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CHAPTER 1: INTRODUCTION 1.1 About the topic: Financial Management is that managerial
activity which is related to the planning and controlling of the firms financial resources in
order to maximize profits and ensure liquidity in the organization. Without Financial
Management no company can work properly and there would be confusion and losses if
Financial Management is not taken into account seriously by the managers. It
encompasses the procurement of the funds in the most economic and prudent manner and
employment of these funds in the most optimum way to maximize the return to the owner.
It gives the direction in which the funds should be used and to what extend for the
betterment of the organization. According to Van Horne and Wachowicz, Financial
Management is concerned with the acquisition, financing and management of assets with
some overall goal in mind. There are three types of decisions that are taken in Financial
Management and these decisions exist at every level of management. The three important
Financial Management Decisions are:- 1. Investment Decisions 2. Financing Decisions 3.
Dividend Policy Decisions Financial Analysis is a part of decision making process. Financial
decision making involves analyzing the financial setbacks that the firm faces and selecting
that sequence of actions that are to be seized in order to resolve the problem. As a
decision maker, a manager must be able to use the analytical techniques of financial
analysis. The role of financial analyst may be assumed by any manager. To make financial
decisions the manager must be able to identify potential financial problems and analyze the
effects of alternative courses of action. Managers at every single level have to make
tough commercial decisions continuously. Analytical tools and techniques are important in
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decision making, analysis, planning and control. Aspects of financial management are
performed by most managers today, and it is vital that managers be able to apply
analytical techniques to their specific financial problems or decisions. 1.2 Investment
Decisions The investment decision relates to the selection of assets in which funds will be
invested by a firm. This way the decision maker ought to choose that whether to invest in
short word assets or in long word assets that should yield the benefits in future. Future
benefits of investments are tough to compute and cannot be predicted with certainty.
Because of the uncertain future, investment decisions involve risk. Investment proposals
should, therefore, be evaluated in terms of both expected return and risk. So these
decisions are very important for the organisation as huge amount of money is involved and
it is difficult to alter such decisions. The assets which can be acquired fall into two broad
groups: ? Short-term or current assets (Working Capital Management) ? Long-term assets
(Capital Budgeting) 1.2.1 Short term Investment Decisions: These decisions are concerned
with the decisions about the level of cash, inventory, debtors etc. Efficient cash
management, Inventory management and receivable management are essential ingredients
of sound working capital management. Theoptimum amount of current assets and current
liabilities should be determined so that the profitability of the business remains intact and
there is no fall in the liquidity. These decisions are for short period of time as compared to
the long term decisions and are of generally for 1 year. 1.2.2 Long term Investment
Decisions: The term Capital Budgeting consists of two words, Capital and Budgeting.
Capital means funds currently available with the company and Budgeting means planning
and investment of these funds in a project. Thus, Capital Budgeting involves firms
decisions to invest its current funds in a project. It is a process of determining which
potential long term projects are worth undertaking. Thus, Capital Budgeting can be defined
as the decision making procedure by which firms evaluates the purchase of major fixed
assets like building, machinery and equipment. It is a process of analysing alternative
investments and deciding which assets to acquire. 1.3 Financing Decisions This decision
focuses on planning of finance for the company. Financing decision is the subsequent most
vital purpose to be performed by the financial manager. The manager must decide where
and how to acquire funds to meet the firms investment needs. In simple language it means
from where to get funds for the organization so that the company could invest those funds
and maximize the benefits. The manager has to take the decision that whether to obtain
funds through equity or through debts. The central issue before him is to determine the
proportion of equity and debt. The mix of debt and equity is known as the firms capital
structure. The financial manager must strive to obtain the best financing mix or the
optimum capital structure for his firm. It should be in such a way that the organization
must get the best out of it. The concern of the financing decision is with the financing-mix
or capital structure or leverage. There are two aspects of the financing decision. ? Capital
Structure decisions ? Cost of capital This decision generally depends upon three factors
i.e. cost, risk and control. The composition/ mixture of various sources should be made in
such a way that all the financial requirements of the organization whether present or
future, long term or short term should be met in due time with minimum/ optimum cost,
least risk and better control. To achieve this target, firstly financial objectives should be
established and then financial policies must be formed to achieve these objectives and
then procedures and programs should be formulated which will help in taking important
decisions regarding procurement, administration and disbursement of business funds in the
best possible way. It is important to make a choice from different sources available for
raising finance. A company can raise funds from various sources. Long term finance can be
arranged by issue of shares, debentures or from financial institutions. Short term finance
can be procured from banks, trade credit or advances from customers. The choice from
different sources to raise funds mainly depends upon cost of raising funds, risk and control
involved. 1.4 Dividend Policy Decisions Dividend policy involves the decisions whether:- ?
To distribute earnings in the form of dividend among shareholders ? To retain earnings for
reinvestment in the business ? To retain some earnings and to distribute the remaining
earnings The main objective of a company is to increase the wealth of shareholders. The
firm ought to, consequently, pursue such a dividend strategy that ensures the
maximization of its shareholders wealth. Thus, a good dividend policy refers to that
dividend policy which ensures the maximization of shareholders wealth. Dividend decision is
a decision concerning the allocation of a proportion of net profits of the firm in the form of
dividends to the stockholders of the company. Dividend decision is seized by the Board of
Managers and is next suggested to the shareholders for their final approval at the Annual
General Meeting of company. The shareholders cannot increase the amount of dividend as
recommended by the Board of Directors. However, they can reduce the amount of
dividend. Dividend pay-out ratio of a company, to a large extend, depends on its funds
requirements for the future. If a firm has substantial investment opportunities, it may
declare lower dividends to conserve resources for growth. On the other hand, if a firm has
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not profitable investment opportunities, it may distribute large amount of earnings.
