资本预算制度的国家差异:印尼和澳大利亚企业的比较

IF 0.8 Q4 BUSINESS, FINANCE Asian Journal of Business and Accounting Pub Date : 2018-06-27 DOI:10.22452/AJBA.VOL11NO1.2
P. Graham, Suneeta Sathye
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引用次数: 5

摘要

稿件类型:研究论文。研究目的:本研究探讨跨文化差异对资本预算制度的影响。设计/方法/途径:借鉴权变理论,对67家在印度尼西亚和澳大利亚上市的非金融公司进行了全面的资本预算系统分析。研究发现:研究结果支持我们的预测,即相对于澳大利亚公司,印度尼西亚公司被发现更强调复杂的资本预算系统(如实物期权)。这一结果似乎是由印尼较高的环境不确定性以及旨在减轻风险交易的伊斯兰教治理规则所推动的。本研究还提供证据表明,对复杂资本预算系统的重视是由公司规模和财务经理的教育程度驱动的。理论贡献/独创性:先前的研究对国家文化和资本预算制度之间的联系记录了一个不完整的图景。这是由于缺乏研究跨文化差异的背景基础,其次是研究中考虑的资本预算系统范围狭窄。从业者/政策影响:本研究的结果反映了印度尼西亚和澳大利亚的资本预算实践。这些发现对于希望评估这两个国家项目投资的从业者来说是重要的。研究局限:未来的研究应该考虑研究伊斯兰教法如何影响资本预算系统的使用以及使用不同方法的绩效影响。关键词:资本预算制度,民族文化,印度尼西亚,澳大利亚,环境不确定性JEL分类:M41
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National Differences in Capital Budgeting Systems: A Comparison between Indonesian and Australian Firms
Manuscript type: Research paper. Research aims: This study examines the impact of cross-cultural differences on capital budgeting systems. Design/ Methodology/ Approach: Drawing on the contingency theory, 67 non-financial firms listed in Indonesia and Australia were analysed on a comprehensive range of capital budgeting systems. Research findings: The findings support our predictions that relative to Australian firms, the Indonesian firms were found to emphasise more on sophisticated capital budgeting systems (e.g. real options). The results seem to be driven by Indonesia’s higher level of perceived environmental uncertainty coupled with Sharia governance rules that aim to mitigate risky transactions. This study also provides evidence to show that the emphasis on sophisticated capital budgeting systems was driven by firm size and finance managers’ level of education attainment. Theoretical contributions/ Originality: Prior research has docu- mented an incomplete picture of the link between national culture and capital budgeting systems. This is attributed to the lack of the development of contextual foundations for looking at cross-cultural differences followed by the narrow range of capital budgeting systems being considered in research. Practitioner/ Policy implications: The findings of this study reflect the  capital  budgeting  practices  of  Indonesia  and  Australia.  The findings are important for practitioners who wish to evaluate project investments in these two countries. Research limitation: Future research should consider looking into how Sharia impacts the use of capital budgeting systems and the performance effects of using different approaches. Keywords: Capital Budgeting Systems, National Culture, Indonesia, Australia, Environmental Uncertainty JEL Classification: M41
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来源期刊
CiteScore
2.00
自引率
11.10%
发文量
12
期刊介绍: An academic journal that aims to advance knowledge in the business and accounting disciplines, to narrow the gap between theory and practice, and to set direction for policy initiatives in Asia. Welcome to the Asian Journal of Business and Accounting (AJBA). AJBA is an international refereed journal, published biannually (30th June and 30th December) by the Faculty of Business and Accountancy, University of Malaya, Malaysia. AJBA aims to publish scholarly business researches that are relevant to Malaysia and the Asian region. It intends to highlight the practical implications in promoting better business decision making process and the formulation of public policy in Asia. This journal publishes theoretical, conceptual, and empirical papers within the broad areas of business and accounting in Asia. The AJBA covers a broad spectrum of the business and accounting disciplines. A suggestive (though not necessarily comprehensive) list of areas that would be included in this journal are: general management, strategic management, human resource management, organizational behaviour, labour and industrial relations, international business management, business communication, entrepreneurship, leadership, management science, operations management, production management, supply chain management, marketing management, brand management, consumer behaviour, information management, e-marketing, e-commerce, quality management, retailing, service marketing, hospitality management, hotel and tourism management, asset pricing, capital and money markets, corporate finance, derivatives markets, finance and banking, financial economics, etc.
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