عنوان مقاله [English]
Investments in capital projects, achieving optimal configuration of assets, and dividends payments are only a few typical decisions
facing corporate financial managers. The impact of these and other similar decisions on the viability of a firm bears witness to
their importance. The types of decisions facing today's financial managers are of the nature that would have important current
and future implications not only on the firms' profitability, but also on its solvency. Consequently, the use of decision aid
techniques would appear prudent to facilitate decision making in these areas.
The primary objective of this survey was to investigate the extent of usage of Financial Management Thechniques (FMT) in
the decision making process of corporations owned or otherwise controlled by the Industrial Development & Renovation Organization of Iran (IDROI), a governmental entity. The data
for the study were collected using validated mailed questionnaires. The questionnaires were administered in two waves and using a
t-test revealed no statistical significant differences among the answers, minimizing the possibility of non-response bias.
The results of the survey showed the sample companies do utilize some of the more common FMT such as ratio analysis,
comprehensive budgeting, and capital budgeting. However, more sophisticated FMT are not being utilized. Specifically, among the
techniques not being employed are those concerned with current assets and current liabilities management, optimal capital
structure decisions, dividends policy considerations, and assets valuations.
The results of the study also identified the perceived importance of each of the FMT as well as the reasons limiting
their use. As for the perceived importance, cash, capital, and operating budgeting are the top three techniques. Among the list
of items limiting the use of FMT, Lack of effective and efficient information system and inexperienced personnel are the two most