Publicação
The relative importance of financial and non-financial analysis in project evaluation – evidence from portuguese firms
| Resumo: | Project appraisal has traditionally put its emphasis on the financial aspects of projects, mainly the quantitative ones, underestimating other areas of analyses where factors of a qualitative nature, intangible and subjective, may also affect the implementation and value of projects. Non financial evaluation supply information about less tangible factors and is expected to identify competitive advantages and risks that financial techniques cannot capture. In general there are few empirical studies addressing these other aspects. Most surveys are addressed to the financial techniques. We have done a survey, aimed at the non financial aspects of projects, which is the base of two papers. In this first paper, we aimed to identify the importance of non financial aspects at the decision making process and the evaluation of projects, and in particular to investigate the practices of Portuguese companies in this field. The results of our study support the importance of incorporating non financial aspects into the appraisal of projects, and show how some of those aspects have greater relevance than that attributed to the financial elements. The study also points to the strategic and technical aspects of projects as the most relevant non financial factors considered by Portuguese firms. The financial analysis, according to the empirical data collected, comes only in third place of importance, both at the appraisal and at the decision-making stages. Commercial factors, showed similar relevance to the financial ones. |
|---|---|
| Autores principais: | Moutinho, Nuno |
| Outros Autores: | Lopes, M.D.S. |
| Assunto: | Investment projects Evaluation Financial analysis Non-financial analysis |
| Ano: | 2011 |
| País: | Portugal |
| Tipo de documento: | comunicação em conferência |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | Instituto Politécnico de Bragança |
| Idioma: | português |
| Origem: | Biblioteca Digital do IPB |
| _version_ | 1867173196537528320 |
|---|---|
| author | Moutinho, Nuno |
| author2 | Lopes, M.D.S. |
| author2_role | author |
| author_facet | Moutinho, Nuno Lopes, M.D.S. |
| author_role | author |
| contributor_name_str_mv | Biblioteca Digital do IPB |
| country_str | PT |
| creators_json_txt | [{\"Person.name\":\"Moutinho, Nuno\",\"Person.identifier.orcid\":\"0000-0002-9242-8324\"},{\"Person.name\":\"Lopes, M.D.S.\"}] |
| datacite.contributors.contributor.contributorName.fl_str_mv | Biblioteca Digital do IPB |
| datacite.creators.creator.creatorName.fl_str_mv | Moutinho, Nuno Lopes, M.D.S. |
| datacite.date.Accepted.fl_str_mv | 2011-01-01T00:00:00Z |
| datacite.date.available.fl_str_mv | 2014-09-25T11:24:18Z |
| datacite.date.embargoed.fl_str_mv | 2014-09-25T11:24:18Z |
| datacite.rights.fl_str_mv | http://purl.org/coar/access_right/c_abf2 |
| datacite.subjects.subject.fl_str_mv | Investment projects Evaluation Financial analysis Non-financial analysis |
| datacite.titles.title.fl_str_mv | The relative importance of financial and non-financial analysis in project evaluation – evidence from portuguese firms |
| dc.contributor.none.fl_str_mv | Biblioteca Digital do IPB |
| dc.creator.none.fl_str_mv | Moutinho, Nuno Lopes, M.D.S. |
| dc.date.Accepted.fl_str_mv | 2011-01-01T00:00:00Z |
| dc.date.available.fl_str_mv | 2014-09-25T11:24:18Z |
| dc.date.embargoed.fl_str_mv | 2014-09-25T11:24:18Z |
| dc.format.none.fl_str_mv | application/pdf |
| dc.identifier.none.fl_str_mv | http://hdl.handle.net/10198/10590 |
| dc.language.none.fl_str_mv | por |
| dc.publisher.none.fl_str_mv | Financial Management Association International |
| dc.rights.none.fl_str_mv | http://purl.org/coar/access_right/c_abf2 |
| dc.subject.none.fl_str_mv | Investment projects Evaluation Financial analysis Non-financial analysis |
| dc.title.fl_str_mv | The relative importance of financial and non-financial analysis in project evaluation – evidence from portuguese firms |
| dc.type.none.fl_str_mv | http://purl.org/coar/resource_type/c_5794 |
| description | Project appraisal has traditionally put its emphasis on the financial aspects of projects, mainly the quantitative ones, underestimating other areas of analyses where factors of a qualitative nature, intangible and subjective, may also affect the implementation and value of projects. Non financial evaluation supply information about less tangible factors and is expected to identify competitive advantages and risks that financial techniques cannot capture. In general there are few empirical studies addressing these other aspects. Most surveys are addressed to the financial techniques. We have done a survey, aimed at the non financial aspects of projects, which is the base of two papers. In this first paper, we aimed to identify the importance of non financial aspects at the decision making process and the evaluation of projects, and in particular to investigate the practices of Portuguese companies in this field. The results of our study support the importance of incorporating non financial aspects into the appraisal of projects, and show how some of those aspects have greater relevance than that attributed to the financial elements. The study also points to the strategic and technical aspects of projects as the most relevant non financial factors considered by Portuguese firms. The financial analysis, according to the empirical data collected, comes only in third place of importance, both at the appraisal and at the decision-making stages. Commercial factors, showed similar relevance to the financial ones. |
