meet and capital projects are planned, budgeted, and financed.Volume I tells the Tesla story and then presents chapters that address, in order: corporate governance and project stakeholder or communication management, project portfolios as strategic corporate portfolios, and an executive-level review of the best-practice project management paradigm, as applied to capital projects. The epilogue takes the story through the end of 1Q2019 and offers additional commentary.
eBook
Divergent Pathways of Gentrification: Racial Inequality and the Social Order of Renewal in Chicago Neighborhoods
Gentrification has inspired considerable debate, but direct examination of its uneven evolution across time and space is rare. We address this gap by developing a conceptual framework on the social pathways of gentrification and introducing a method of systematic social observation using Google Street View to detect visible cues of neighborhood change. We argue that a durable racial hierarchy governs residential selection and, in turn, gentrifying neighborhoods. Integrating census data, police records, prior street-level observations, community surveys, proximity to amenities, and city budget data on capital investments, we find that the pace of gentrification in Chicago from 2007 to 2009 was negatively associated with the concentration of blacks and Latinos in neighborhoods that either showed signs of gentrification or were adjacent and still disinvested in 1995. Racial composition has a threshold effect, however, attenuating gentrification when the share of blacks in a neighborhood is greater than 40 percent. Consistent with theories of neighborhood stigma, we also find that collective perceptions of disorder, which are higher in poor minority neighborhoods, deter gentrification, while observed disorder does not. These results help explain the reproduction of neighborhood racial inequality amid urban transformation.
Journal Article
Cost-of-capital Estimation and Capital-budgeting Practice in Australia
We use a sample survey to analyse the capital-budgeting practices of Australian listed companies. We find that NPV, IRR and Payback are the most popular evaluation techniques. Real options techniques have gained a toehold in capital budgeting but are not yet part of the mainstream. Discounting is typically by the weighted average cost of capital, assumed constant for the life of the project, and with the same discount rate across divisions. The WACC is usually based on target weights for debt and equity. The CAPM is widely used, while other asset pricing models are not. The discount rate is reviewed regularly and is updated as conditions change. In most companies, project analysis takes no account of the value of imputation tax credits. Australian corporate practice is generally consistent with the practice of Australian price regulators, except that regulators take into account the value of imputation tax credits when computing the cost of capital.
Journal Article
Capital Budget Implementation in Nigeria: Evidence from the 2012 Capital Budget
The performance of the capital budget has been a subject of debate between the legislative and executive arms of the Nigerian government since 1999. Available statistics suggest that the annual budget has not been able to improve the lives of Nigerians over the past several years because of the weak link between capital budget implementation and poverty reduction, as indicated by the prevailing low index of capture in public expenditures. Using descriptive analysis, this paper examines the capital budget implementation in Nigeria by focusing on the 2012 Federal Government Budget. The findings indicate that only 51% of the total appropriated funds for capital expenditures were utilized as of Dec 31, 2012. The observed level of performance is insufficient to foster rapid economic development and reduce poverty. Some of the challenges that are responsible for the low performance include poor conceptualization of the budget, the inadequacy of implementation plans, the non-release or late release of budgeted funds, the lack of budget performance monitoring, the lack of technical capacity among MDAs, and delays in budget passage and enactment. The paper recommends that Nigerian government formulate a realistic and credible budget, release appropriated funds early to Ministries, Departments, and Agencies (MDAs), and strengthen MDAs' technical capacity to utilize capital expenditures in order to improve the index of capture in public expenditures.
Journal Article
PROSPECTS FOR REFORMING THE BUDGET INVESTMENTS MANAGEMENT IN UKRAINE IN THE CONTEXT OF INTERNATIONAL EXPERIENCE
Budget investments are a necessary prerequisite for investment development of the state. In the EU member countries, budgetary investment contributes to the implementation of profitable or non-profitable, but socially significant projects, which enable the activation of investment processes, both at the macro and micro levels. The need to use budget investments as a stimulus for economic growth determines the need for an in-depth study of the theoretical and applied principles of their implementation, as well as substantiation of the prospects for reforming the management of budget investments in Ukraine in the context of international experience. Based on the analysis of domestic experience and the generalization of foreign practice, the components and key principles of budget investment management are defined, which emphasize the need for cooperation at all levels of government in the context of coordination, facilitation, and institutionalization. A set of measures to reform the management of budgetary investments in Ukraine is proposed, based on the use of an information model, which, in contrast to the known ones, provides for the improvement of planning (through the development of a national strategy and/or plan of budgetary investments, the use of medium-term fiscal frameworks, the introduction of budgeting based on results, the introduction of preliminary assessment of budgetary investments and the introduction of their independent expertise), distribution (for the implementation of the strategic goals of post-war infrastructure restoration, the development of the green and digital economy and ensuring social and economic stability) and use (on the basis of the introduction of repeated technical and economic substantiation, the introduction of accrual accounting, timely and full financing and control of implementation) of budget investments, which enables the implementation of only the most high-priority state investment projects that have clear technical characteristics, have undergone a thorough approval and selection procedure, are financially accessible and to a large extent ensure economic growth and public welfare.
Journal Article
