Abstract As early as the 1950's, capital budgeting processes based on discounted cash flow served as the principal tools for evaluating capital investment proposals for American firms. Buffeted during the late 1970's and 1980's by overseas competition, American firms, supported by innovative researchers, reconsidered capital investment evaluation practices. This paper briefly discusses both past and present manufacturing investment evaluation methods.
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Proctor et al. (1992) studied this question.
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