Predicting the Influence of Travel Web Site Effectiveness Characteristics on Technology Acceptance and its Marketing Implications

Norzalita Abd Aziz, Ainin Sulaiman, Ghazali Musa

Abstract


This paper is intended to examine the capital budgeting practices of listed companies in Malaysia. A comparison is made between the Main Board and Second Board companies with respect to the techniques used in evaluating major capital investment projects. In achieving the intended purpose, 356
questionnaires were sent to companies listed on the Main Board and 254 to the Second Board of nine industrial sectors of Bursa Malaysia. Descriptive and inferential statistics were used to analyze the data. The results of the study indicate prevalent use of the payback and the accounting rate of return (ARR) techniques in evaluating major capital  investment projects. This is followed by the net present value (NPV) and the internal rate of return (IRR) methods. Large and small companies in an emerging market such as
Malaysia prefer a simpler and less sophisticated technique in the assessment of major investment projects. This is inconsistent to the proposition that the theory-practice gap has narrowed in recent years. As for the non financial
criteria 22.9% of the Main Board companies used such evaluation in their project assessments. This is not observed in the Second Board companies which are considered to be smaller than the Main Board companies. With respect to the usage frequency of the financial analysis techniques, the more complicated the technique, such as the IRR, the higher are the percentages of the smaller companies not using or rarely used the method.
ABSTRAK
Artikel ini bertujuan untuk meneliti amalan belanjawan modal bagi syarikat tersenarai di Malaysia. Perbandingan tentang teknik yang digunakan dalam menilai projek utama pelaburan modal dibuat di antara syarikat yang berada di Papan Utama dan Papan Kedua. Bagi mencapai matlamat
tersebut, sebanyak 356 borang soal selidik dihantar kepada syarikat tersenarai di Papan Utama dan 254 kepada syarikat tersenarai di Papan Kedua dalam sembilan sektor industri di Bursa Malaysia. Statistik deskriptif dan inferens digunakan untuk menganalisis data. Keputusan kajian menunjukkan penggunaan yang ketara bagi tempoh bayar balik dan kadar
pulangan perakaunan dalam menilai projek utama pelaburan modal. Ianya diikuti dengan kaedah nilai masa kini (NPV) dan kadar pulangan dalaman (IRR). Syarikat besar dan kecil dalam pasaran membangun seperti Malaysia lebih mengutamakan teknik yang mudah dan kurang canggih dalam menilai projek pelaburan utama. Ianya tidak sejajar dengan usul yang menyatakan jurang amalan-teori semakin berkurangan kebelakangan ini. Bagi kriteria bukan kewangan, 22.9% syarikat di Papan Utama menggunakan kaedah
penilaian ini dalam menilai projek. Ianya tidak diamalkan di kalangan syarikat Papan Kedua yang lebih kecil daripada syarikat Papan Utama. Bagi kekerapan penggunaan teknik analisis kewangan, semakin kompleks teknik tersebut (contohnya IRR), semakin tinggi peratusan syarikat kecil
tidak menggunakan atau jarang menggunakan kaedah berkenaan.


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