Five decades of research on capital budgeting – A systematic review and future research agenda

Riya Sureka, Satish Kumar, Sisira Colombage and Mohammad Zoynul Abedin

Research in International Business and Finance, 2022, vol. 60, issue C

Abstract: This study synthesizes and reviews the existing literature on capital budgeting (CB) practices and their application to theories, contexts, characteristics and methodology. It aims to identify the prevalent issues and gaps in the literature and provide potential avenues for future research. After comprehensive search and rigorous scrutiny, this review encompasses 185 articles. A systematic literature review (SLR), triangulated with the bibliometric method, is carried out, adopting a meticulous approach to achieve a comprehensive overview of the field. Based on cluster analysis, four distinct themes are identified. Additionally, a conceptual framework is developed that shows the antecedents, moderators and outcomes of research on capital budgeting. Grounded on the detailed content analysis, 11 actionable future research directions are proposed to advance this field of research.

Keywords: Systematic review; Capital budgeting; Triangulation; Cluster analysis; Bibliographic coupling (search for similar items in EconPapers)
JEL-codes: G30 G31 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:riibaf:v:60:y:2022:i:c:s0275531921002300

DOI: 10.1016/j.ribaf.2021.101609

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