| dirty | 0 |
| eu_rights_str_mv | openAccess |
| format | conferencePaper |
| fulltext.url.fl_str_mv | https://bibliotecadigital.ipb.pt/bitstreams/731a5499-7dd0-4c5a-8f77-1dc4aabe2b5e/download |
| id | ipb_4580a11ebaf72beba908bb394db342bb |
| identifier.url.fl_str_mv | http://hdl.handle.net/10198/10590 |
| instacron_str | ipb |
| institution | Instituto Politécnico de Bragança |
| instname_str | Instituto Politécnico de Bragança |
| language | por |
| network_acronym_str | ipb |
| network_name_str | Biblioteca Digital do IPB |
| oai_identifier_str | oai:bibliotecadigital.ipb.pt:10198/10590 |
| organization_str_mv | urn:organizationAcronym:ipb |
| person_str_mv | Moutinho, Nuno Moutinho, Nuno https://www.ciencia-id.pt/CA1B-4924-2BBA CA1B-4924-2BBA http://orcid.org/0000-0002-9242-8324 0000-0002-9242-8324 Lopes, M.D.S. |
| publishDate | 2011 |
| publisher.none.fl_str_mv | Financial Management Association International |
| reponame_str | Biblioteca Digital do IPB |
| repository_id_str | urn:repositoryAcronym:ipb |
| service_str_mv | urn:repositoryAcronym:ipb |
| spelling | porFinancial Management Association InternationalporProject appraisal has traditionally put its emphasis on the financial aspects of projects, mainly the quantitative ones, underestimating other areas of analyses where factors of a qualitative nature, intangible and subjective, may also affect the implementation and value of projects. Non financial evaluation supply information about less tangible factors and is expected to identify competitive advantages and risks that financial techniques cannot capture. In general there are few empirical studies addressing these other aspects. Most surveys are addressed to the financial techniques. We have done a survey, aimed at the non financial aspects of projects, which is the base of two papers. In this first paper, we aimed to identify the importance of non financial aspects at the decision making process and the evaluation of projects, and in particular to investigate the practices of Portuguese companies in this field. The results of our study support the importance of incorporating non financial aspects into the appraisal of projects, and show how some of those aspects have greater relevance than that attributed to the financial elements. The study also points to the strategic and technical aspects of projects as the most relevant non financial factors considered by Portuguese firms. The financial analysis, according to the empirical data collected, comes only in third place of importance, both at the appraisal and at the decision-making stages. Commercial factors, showed similar relevance to the financial ones.application/pdfporThe relative importance of financial and non-financial analysis in project evaluation – evidence from portuguese firmsPersonalMoutinho, NunoDSpacehttp://dspace.org/items/66a63650-20a8-4110-a9f7-7f45fa84c14bDSpacehttp://dspace.org/items/66a63650-20a8-4110-a9f7-7f45fa84c14bMoutinhoNunoCiência IDhttps://www.ciencia-id.ptCA1B-4924-2BBAORCIDhttp://orcid.org0000-0002-9242-8324Scopus Author IDhttps://www.scopus.com57742333300Lopes, M.D.S.HostingInstitutionOrganizationalBiblioteca Digital do IPBe-mailmailto:dspace@ipb.ptdspace@ipb.pt2014-09-25T11:24:18Z20112011-01-01T00:00:00ZHandlehttp://hdl.handle.net/10198/10590http://purl.org/coar/access_right/c_abf2open accessInvestment projectsEvaluationFinancial analysisNon-financial analysis208158 bytesother research producthttp://purl.org/coar/resource_type/c_5794conference paperhttp://purl.org/coar/access_right/c_abf2application/pdffulltexthttps://bibliotecadigital.ipb.pt/bitstreams/731a5499-7dd0-4c5a-8f77-1dc4aabe2b5e/downloadFMA European ConferencePorto, Portugal |
| spellingShingle | The relative importance of financial and non-financial analysis in project evaluation – evidence from portuguese firms Moutinho, Nuno Investment projects Evaluation Financial analysis Non-financial analysis |
| status | SINGLETON |
| subject.fl_str_mv | Investment projects Evaluation Financial analysis Non-financial analysis |
| title | The relative importance of financial and non-financial analysis in project evaluation – evidence from portuguese firms |
| title_full | The relative importance of financial and non-financial analysis in project evaluation – evidence from portuguese firms |
| title_fullStr | The relative importance of financial and non-financial analysis in project evaluation – evidence from portuguese firms |
| title_full_unstemmed | The relative importance of financial and non-financial analysis in project evaluation – evidence from portuguese firms |
| title_short | The relative importance of financial and non-financial analysis in project evaluation – evidence from portuguese firms |
| title_sort | The relative importance of financial and non-financial analysis in project evaluation – evidence from portuguese firms |
| topic | Investment projects Evaluation Financial analysis Non-financial analysis |
| topic_facet | Investment projects Evaluation Financial analysis Non-financial analysis |
| url | http://hdl.handle.net/10198/10590 |
| visible | 1 |