Shareholders preference also influences the dividend policy of the firm. While taking any
dividend decisions, the directors should also consider the desires of shareholders. If
shareholders have interest in current income, then the firm should follow the liberal
Dividend Payout Policy. On the other hand, if they have a preference for capital gains, the
firm should follow a conservative dividend policy. 1.5 Capital Expenditure The investments
that the firm makes on its physical assets such as land, building, property, equipment, etc
are termed as Capital Expenditure. Capital Expenditure decisions are concerned with
decisions regarding investment of funds in fixed and current assets for getting returns for a
number of years. 1.5.1 What is Capital Budgeting? Capital Budgeting means planning and
control of capital expenditure. It plays an important role in the success of an organization
and is extremely important for the organization as:- ? Huge amount of money is involved ?
It is tough to reverse the decision ? Such decisions have a considerable impact on the
future of the organization Capital expenditure decisions involve large investments of funds;
hence it is necessary for a firm to make such decisions very carefully. Wrong decisions may
result into huge financial losses to the company and may eventually lead to the
bankruptcy/ failure of the firm. Capital Budgeting is the art of finding assets/ projects that
are worth more than they cost to the company. Only that asset or project should be
accepted which gives some surplus i.e. which contributes to the wealth of shareholders. A
Capital Budgeting decision has its effect over a long period of time. Thus, Capital Budgeting
techniques help a company to achieve its goal of maximization of shareholders wealth.
Once a firm seizes the decision to invest in a particular asset or undertaking, it will have to
suffer a heavy financial loss, if later on; it decides to reverse its decision. The asset so
required will have to be disposed of at a thorough away price. Thus, it is necessary for a
company to properly evaluate the investment proposals before taking the final decision.
Capital budgeting is useful in selecting the best investment proposal. A proposal is
accepted if it yields a rate of return higher than the minimum required rate of return. If
projects are mutually exclusive, the company may select one best alternative out of the
various options by adopting some suitable method of capital budgeting. Thus, capital
budgeting involves firms decisions to invest its current funds in a project. It is a process
of determining which potential long term projects are worth undertaking. 1.6 Methods of
Capital Budgeting The various methods of capital budgeting that a decision maker can
follow described in this section: 1.6.1 Pay Back Period Method Pay back period is the most
popular traditional method of evaluating investment proposals. Under this method,
investment proposals are ranked according to the length of their pay back period. Pay back
period is the period within which the project will pay back its cost. Smaller the Pay Back
period, better the project is. The main advantage of this method is that it is very simple to
calculate and does not involve complexity. Pay back period can be calculated on the
basis of simple cash flow or discounted cash flow. Payback Period = Investment required
for a project/ net annual cash inflow 1.6.2 Net Present Value (NPV) Method Net Present
Value Method is considered to be the best method for evaluating the investment
proposals, as it takes into consideration the time value of money. NPV = Present Value of
cash inflow Present value of cash outflow Where, Present Value = Cash Inflow X Present
value of Re. 1 at discount rate In case the NPV is positive, the project should be
accepted. However if the NPV is negative, the project should be rejected. If projects are
mutually exclusive, accept the one with the highest NPV. Accept the proposal ---- If NPV
> Zero Reject the proposal ---- If NPV < Zero NPV takes into account cash flow of the
project over its entire life, so the true profitability of the project can be assessed.
Discounting process enables the comparison of various projects to be made at the same
point of time. 1.6.3 Profitability Index Method Gross Profitability Index (GPI) = present
value of inflow / present value of outflow If PI is more than 1 then the project should be
taken. Suppose the PI of a 5 years project is 1.50 it means that on an investment of Re. 1
, the present value of the return that we will get over 5 years is Rs. 0.5 If GPI > 1 Accept
the project If GPI < 1 Reject the project Net Profitability Index (NPI) = Net present value /
initial cash outlay If NPI > 0 Accept the project If NPI < 0 Reject the project 1.6.4 Internal
Rate of Return (IRR) Internal Rate of Return (IRR) can be defined as that rate of discount
at which the present value of cash inflows is equal to the present value of cash outflows.
In other words, it is the rate that gives a net present value (NPV) of zero. It is calculated
on the basis of discounted cash flow approach. It is inclusive of cost of capital. For
example, cost of capital is 10% and IRR is 15%, it means the total return on the funds
employed is 15% out of which 10% is to meet the cost of capital and the balance it is
extra profit over and above cost of capital. IRR is that discounting rate at which NPV of a
project is zero. This method takes into account the time value of money. If NPV = 0 or PI
= 1, than IRR is equal to discounting If NPV > Zero or if PI > 1, IRR is greater than
discounting rate If NPV < Zero or PI < 1, than IRR is less than discounting rate 1.7 NPV v/s
IRR In case of independent projects: Both NPV and IRR methods will give same accept
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reject results in case of independent projects. Hence any of these two methods can be
used. In case of mutually exclusive projects: If a firm has to select one project out of two
mutually exclusive projects, the NPV method should be preferred. This is because the
objective of a company is to maximize its shareholders wealth. NPV method is concerned
with the financial contribution of the project in absolute terms, whereas IRR method is
concerned with rate of return on investment rather than its total financial contribution.
Hence in case of mutually exclusive projects, the project with highest NPV should be
selected because by doing so the firm will be able to maximize the shareholders wealth.
