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- W2023942677 abstract "ABSTRACT Existing literature identifies specific situations in which payback methods (PB) can provide precise surrogates for NPV analyses of accept/reject decisions. This paper extends that literature to take explicit account of taxation and of ranking decisions using profitability indices. Nevertheless, NPV can be considered preferable to PB as a basis for maximising stockholder wealth (MSW), because it requires fewer assumptions and provides more information. Yet simple PB continues to be used extensively, which suggests that it has advantages for decision-makers. Some authors suggest that its use reflects managerial short-termism and is inconsistent with MSW. In contrast, this paper proves that (with standard patterns of cash flows, defined risk classes and asymmetrical information) the use of PB instead of NPV should motivate risk-averse subordinate managers to adopt more positive NPV projects. Consequently, the appropriate use of PB can result in more wealth for stockholders than would occur using NP..." @default.
- W2023942677 created "2016-06-24" @default.
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- W2023942677 date "2003-01-01" @default.
- W2023942677 modified "2023-09-25" @default.
- W2023942677 title "Managerial Advantages of using Payback as a Surrogate for NPV" @default.
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- W2023942677 doi "https://doi.org/10.1080/00137910308965057" @default.
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