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The feasibility and viability appraisal technique is becoming increasingly crucial in the planning systems, theory, applications and outputs for property development and project investments. This paper aims to account for the findings of the practices associated with risk in the feasibility and viability appraisal process. Also, it examines the need for a practical framework for conducting a feasibility and viability appraisal, which can be employed by estate surveyors and valuers in Nigeria

This study adopted purposive sampling techniques to administer 240 sets of questionnaires, out of which 210 sets were well-thought-out to be useable for the analysis after data screening. Statistical package for social sciences (SPSS), structural equation modelling (SEM) and analysis of movement structures (AMOS) were the main analytical tools used to carry out the reliability test, normality test, exploratory factor analysis, confirmatory factor analysis, measurement and structural model.

The analysis results indicated that the P-values of the various forms of concepts of risks in feasibility and viability appraisal process (preparation) for property development and the investment market was statistically significant: technological factor - 0.000; political factor- 0.000 and economic factor- 0.000. However, a non-significant effect was found with socio-environmental factors on the preparation of housing development appraisal with P-value 0.155, and that risk management is neither holistically implemented in the feasibility and viability appraisal process nor extensively taken into cognisance.

This paper reports the results of the practices among estate surveyors and valuers in regarding the risk associated in the preparation stages of the feasibility and viability appraisal process

There are limited studies that suggest risk management factors in the appraisal reports for property development. Although previous studies have identified the risk factors, there is a lack of emphasis on management, which entails identification, assessment, monitoring and control. This study, therefore, recommends the incorporation of risk management into the feasibility and viability appraisal process implemented by estate surveyors and valuers. It is envisaged that the process will protect investors from the potential risk factors associated with investments in property development.

The study highlighted the need for practical or empirical research to be used to assess the significant risk factors that are needed to be reflected in the preparation stages of the feasibility and viability appraisal conduct of estate surveyors and valuers in Abuja, Nigeria.

The purpose of this paper is to identify current practice in respect of the appraisal of both information communication technology (ICT) and non‐ICT capital investments, and to elicit the opinions of senior executives on the various issues concerning such investment practices.

Empirical research based on data from a postal questionnaire, designed around a factual and attitudinal survey.

This research presents evidence of the financial and risk assessment models used by practitioners in the appraisal of both ICT and non‐ICT capital projects. It shows that there was no significant difference between ICT and non‐ICT appraisals in this respect. It does, however, show that there are significant differences between the two types of projects in respect to other important appraisal/evaluation issues. It also uncovers important issues regarding ICT globalisation, project champions, post audits and appraisal teams.

This research does not identify the approach adopted, or the models used, to appraise strategic issues. This is an area for future research.

This research presents data that will assist both practitioners and academics in a greater understanding of the appraisal of both ICT and non‐ICT projects, which will pave the way to better decision making in the future.

It is believed that this is possibly the only survey to simultaneously address the appraisal issues concerning both ICT and non‐ICT projects.

Mergers and acquisitions (M&A) are arguably one of the CEOs greatest challenges, and there is a critical need to get these decisions right. It is clear that no single theory is adequate to describe or inform how M&A are evaluated in uncertain conditions, but there are several that offer partial explanations or at least contribute toward our understanding of how managers can deal with the uncertain environment and assess the likely risks associated with M&A. The literature suggests how relevant theories might be aggregated to make sense of strategic investment decision and investment appraisal techniques in an organizational context and considers the implications for further research in this important area of M&A. This chapter focuses on strategic investment appraisal, and draws together a variety of theoretical perspectives, especially from the field of psychology, which may be unfamiliar to both scholars in and practitioners.

The purpose of this study/paper is evidence to suggest that information communication technology (ICT) capital projects are different from non-ICT projects and that as a result the appraisal of such projects is more difficult. This may suggest that organisations would use dissimilar financial and risk assessment models or place different importance levels on such models between the two types of investment. The purpose of this paper is to investigate this issue and present the results of research into the practices of organisations in Czech Republic that have recently undertaken an appraisal of both ICT and non-ICT capital projects.

A factual and attitudinal survey was developed and conducted during the end of 2011, addressed to organisations based in the Czech Republic. The object of the survey was the identification of current practices in respect of the appraisal of both ICT and non-ICT projects and the opinions of senior executives on a number of important issues regarding such practices. This paper focuses on the issues relating to ICT projects being “different” from non-ICT projects.