1.8 Attitudes towards Risk Risk is something which is uncertain. It may occur in future, it
may not. So in simple words, risk can be defined as that uncertainty that can reduce ones
profits or earnings. While interviewing with the managers, one can find out that risk means
different to different people. It generally is based on the context i.e., in which area you
consider risk. For e.g, there can be systematic risks or unsystematic risks. Managers
cannot control systematic risks. These risks are beyond their reach. They have to suffer
these risks (if occur). In case of unsystematic risks, managers do whatever they can to
protect themselves from such risks. In case of capital decisions, managers take into
account various factors to curb such risks. One of the factors is the proper study of the
project (Capital Budgeting). The behaviour of a manager also determines that how well he
is handling the risks. Behavioural finance suggests investors are more sensitive to loss than
to return. This means, in todays scenario managers are more concerned about the loss
that they may face rather than the profits that they may enjoy from a given project. 1.9
Investment in changing Business Cycle Business Cycle fluctuations have an important
impact on the financial decision making for a manager. The decisions that the managers
take during the extreme periods are also depended upon the duration of that particular
phase and thus affect the business a lot. There are basically three types of periods that
are discussed in this report. They are:- 1. Investment in Recession 2. Investment in
Recovery 3. Investment in Boom 1.9.1 Investment in Recession There are two types of
risks in a recession period. One is known as the financial risk of investing and the other one
is known as the competitive risk of not investing. The balance between the two seems to
break down at business cycle extremes. During a recession period in the economy,
companies seem to overemphasize the financial risk of investing at the expense of the
competitive risk of not investing. The financial risk of investing can be defined as that risk
when the manager fails to gain the desired benefits or profits from an investment whereas
the competitive risk of investing is the failure to retain a satisfactory competitive position
due to lack of investment. In this case, the managers avoid giving competition to others
because of the lack of investment. During the Recession phase, the managers mostly avoid
huge investments in capital due to the financial risks that they may suffer. Recession is
not a good phase to invest and hence, many managers avoid the situation. 1.9.2
Investment in Recovery The balance between the two risks discussed above can be
obtained during the recovery period. The balance between the financial risk and the
competitive risk can be struck by tacking investment over time. This phase is not generally
easy for any manager for taking the capital decisions and they need to consider various
factors before making such decisions. By making investment over the time, cannot always
lead to profits. So this think should be kept in mind of the managers before deciding upon a
huge investment. In this phase, managers are more cautious about the investments that
they make because in this phase, though the market is improving yet doesnt give a proper
platform for making an investment. In this period, the managers can earn profits at an
individual level or at a group level. If the decision of a manager turns out to be a
successful one then it is his gain whereas at the group level, the herd behaviour plays a
vital role in deciding about the consequences. 1.9.3 Investment in Boom The Boom period
is very much beneficial for the managers as in this period the business activities increase
and the sales also increases thus this period is the best period for the managers to make a
huge investment. Whatever investment the managers will make there are high chances
that they will earn benefits from that investment. The market situation is such in this
period that the managers prefer to invest in boom period. In this period the managers are
more sensitive towards earning profits rather than losing against them. They are willing to
take risks in such periods as the economy is flourishing and so would be the business of a
manager. Savings also play an important role in this phase. As whatever savings a manager
has made, now he is willing to invest his savings in a boom period. Many new investors who
were earlier not willing to invest also jump into the picture and many investors who were
earlier making small investments, start making huge investments in this phase. CHAPTER 2:
LITERATURE REVIEW In this study, the researchers examined the impact of corporate
capital expenditure decisions on share prices. Although previous studies suggest that the
market tends to react more favourably to the capital spending decisions of high-
technology firms, their categorization of firms lacks sound economic reasoning. The
researchers in this report have argued that share price reaction to a firm's capital
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expenditure announcements depends more on the market's assessment of the quality of its
investment opportunities than its industry affiliation. (Kee H. Chung, Peter Wright, Charlie
Charoenwong (2005), Investment opportunities and market reaction to capital expenditure
decisions.) The managers at operating level of the company are more concerned with
short term goals and short term effects of various decision alternatives. For example,
operating management is concerned with cash managemnet decisions. Short term
objectives, such as cash liquidity and inventory control, are of primary concern in the
financial analysis of cash management decisions. A companys strategy creates and
sustains its competitive advantage. Most companies try to differntiate their product or
services from their competitors and to control the cost. (Investment opportunities and
market reaction to capital expenditure decisions, 2010.) In the wake of a globalised
markets, liberalized trade regimes, economic recessions and challenges presented by
atrocious natural calamities, Indian corporate sector has been undergoing a dramatic
transformation. Investment opportunities have expanded beyond the geographical borders
and so has been the widening of financing options and above all the dependence on capital
markets has increased. In this scenario, the empirical finding of this study will be
interesting to financial institutions like IDBI, IFCI, ICICI, along with Commercial Banks. As
these institutions play a pivotal role in answering the financing needs of corporate sector.
