STOCK EXCHANGE LISTING INDUCES SOPHISTICATION OF CAPITAL BUDGETING

This article compares capital budgeting techniques employed in listed and unlisted companies in Brazil. We surveyed the Chief Financial Officers (CFOs) of 398 listed companies and 300 large unlisted companies, and based on 91 respondents, the results suggest that the CFOs of listed companies tend to use less simplistic methods more often, for example: NPV and CAPM, and that CFOs of unlisted companies are less likely to estimate the cost of equity, despite being large companies. These findings indicate that stock exchange listing may require greater sophistication of the capital budgeting process.

Group participative budgeting: The effect of information asymmetry on group work standards

The complexity of many organizational tasks requires perspectives, expertise, and talents that are often not found in a single individual. Organizations have therefore been placing employees into groups, assigning them to tasks they would formally have undertaken individually. The use of these groups, known as workgroups, has become an important strategy for managing this increased complexity. Empirical research on participative budgeting however has been limited almost exclusively to individuals. This dissertation empirically examines the effect of the information that management and workgroups have about group members' performance capabilities, on the work standards that workgroups select during the participative budgeting process. ^ A laboratory experiment was conducted in which two hundred and forty undergraduate business students were randomly assigned to three-member groups. The study provides empirical evidence which suggests that when management is unaware of group members' performance capabilities, workgroups select higher work standards and have higher performance levels than when management is aware of their performance capabilities. ^

Participative Budgeting and Participant Motivation: A Review of the Literature

In their discussion - Participative Budgeting and Participant Motivation: A Review of the Literature - by Frederick J. Demicco, Assistant Professor, School of Hotel, Restaurant and Institutional Management, The Pennsylvania State University and Steven J. Dempsey, Fulton F. Galer, Martin Baker, Graduate Assistants, College of Business at Virginia Polytechnic Institute and State University, the authors initially observe: “In recent years behavioral literature has stressed the importance of participation In goal-setting by those most directly affected by those goals. The common postulate is that greater participation by employees in the various management functions, especially the planning function, will lead to improved motivation, performance, coordination, and functional behavior. The authors analyze this postulate as it relates to the budgeting process and discuss whether or not participative budgeting has a significant positive impact on the motivations of budget participants.” In defining the concept of budgeting, the authors offer: “Budgeting is usually viewed as encompassing the preparation and adoption of a detailed financial operating plan…” In furthering that statement they also furnish that budgeting’s focus is to influence, in a positive way, how managers plan and coordinate the activities of a property in a way that will enhance their own performance. In essence, framing an organization within its described boundaries, and realizing its established goals. The authors will have you know, to control budget is to control operations. What kind of parallels can be drawn between the technical methods and procedures of budgeting, and managerial behavior? “In an effort to answer this question, Ronen and Livingstone have suggested that a fourth objective of budgeting exists, that of motivation,” say the authors with attribution. “The managerial function of motivation is manipulative in nature.” Demicco, Dempsey, Galer, and Baker attempt to quantify motivation as a psychological premise using the expectancy theory, which encompasses empirical support, intuitive appeal, and ease of application to the budgetary process. They also present you with House's Path-Goal model; essentially a mathematics type formula designed to gauge motivation. You really need to see this. The views of Argyris are also explored in particular detail. Although, the Argyris study was primarily aimed at manufacturing firms, and the effects on line-supervisors of the manufacturing budgets which were used to control and evaluate their performance, its application is relevant to the hospitality industry. As the title suggests, other notables in the field of behavioral motivation theory, and participation are also referenced. “Behavioral theory has been moving away from models of purported general applicability toward contingency models that are suited for particular situations,” say the authors in closing. “It is conceivable that some time in the future, contingency models will make possible the tailoring of budget strategies to individual budget holder personalities.”

O plano plurianual municipal no sistema de planejamento e or??amento brasileiro

A partir da perspectiva do New Public Financial Management, o artigo traz os aspectos t??cnicos e pol??ticos que permearam o desenvolvimento do sistema de planejamento e or??amento brasileiro. Considerando os condicionantes dos momentos hist??ricos que interferiram em seu desenvolvimento, s??o identificadas caracter??sticas pol??ticas, t??cnicas e metodol??gicas incidentes no controle financeiro, nas melhorias administrativas, no planejamento e, finalmente, na tend??ncia participativa decorrente da amplia????o de espa??os democr??ticos. Em seguida, s??o apresentados o tratamento constitucional dado ao Plano Plurianual e o aperfei??oamento do sistema de planejamento e or??amento trazido pela Lei de Responsabilidade Fiscal. S??o destacadas, para o caso municipal, as inova????es contidas no Estatuto da Cidade, com reflexos no Plano Plurianual Municipal. Ressalta-se a import??ncia do processo de planejamento e or??amento na execu????o das pol??ticas p??blicas, enfatizando as dificuldades ainda existentes quanto ?? regula????o do sistema de planejamento e or??amento para permitir o imbricamento dessas pol??ticas entre as tr??s esferas federativas.