The empirical findings support the literature in that ICT projects are, in many respects, different from non-ICT projects. However, the evidence indicates that, in practice, there is no significant difference in the financial and risk assessment models used in their appraisal. This indicates that any perceived difficulties, which may infer that the projects are “different”, are overcome (or ignored), to some extent, when it comes to the formal financial and risk assessment stage of project appraisal. There is also evidence to suggest that practitioners use assessment models that academics regard as unsophisticated. The findings also show that strategic issues are more important with respect of ICT projects than non-ICT projects. The research therefore supports the view that ICT projects are perceived to be different, but that the current conventional (financial and risk) appraisal models are adequate to appraise such capital projects, provided they are supported by a strategic assessment.

As the findings are based on a survey of companies in the Czech Republic only, we accept that the research results may have some limitations in terms of drawing general conclusions. The concern over drawing general conclusions is also brought about by the relatively low response rate, although the rate is in line with previous published research.

ICT projects are different and as such these differences must be taken into account when appraising capital projects. The evidence supports the need for practitioners to review their appraisal of ICT capital projects, by adopting more sophisticated financial and risk models (as prescribed by academics) and linking their appraisal to corporate strategic goals. Future research should be aimed at identifying the formal and informal strategic approaches adopted by practitioners in the appraisal of ICT capital projects.

This is the only survey to simultaneously address the appraisal issues concerning both ICT and non-ICT projects in the Czech Republic. As such, it gives a valuable insight into the practices of Czech Republic organisations in their appraisal of ICT and non-ICT capital projects. The identification of the four main problem areas with respect to the appraisal of ICT projects will help to focus academic research in the future.

This paper traces an eight‐year journey along a research path in identifying the need for conception, development, and pragmatic evaluation of a new capital investment appraisal model – the financial appraisal profile (FAP) model. In many cases, existing research in developing new financial models is limited to theoretical conception rather than testing of these models in the real world. This papers sets out to address that issue.

The research methodology draws heavily on philosophical pragmatism. The paper traces a clear path, starting from the firm foundation of earlier studies, questionnaire feedback from presentations of the model, and two case studies.

The three‐stage pragmatic evaluation of the FAP model establishes the support for the model in both the academic and practical world.

Although the first two stages in the evaluation of the model may be susceptible to systemic bias, the final evaluation in practical application of the model provides credible evidence for its pragmatic support.

It is hoped that this paper will encourage other researchers to be more pragmatic in their research methodology and that practitioners will find the FAP model more effective than their existing capital investment appraisal methods/procedures.

The pragmatic diversity of the research methodology presented in this paper gives management accounting researchers’ an insight into one particular researcher's approach to such a complex issue.

Despite the advantages that the VoFI approach offers compared with traditional capital budgeting methods, its application for the appraisal of information technology (IT) and information systems (IS) investments in both research and practice is not widespread to date. Given the static nature of the generic VoFI table, the method reaches its limits in its financial plan form because it is unable to investigate the dynamic behaviour of complex investment calculations. To date, there has been no attempt to address these shortcomings to advance the use of VoFI as a useful and valid capital budgeting method in finance and accounting. Therefore, the purpose of this study is to address this research gap and aim at developing a ‘dynamic’ VoFI model that integrates all input variables and target measures of a VoFI table and visualises the causal relationships among these variables.

The ‘dynamic’ VoFI model is developed through System Dynamics (SD) modelling to enhance the strength of the VoFI concept as an instrument for visualising the financial implications of investments in IT and IS at the corporate level. Case study research is used as a research method to study the behaviour of the developed model. The validity of the model is demonstrated by conducting simulation runs in Vensim software. In addition, probabilistic sensitivity analyses are performed to account for the impact of uncertainty on the main model variables.

The results demonstrate the usefulness of SD modelling for extending the generic VoFI concept by integrating risk analyses and providing a new strategy of data analysis and data presentation different from the typical financial plan form. Furthermore, the dynamic VoFI model enables the visualisation of interdependencies among the various variables incorporated in the VoFI financial plan, which significantly enhances the conceptual understanding of the investment and its financial consequences.

The integration of the VoFI concept into an SD model helps researchers and practitioners to enhance their conceptual understanding of this method. This thus increases its acceptance and popularity as a practical capital budgeting method, especially for the financial assessment of IT and IS investments. The VoFI model proposed in this paper should also enable analysts and decision makers to become more conscious of the interdependencies between the assumptions made for an appraisal and the quantitative results.