The findings are relevant to the private corporate sector in general for their investment
portfolio decisions. (Modigliani, F and M Miller, The Cost of Capital, Corporation Finance
and the Theory of Investment", American Economic Review 48, 1999, 261-297.) The
earlier recommendations for achieving optimal budgeting for capital expenditures integration
in LICs remain critical for success. However, obtaining the necessary results could take
LICs several years. In summary, an effective capital budgeting process should form an
integral component of a sound overall budgeting system. A well-designed public financial
management system supports each aspect of the system, including capital spending. Good
multi-year planning furthermore supports overall fiscal balance, with more stable spending
patterns for ministries and programs, and for their capital planning and execution. Good
budget execution and procurement will enable timely, within-budget completion of projects
(assuming good program and project management). Financial management information
systems will support the financial and program management needs of the executive,
ministries of finance and economy, spending ministries, and program managers. In
addressing these aspects, LICs should continuously aim to improve not only their capital
budgeting processes, but also their public financial management systems overall. (Davina
F. Jacobs, Public Financial Management Technical Guidance Note, Fiscal Affairs
Department, April 2009) This Report presents the findings of a Government-wide review
of infrastructure and capital investment policy led by the Department of Public Expenditure
and Reform. Within the context of tight fiscal constraints, the Government is committed to
ensuring that the countrys stock of infrastructure is capable of facilitating economic
growth and that the enterprise development agencies have ample resources to foster
opportunities for enterprise development and job creation. Over the medium-term, there
will be a lower level of resources available for capital investment. The potential negative
consequences of reduced capital spending are tempered by recent improvements in the
economys infrastructure, but it is anticipated that there will be a return to a more
substantial Public Capital Programme beyond the period of this review. The countrys
infrastructural and capital investment needs are a function of broad societal and economic
developments. This review assesses the existing capacity of Irelands infrastructure and
identifies remaining gaps which must be addressed to aid economic recovery, social
cohesion and environmental sustainability. (Roinn Caiteachais Phoibli, Infrastructure and
Capital Investment 2012-16: Medium Term Exchequer Framework, November 2011)
Capital investment appraisal is affected by taxation in four main ways: First is that,
Annual profits are taxed, under current rules for large companies, half in the year when
they are made and half in the following year. You must read the question carefully to see
what assumptions the examiner has made. You may, for example, be told that tax is to be
paid in the year following that in which the taxable income arises (which would mean that
a four-year project would need a five-year table). Secondly, Interest on debt is allowable
against corporation tax and this will affect the discount rate used. Third, Tax losses must
be included and will normally give rise to tax relief one year later. Fourth, the tax bill may
be reduced by grants and capital allowances, increasing the chance of a project being
acceptable. Read examination questions carefully for details of any such allowances. The
most common allowances in examinations (and in practice) are writing-down allowances
calculated on a reducing balance basis. (www.icsa.org.uk, Capital Budgeting) Investment
decisions are at the core of any development strategy. Economic growth and welfare
depends on productive capital, infrastructure, human capital, knowledge, total factor
productivity and the quality of institutions. All of these development ingredients imply - to
some extent - taking the hard decision to sink economic resources now, in the hope of
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future benefits, betting on the distant and uncertain future horizon. The economic returns
from investing in telecoms or in roads will be enjoyed by society after a relatively short
time span following project completion. Investing in primary education means betting on
the future generation and involves a period of over twenty years before getting a result in
terms of increased human capital. Preserving our environment may require decision-makers
to look into the very long term, as the current climate change debate shows. Every time
an investment decision has to be taken, one form or another of weighting costs against
benefits is involved, and some form of calculation over time is needed to compare the
former with the latter when they accrue in different years. Private companies and the
public sector at national, regional or local level make these calculations every day.
Gradually, a consensus has emerged about the basic principles of how to compare costs
and benefits for investment appraisal. (Danuta Hubner, Guide to Cost Benefit Analysis of
Investment Projects, July 2008) Overconfidence has direct applications in investment,
which can be complex and involve forecasts of the future. Overconfident investors may
overestimate their ability to identify winning investments. Traditional financial theory
suggests holding diversified portfolios so that risk is not concentrated in any particular
area. Misguided conviction can weigh against this advice, with investors or their advisers
sure of the good prospects of a given investment, causing them to believe that
diversification is therefore unnecessary. Risk from this perspective means variability of
outcomes and riskier investments should, broadly speaking, offer higher rates of return as
compensation for higher risk. The theory assumes that investors seek the highest return
for the level of risk they are willing and able to bear. Financial advisers often ask clients to
complete a risk attitude questionnaire to establish their attitude to risk, and consider
issues such as investment time horizon and wealth levels to establish risk tolerance. Risk
tolerance drives the types of investments they recommend for the investor. (Alistair Byrne,
Senior Investment Consultant at Towers Watson With Stephen P Utkus, Principal,
Vanguard Center for Retirement Research, the Vanguard Group Inc, Understanding how the
mind can help or hinder investment success, 2012) The specification of the regression
function includes indicators for the business cycle as well as firm characteristics and
market structure. Capacity constraints, lack of qualified labor and expected business
development, all measured at the sector level, are inserted as direct indicators for the
business cycle. Economic activities are also represented by factor prices namely real tariff
salaries and real interest rate. The estimation results show that both pro- and counter-
cyclical patterns can be found in firms innovation activities. Looking at the results of the
probability to start to innovate, business cycle fluctuations only matter for SMEs which
react counter- cyclically to the lack of qualified labor on the sector level. This accounts
for the substantial importance of qualified labor for the innovation process. In turn, the
probability of ceasing to innovating is influenced by fluctuations in the economic activity
for all firms. Looking at the expected business development the firms react counter-
cyclically to fluctuations, looking at the capacity utilization firms react pro- cyclically.
(Diana Heger, 2000, The Link Between Firms Innovation Decision and the Business Cycle:
An Empirical Analysis, Discussion Paper No. 04-85) CHAPTER 3: RESEARCH METHODOLOGY
AND PROCEDURES The aim of this section is to explain methods used in carrying out this
project. This section focuses on understanding the research methodology which is required
to develop a framework for collecting and analysing the data. It defines the techniques
and the concepts used to determine the secondary data and to analyse from the
secondary data. 3.1 Purpose of the Study: The study has been undertaken to understand
the importance of financial decision making in a company and how these decisions affect
the company. The three main decisions i.e., The Financing Decisions, Dividend Decisions
and Capital Expenditure Decisions are mentioned in this report. In this study, Capital
Expenditure Decisions are studied in detail. This is also known as Investment Decisions.
These decisions are important for a company as huge amount of money is involved and it is
very difficult to reverse such decisions. The purpose of the study is to identify the
importance of such decisions and how and in what ways a company can benefit from these
decisions. Hence, these decisions play a vital role in the life of a company. 3.2 Objectives
of the study: The objectives of the report are as follows: ? To study the investment
decisions that a company can make while starting a project in the changing business
cycles like recession, boom, recovery, etc. ? To study the managers behaviour regarding
investment in capital expenditure in the changing business cycles like recession, boom,
recovery, etc. ? To examine the various techniques that a company undertakes in order to
make investment decisions. 3.3 Source of Data: For the project work, I have used both
type of data, viz. Primary Data and Secondary Data: Primary Data: A questionnaire is
prepared for this project and responses are collected from the respondents. The responses
are collected by directly interacting with the managers of the companies. Questionnaire
includes all the relevant questions related to the investment decisions that the managers
have taken or are willing to take in future for their respective companies. The data
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collected in this project with the help of questionnaire is original. Secondary Data:
Secondary Data has been collected with the help of various articles, reports and blogs that
are there on the internet regarding the investment decisions for a company. Many
researchers projects are also been studied to have an idea of investment decisions.