Estudo de Caso: Processos de orçamentação de obras

O relatório inserido na Unidade Curricular de DIPRE do Mestrado em Engenharia Civil do ISEP e desenvolvido no âmbito do estágio curricular realizado na HESPOR – Construções Lda, tem como objetivo caraterizar o mercado nacional da construção civil, os procedimentos da orçamentação, analisando os seus processos no âmbito dos concursos públicos em Portugal. Deste modo, o relatório tem por base a importância da orçamentação na construção civil e a caraterização do mercado da construção na atual situação financeira que o País se depara. Em seguida foi realizado um estudo da arte sobre os temas de custos e orçamentos, e ainda uma abordagem aos custos associados à construção civil. Depois de analisada toda a metodologia inerente à orçamentação, são caraterizados os processos das empresas do grupo para o ato de orçamentação. Foi abordado um estudo de caso para demonstrar como é elaborado o ato de orçamentação e foi realizada uma análise em função das propostas apresentadas com o intuito de afinar o processo de orçamentação de forma a tornar a proposta competitiva mas salvaguardando sempre a viabilidade, que é a estratégia adotada pela empresa.

Summary of FY 2014 Budget and Governor's Recommendations, January 17, 2013

The purpose of this document is to provide the General Assembly with information related to FY General Fund estimated receipts and the Governor’s recommendations. This information provides an overall summary of the State budget and is intended to help the General Assembly take a proactive approach toward the budgeting process.

Summary of FY 2013 Budget and Governor's Recommendations, January 12, 2012

The purpose of this document is to provide the General Assembly with information related to FY General Fund estimated receipts and the Governor’s recommendations. This information provides an overall summary of the State budget and is intended to help the General Assembly take a proactive approach toward the budgeting process.

Summary of FY 2012 and FY 2013 Budget and Governor's Recommendations, January 31,2011

The purpose of this document is to provide the General Assembly with information related to FY General Fund estimated receipts and the Governor’s recommendations. This information provides an overall summary of the State budget and is intended to help the General Assembly take a proactive approach toward the budgeting process.

Summary of FY 2010 Budget and Governor's Recommendations, January 2009

The purpose of this document is to provide the General Assembly with information related to FY General Fund estimated receipts and the Governor’s recommendations. This information provides an overall summary of the State budget and is intended to help the General Assembly take a proactive approach toward the budgeting process. Revised document attached: ****including allocation of ARRA (federal stimulus) funds****

Summary of FY 2009 Budget and Governor's Recommendations, January 2008

The purpose of this document is to provide the General Assembly with information related to FY General Fund estimated receipts and the Governor’s recommendations. This information provides an overall summary of the State budget and is intended to help the General Assembly take a proactive approach toward the budgeting process.

Summary of FY 2008 Budget and Governor's Recommendations, January 2007

The purpose of this document is to provide the General Assembly with information related to FY General Fund estimated receipts and the Governor’s recommendations. This information provides an overall summary of the State budget and is intended to help the General Assembly take a proactive approach toward the budgeting process.

Summary of FY 2007 Budget and Governor's Recommendations, January 2006

The purpose of this document is to provide the General Assembly with information related to FY General Fund estimated receipts and the Governor’s recommendations. This information provides an overall summary of the State budget and is intended to help the General Assembly take a proactive approach toward the budgeting process.

Summary of FY 2006 Budget and Governor's Recommendations, January 2005

The purpose of this document is to provide the General Assembly with information related to FY General Fund estimated receipts and the Governor’s recommendations. This information provides an overall summary of the State budget and is intended to help the General Assembly take a proactive approach toward the budgeting process.

Summary of FY 2005 Budget and Governor's Recommendations, January 2004

The purpose of this document is to provide the General Assembly with information related to FY General Fund estimated receipts and the Governor’s recommendations. This information provides an overall summary of the State budget and is intended to help the General Assembly take a proactive approach toward the budgeting process.

Summary of FY 2004 Budget and Governor's Recommendations, January 2003

The purpose of this document is to provide the General Assembly with information related to FY General Fund estimated receipts and the Governor’s recommendations. This information provides an overall summary of the State budget and is intended to help the General Assembly take a proactive approach toward the budgeting process.