This paper aims to examine how capital investment projects are appraised in Lebanon; whether the risk is incorporated into this process by Lebanese firms and the impact of political risk on the capital budgeting process.

This paper uses a questionnaire survey to investigate the capital budgeting practices of companies located in Lebanon, which is a country characterised by a high level of political risk.

Lebanese companies tend to use more than one method of investment appraisal and, increasingly, they are using sophisticated discounted cashflow techniques alongside the payback period. The most widely used methods to evaluate risk include scenario and sensitivity analysis. Finally, political risk plays an important role in the capital budgeting processes of Lebanese companies.

The paper reports on whether the methods of capital investment appraisal used throughout advanced Western economies are used in the context of an emerging economy. In addition, Lebanon is an ideal research site to study capital budgeting as the conflicts in the country of the past 50 years have required sizeable new expenditure on capital projects; the country is characterised by high levels of political risk which may lead corporate managers to use different approaches to investment appraisal and it provides an opportunity to study capital budgeting decisions by private, unlisted firms.

This paper aims to examine the connection between appraisals of investment properties and earnings properties in companies from two perspectives: what kinds of companies employ the most reputable appraisers and how appraisers produce estimations.

The research uses annual reports of European Union (EU) publicly traded real estate companies and examines the period 2007-2016.

The contribution of this study lies in establishing that some indicators and features of real estate companies affect the choice of appraiser and also in illustrating differences in the results of property valuations. In short, smaller companies with weaker performance are less willing to use external valuation, and external appraisers produce more conservative estimations for investment properties.

The research produces beneficial information for investors and other stakeholders interested in the real estate industry.

This is the first novel study to examine the link between appraisals of investment properties and earnings properties in companies in detail.

The purpose of this paper is to investigate equity appraisal techniques employed by non‐professional investors from the Central European emerging stock market (CEESM) of Poland. The paper examines investment decision‐making processes in the context of the current financial crisis in a pioneering attempt to shed some light on crisis‐induced changes in investment strategies. In addition, the study tests the usefulness and predictive abilities of analytical tools employed by non‐professional investors when faced with unstable stock‐market conditions.

Questionnaires and experiments conducted with a large group of Polish investors – trading equities in their home market – in order to gain information on the most commonly used investment strategies. Their views are contrasted with similarly obtained opinions expressed by UK non‐professional investors to highlight differences in approaches to investments. Finally, a series of semi‐structured interviews was conducted to discuss how the current financial crisis has affected investment strategies among Polish and UK investors.

Technical analysis (TA) is the preferred tool utilized by non‐professional investors in Poland. However, the current financial crisis caused the majority of Polish practitioners to adopt fundamental analysis which, in this case, is undertaken to support initial conclusions derived from TA. At this point, investees' financial statements coupled with analyses of the main macroeconomic indicators for CEESMs became the main source of decision‐influencing information.

The paper addresses an area which is gaining in importance and is of interest to both practitioners and service providers for non‐professional investors. Further investigation is recommended of nascent challenges to investing in CEESMs with practical implications for policy makers and investors.

The current paper refers to the global financial crisis which occurred in the years 2008‐2010. To date, there are no previous studies devoted to an investigation of how investors' trading strategies were influenced by the international financial crisis. Moreover, there are relatively few studies which target practitioners from CEESMs. The paper focuses on the non‐professionals, as this group of investors seems to be relatively under‐researched. Therefore, a number of important implications can be drawn from the current paper with regard to investment strategies tailored to overcome a financial crisis.

Investment in manufacturing is important to sustained UK economic recovery, quality of life and national economic standing. Considers results from a survey of UK manufacturers on influences on capital investment, the appraisal methods used and the impact of recent changes, particularly in interest rates. Compares results with the Bank of England and CBI surveys and studies of appraisal methodology. Outcomes include the finding that UK interest rates are not seen by most manufacturers as an important influence on their investment decisions. Examines the effects of factors such as inflation, taxation and the UK and EU economic outlooks. Responses confirm near universal usage of the payback method in financial appraisals and widespread use of multiple criteria. Looks at UK investment in advanced manufacturing technology (AMT) and what allowances are made for intangible benefits. Considers a number of aspects of short‐ termism and concludes that the Cadbury recommendations are unlikely to have a major impact.