Various published articles regarding the same have also been studied for this report. 3.4
Research Design In this report, Descriptive Research has been taken up as a thorough
study has been done regarding the investment decisions that the managers take for their
respective companies. This project includes a detail study of investment decisions.
Sampling Technique: In this report, the technique that was used for taking the samples
was The Judgemental Sampling technique as only specific mangers were interviewed. MS
Excel 2010 and SPSS are used to present the responses of the managers that are taken
with the help of questionnaires. 3.5 Data Collection Sample Size: A sample size of 15
respondents is taken into account. The responses are taken only from those managers
that contribute to the investment decisions in their companies. The data collection took
place by asking the questions to the managers directly in a personal interaction. I found it
essential to make sure that all the necessary information is collected regarding the
decisions that they have taken in their respective companies or will take in future as
authentication of information is very important. Various websites on the internet are also
been studied regarding the topic so as to get the clarity regarding the same.
Instrumentation: The instrument used in the research is a questionnaire to collect the
primary data and MS Excel 2010 and SPSS to analyse it. 3.6 Limitations of the study
Respondent Error: There could be respondent error in the report as 15 managers gave the
answers to the questionnaire and they all possessed different attitudes towards the
questionnaire. Sometimes, respondent was not willing to share the information as it was
sensitive to his company. Sampling Error: I have taken the sample size of 15, which cannot
determine the investing behaviour of the total population. The sample has been drawn from
only Delhi/NCR. CHAPTER 4: DATA ANALYSIS AND FINDINGS 4.1 Basic findings after
interviewing with mangers: The meaning of Investment Decision making differs from
manager to manager. One may focus on the financial results of the decision and the other
may focus on the impact of decisions on the companys future growth and expansion. After
interviewing the managers, the findings were that the investment decisions are influenced
by the size of the enterprise, the current business cycle, the nature of the project on
which the decision is to be taken and the risk bearing capability of a manager. In most
cases, these decisions are highly affected by the nature of the project undertaken by the
managers. Proper knowledge of the Financial Tools plays a major in deciding about the
investment. However, there are still some managers who are not aware about the
advanced tools and techniques of Capital Budgeting and hence are facing hurdles in the
area of capital investment. A questionnaire was constructed which comprised of 11
questions. These 11 questions are only related to the investment decisions related to
capital expenditure in a company. The questionnaire was designed in such a way that it
was easy to understand and was presented to only managers of different companies/
businesses/ enterprises in Delhi NCR. 15 responses were recorded. The data was recorded
at the beginning of the year 2014. This primary data is useful as it gave the true picture of
the managers behaviour related to capital investment and the risks that they usually
suffer from such decisions. The questionnaire is further discussed in detail in this report.
4.2 The Questionnaire 1. How do you rate your willingness to take financial risks with
respect to capital expenditure? 20% 27% 53% Low risk taker Average risk taker High risk
taker Table: 4.2.1 Willingness to take financial risk 8 out of 15 managers come under the
category of Average Risk Takers, i.e., 53% of the managers. So with this, we can say that
more than 50% of the managers are playing safe as they dont want to invest either too
less or too more while making the capital expenditure. While only 3 out of 15 managers are
high risk takers and only 4 are low risk takers. The risk taking capacity depends from one
manager to other. One cant say that Rs. 50 Crores loss to a manager is a huge loss as it
all depends upon his capability of handling losses. So, this data is representing the risks
according to the managers capabilities. The answers given by them were according to
their risk handling management. Thus, we cant compare the risk of one manager with the
risk of other as the size of the business and the nature of the project also plays an
important role in deciding the risk factor of the business. 2. What kind of constrains do you
encounter in implementing capital expenditure decisions in the company? 40% 27%
Procurement of funds Management of funds 33% Inadequate knowledge about how to take
decisions Table 4.2.2 Kinds of constraints 6 out of 15 or 40% managers have inadequate
knowledge about how to take decisions i.e., they are not aware about the proper tools and
techniques of the Financial Management and thus are facing problems related to the same.
Whereas, 4 out of 15 managers find it difficult to procure funds before making a capital
investing decisions in their companies. When asked further, they elaborated that
sometimes, whatever money that they take from banks in the form of loans is not enough
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for their investments and 5 out of 15 managers find it difficult to make the proper
management of the funds available to them in making the capital investment. The majority
of the managers especially managers of small enterprises are not aware about the
advanced tools and techniques of the financial management and thus, restrict themselves
from investing big in the capital expenditure. 3. When faced with a major financial decision,
you are more concerned about? 12 10 8 6 4 2 0 Possible Losses Posssible Gains Series1 4
11 Table 4.2.3 Possible losses or possible gains The options given to the managers to this
question were either possible losses or possible gains. 11 out of 15 managers look for
possible gains while making major financial decisions in their companies while only 4 look for
the possible losses that they might face due to the decisions. This makes the fact clear
that the majority of the managers are having positive approach towards their decisions and
they think that their profitability will increase after taking such decisions in their
companies. However, there are still managers who think about the losses first before
making any financial decision in their companies. With the optimist approach, the manager
can invest huge amounts in his business and also by using proper tools and techniques of
financial management, can earn good profits however; the pessimist approach doesnt
allow the manager to invest more in his company. 4. What degree of risk have you taken
with your capital expenditure decisions in the past? Very large Very small 7% 0% Large
Small 13% 20% Medium 60% Table 4.2.4 Degree of risk in past 9 out of 15 managers or
60% of them agree that they have taken medium risk with capital expenditure decisions in
the past 5 years. 3 have taken small amount of risk, 2 of them have taken large amount of
risk and 1 out of 15 managers, has taken very large risk. Risk is something which is
different to different managers. So in this question, there is no exact amount in monetary
terms that depicted risks rather a range of very small, small, medium, large and very large
was set up because a risk of Rs. 2 crores might be small to one manager but to some other
it could be very large. With this result, it was clear that 60% of the managers take medium
risks and are not open to larger amount of risks in their businesses in case of capital
expenditure decisions. 5. In the last five years, how have your investments in capital
expenditure changed? 8 7 6 5 4 3 2 1 0 Mostly Somewhat No or Somewhat Mostly towards
towards minimal risk towrads towards lower risk lower risk higher risk higher risk Series1 3 2
0 8 2 Table 4.2.5 Changes in investments 8 out of 15 managers have changed their
investments in capital expenditure somewhat towards higher risk. This depicts that, the
behaviour pattern of the managers has changed and they are willing to take more risk as
compare to what they were taking earlier. The majority of the managers lie in this
category. 2 out of 15 managers have changed their investments in capital expenditure
mostly towards higher risk. So overall, 10 managers are moving towards having higher risks
as compared to their earlier capabilities of handling risks respectively. This is a good sign
as this depicts that the managers are now willing to take more risks compared to their
previous capabilities. 3 out of 15 managers have changed their investments in capital
expenditure mostly towards lower risk and 2 of them changed to somewhat towards lower
risk. This depicts that 5 out of 15 managers believe to invest in capital expenditure with a
lower risk as compared to their previous capabilities. This depicts their behaviour that they
are more concerned about the risks than returns in terms of capital expenditure. 6. What
degree of risk are you prepared to take with your capital expenditure decisions now and
going forward? Very large, 0 Very small, 1 Large, 3 Small, 4 Medium, 7 Table 4.2.6 Degree
of risk in future 7 out of 15 managers are willing to take medium degree risk in future. The
risk factor depends on business to business. So in this question, the medium degree of risk
is defined as per the business of the manager accordingly that is why any exact figure is
not considered. 3 out of 15 managers are willing to take large degree of risk in capital
expenditure as compared to their earlier capabilities. This depicts the behaviour of the
managers that they are also aware of the fact that without taking the risks, they cannot
get better returns. However, 4 out of 15 managers have said that they are willing to take
small risks in future as far as the capital investments decisions are concerned. This depicts
that they have a conservative attitude towards the risk factor and only 1 out of 15
managers is willing to take very small degree of risk in future. 7. How much of the funds
you have available to invest would you be willing to place in capital expenditure where
both returns and risks are expected to be above average? 8 7 6 5 4 2 0 2 0 1 0% - 20%
20% - 40% 40% - 60% 60% - 80% 80% - 100% Table 4.2.7 Funds available 7 out of 15
managers said that they are willing to invest approx. 40%-60% of the funds available to
them in the capital expenditure. This shows us that most of the managers have 40%-60%
of the funds with them that can be used for the capital expenditure decisions which is a
good amount as approximately 50% of the funds are directly going towards the capital
expenditure. This shows us the behaviour of the managers that they are more likely to
invest the funds in the capital expenditure decisions than in any other investments. 5 out
of 15 managers are willing to invest 20%-40% of the funds available to them in the capital
expenditure decisions. 2 managers are willing to invest 60%-80% whereas only 1 manager
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is willing to invest 80%-100% of the funds available to him in capital expenditure. The
reason behind is that the manager has started a new business and requires to invest more
in capital expenditure. 8. What is the average annual rate of return you would expect to
earn from your capital expenditure over the next ten years? 0% 20% 7% 40% 33% 8% -
10% 10% - 12% 12% - 14% 14% - 16% 16% + Table 4.2.8 Expected average annual rate
of return 6 out of 15 managers i.e., 40% of the managers are expecting 12%-14% return
from their capital expenditure in the next 10 years. When asked they said, the market
conditions are such that one can get 12%-14% of the returns from their capital
expenditure if invested wisely. 5 out of 15 managers i.e., 33% of the managers are
expecting 14%-16% returns from their capital expenditure in the next 10 years. This
depicts us that these managers have invested a good amount of funds in the capital
expenditure and this is why they are expecting this much returns. 3 out of 15 managers
are expecting more than 16% returns from their capital expenditure. This shows a very
optimist attitude of the managers towards the returns that they expect and only 1 out of
15 managers is expecting a return of 10%-12%. This shows a pessimist approach of a
manager. 9. Are you using any Capital Budgeting Techniques before making capital
decisions in your company? Yes No 40% 60% Table 4.2.9 Capital Budgeting Techniques 9
out of 15 managers i.e., 60% of the managers said that they are using the Capital
Budgeting Techniques in their companies. This depicts us that approximately 60% of the
managers are aware of the Capital Budgeting Techniques such as NPV (Net Present Value),
IRR (Internal Rate of Return), Pay Back Method, etc. this shows that whatever decisions
they take are according to the techniques and hence the error making chances get
reduced which is ultimately beneficial for the company. 6 out of 15 managers i.e., 40% of
the managers said that they dont use any Capital Budgeting Techniques in their
companies. This depicts us that approximately 40% of the managers are not at all aware of
these techniques and hence dont implement them in their businesses. This shows that
there is a need to generate knowledge to them regarding these techniques so that they
could also reduce the chances of errors in their companies. 10. Do you change your capital
investment decisions or project management decisions according to the changes in
business cycles? No, 0 Rarely, 6 Always, 5 Frequently, 4 Table 4.2.10 Changes in business
cycles 6 out of 15 managers agreed that they rarely change their capital investment
decisions according to the changing business cycles. This shows that they are reluctant to
change their decisions are dont know how and when to change the decisions so that it
could make a good fit for the company. This shows that, the managers must be made
aware of the techniques and how they can implement them for the benefit of their
businesses. 4 out of 15 managers said that they frequently change their capital
investments decisions with changing business cycles and 5 out of 15 managers said that
they always change their decisions according to the changing business cycles. This shows
us that they are very well aware about the market situations are know how to implement
the changed decisions on time. 11. In which business cycle you would prefer to make a
capital investment in your company? Recession Period, 0 Recovery Period, 2 Boom Period,
13 Table 4.2.11 Which business cycle 13 out of 15 managers have said that they prefer
boom period to make a capital investment in their companies. This shows us a very positive
attitude of the managers and when asked, they said that the boom period is the best
period for making the decisions as the results that you will get are good and also, the
managers who plan to expand their businesses choose this particular period to do so. 2 out
of 15 managers have said they prefer to invest in Recovery period. When asked, they
answered that in the recovery period, the market starts increasing and when the market
increases, the growth opportunities for a manager increases. Hence, they prefer recovery
stage while nobody is willing to make a capital investment decisions in a recession period.
4.3 Results from Cross Tabulations Table 4.3.1 How the managers rate their financial risks
in different business cycles: Case Processing Summary Cases Valid Mis sing To tal N
Percent N Percent N Percent Willenges to take financial risk * Buss_Cyl 15 100.0% 0 .0%
15 100.0% Willingness to take financial risk * Buss_Cyl Crosstabulation Count boom Buss
_Cyl recovery Total Willenges to take financial risk Total Low risk taker Average risk taker
high risk taker 4 6 3 13 0 2 0 2 4 8 3 15 Interpretation: So, with the Cross Tabulation, it is
clear that in boom period, the number of average risk takers is high and then there are low
risk takers in the same business cycle followed by the high risk takers. There are no
managers who are willing to take any type of risks in the recession period. Total of 6
managers out of 15 come under the category of average risk takers in the boom period.
This shows that the boom period is viable for the managers as compared to the recovery
period. Table 4.3.2 funds available with managers in different business cycles: Case
Processing Summary Cases Valid Missing To tal N Percent N Percent N Percent funds
available to invest * business cycle 15 100.0% 0 .0% 15 100.0% funds available to invest
* business cycle Crosstabulation Count boom business cycle recovery Total Total funds
available to invest 20-40 40-60 60-80 80-100 4 6 2 1 13 1 1 0 0 2 5 7 2 1 15
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Interpretation: From the above table, 6 out of 15 managers in vest 40-60% of their funds
in the boom period. This forms the majority of the managers. Most of the managers are
comfortable in investing in the boom period. Whereas in the recovery period, there are very
less number of managers who want to invest in this period and also those managers invest
only 20-40% of their funds. Table 4.3.3 Expected Returns in different business cycles:
Case Processing Summary Cases Valid Missing To tal N Percent N Percent N Percent avg
annual return * business cycle 15 100.0% 0 .0% 15 100.0% avg annual return * business
cycle Crosstabulation Count boom business cycle recovery Total avg annual return Total
10-12 12-14 14-16 Above 16 1 5 4 3 13 0 1 0 1 2 1 6 4 4 15 Interpretation: Managers
expect to earn good returns in the boom period. 5 out of 15 managers expect to earn
around 12-14% returns in the boom period. This forms the majority. This table clearly
shows that the most beneficial period for the managers is the boom period. In this period,
they not only can take risks but also can earn good profits from their investments. Table
4.3.4 constraints in different business cycles: Case Processing Summary Cases Valid
Missing To tal N Percent N Percent N Percent Constnt * Buss_Cyl 15 100.0% 0 .0% 15
100.0% Constnt * Buss_Cyl Crosstabulation Count Buss _Cyl boom recovery Total Constnt
Total procurement of funds management of funds inadequate knowledge about how to take
decisions 4 4 5 13 0 1 1 2 4 5 6 15 Interpretation: Knowledge about how to take decisions
is the most important factor in the decision making process of a company. A manager has
to study many aspects from the external environment and the internal environment before
taking any decision. In the boom period where the managers have a good chance to get
better returns, many of them face problems of improper knowledge of making investment
decisions. In the recovery period also, managers face problems of management of funds
and improper knowledge. CHAPTER 5: CONCLUSION, FINDINGS AND RECOMANDATIONS 5.1
Conclusion Based on the study and data analysis, following conclusions can be drawn
about the research project: ? Risk forms a major portion in deciding about the capital
expenditure in a company. This factor is something which no manager can ignore. From the
analysis, this can be made clear that nowadays managers are equally concerned about the
risk factor as they are about the returns from the capital investing decisions. ? The
behaviour pattern of the investors also reveals that they prefer to take medium risk in their
companies as far as the capital decisions are concerned. Risk depends on business to
business. For some managers a risk of Rs. 2 crores is of a small amount whereas for some
managers it is a huge risk. So, the risk in this project is defined in terms of the businesses
of the managers respectively. ? The next important thing that a manager keeps in mind
while making a capital expenditure is the current market situations. When asked about it,
most of the managers preferred the boom period to make a capital expenditure. It is the
period when the managers can maximise their returns or could minimize their losses. ?
Managers prefer to make a capital investment with their own funds available with them. In
this report, only small and medium scale managers were interviewed so they said that
whatever funds they accumulate, they prefer those funds only over others for making a
capital expenditure in their companies. So, these are some of the conclusions that can be
drawn from the project report about the behaviour pattern of the managers. 5.2 Findings
Following are the findings of the research work: ? The survey shows that approximately
47% of the managers are medium risk takers. This means that they consider the risk factor
also while making the capital expenditure decisions and not just the returns that they
could acquire from them. This could be because of the market conditions that are
prevailing currently. So the managers are worried about the investments and hence not
comfortable for taking huge risks. ? Approximately 33% of the managers are expecting
returns of around 14%- 16% in the next 10 years. This range of returns is good but not
extraordinary and nearly one third of the managers fall under this category. ? 9 out of 15
managers i.e., 60% of the managers use Capital Budgeting Techniques in their companies
while making a capital expenditure decisions. This shows us that approximately 60% of the
managers are very well aware about the techniques of Capital Budgeting and hence, are
using them in their businesses. While 40% of the managers i.e., 6 out of 15 managers dont
use these techniques. The reason could be that they are not aware of such techniques in
the business. ? The managers are also aware of the changes in the business cycles and
keep themselves updated about the situations changing in the market and hence change
their capital investing decisions accordingly. Approximately 60% of the managers change
their capital investing decisions according to the changes in the business cycles. So,
above mentioned are the findings of the report which shows that the capital investing
decisions play an important role in the business and the managers consider each and every
factor from risk to market conditions to evaluate the capital investing decisions in their
companies. 5.3 Recommendations Based on my understanding of the concept, I propose
the following recommendations: ? The Capital Budgeting Techniques are very important for
a business making a capital expenditure and there are still some managers who are not
using the techniques in their businesses. The reason behind is that they are not aware
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about the techniques and dont know how to use these techniques. So, whenever a
project comes in front of them, they just consider the risk factor and decide upon it
whereas proper techniques such as NPV, IRR, and Pay Back Period must be considered
before making any capital expenditure decisions. This will not only improve the efficiency of
the managers but they will also gain benefits from the project. ? The managers sometimes
find it difficult to judge the current market situations and fail to make a good capital
investing decisions at times. When asked, they said that they dont have proper knowledge
about the dynamic market and they dont know when to change their decisions
accordingly. So, proper training must be given to them so that they could benefit from it
and can make logical and wise capital decisions in future. ? The other important thing that
was revealed during the survey was that the managers face some problems before making
a capital expenditure decisions. They are procurement of funds, management of funds and
lack of knowledge. Approximately 40% of the managers face the problem of inadequate
knowledge about how to take the decisions. So, this factor must be considered and proper
training and knowledge should be provided to them so that they could avoid making bad
decisions. So, these are some of the recommendations from my side and these factors
should be taken into consideration by every manager before making a capital expenditure
decision in his/ her company. REFERENCES: BOOKS & ARTICLES: ? R. K. Behl (2012): Final
Touch to Management Accounting, Fourth revised Edition 2011-2012, Aastha Publications.
? T. S. Grewal (2008): Analysis of Financial Statements, 2008 Edition, Sultan Chand
Educational Publishers. ? Kee H. Chung, Peter Wright, Charlie Charoenwong (2005),
Investment opportunities and market reaction to capital expenditure decisions. ? Modigliani,
F. and M. Miller, "The Cost of Capital, Corporation Finance and the Theory of Investment",
American Economic Review 48, 1999, 261-29. ? Davina F. Jacobs (2009): Public Financial
Management Technical Guidance Note, Fiscal Affairs Department, April 2009. ? Roinn
Caiteachais Phoibli, Infrastructure and Capital Investment 2012-16: Medium Term
Exchequer Framework, November 2011. ? Danuta Hubner, Guide to Cost Benefit Analysis of
Investment Projects, July 2008. ? Alistair Byrne, Senior Investment Consultant at Towers
Watson With Stephen P Utkus, Principal, Vanguard Center for Retirement Research, the
Vanguard Group Inc, Understanding how the mind can help or hinder investment success,
2012. ? Diana Heger, 2000, The Link Between Firms Innovation Decision and the Business
Cycle: An Empirical Analysis, Discussion Paper No. 04-85. ? Hana Scholleova, Jiri Fotr,
Lenka Svecova (2010): Investment Decision Making Criterions In Practice, Issn 1822-6515
Ekonomika Ir Vadyba: 2010. 15 Economics And Management: 2010. 15. ? Carlos A. Valero
January, 1997: Applications Of Qualitative And Quantitative Techniques Of Management In
Administrative/Academic Decision-Making In Institutions Of Higher Education In Virginia. ?
John Graham and Campbell Harvey, Duke University: (2009) How Do CFOs Make Capital
Budgeting And Capital Structure Decisions? Stern Stewart Journal of Applied Corporate
Finance, 2009. ? Ari Riabacke 2006: Managerial Decision Making Under Risk and
Uncertainty, IAENG International Journal of Computer Science, 32:4, IJCS_32_4_12.
ANNEXURE: Questionnaire 1. How do you rate your willingness to take financial risks with
respect to capital expenditure? a) Low risk taker b) Average risk taker c) High risk taker 2.
What kind of constrains do you encounter in implementing capital expenditure decisions in
the company? a) Procurement of funds b) Management of funds c) Inadequate knowledge
about how to take decisions 3. When faced with a major financial decision, you are more
concerned about? a) Possible losses b) Possible gains 4. What degree of risk have you
taken with your capital expenditure decisions in the past? a) Very small b) Small c) Medium
d) Large e) Very Large 5. In the last five years, how have your investments in capital
expenditure changed? a) Mostly towards lower risk b) Somewhat towards lower risk c) No
or minimal changes d) Somewhat towards higher risk e) Mostly towards higher risk 6. What
degree of risk are you prepared to take with your capital expenditure decisions now and
going forward? a) Very small b) Small c) Medium d) Large e) Very Large 7. How much of
the funds you have available to invest would you be willing to place in capital expenditure
where both returns and risks are expected to be above average? a) 0%-20% b) 20%-40%
c) 40%-60% d) 60%-80% e) 80%-100% 8. What is the average annual rate of return you
would expect to earn from your capital expenditure over the next ten years? a) 8%-10%
b) 10%-12% c) 12%-14% d) 14%-16% e) Above 16% 9. Are you using any Capital
Budgeting Techniques before making capital decisions in your company? a) Yes b) No 10.
Do you change your capital investment decisions or project management decisions
according to the changes in business cycles? a) Always b) Frequently c) Rarely d) No 11.
In which business cycle you would prefer to make a capital investment in your company?
a) Boom Period b) Recession Period c) Recovery Period
Name:_______________________________________________________________
Occupation:___________________________________________________________
Company Name:_______________________________________________________
Age:_________________________________________________________________ Phone
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