Periodo de recuperación y su uso en decisiones de inversión
Abstract
A pesar de la creciente adopción de técnicas avanzadas para la toma de decisiones de inversión, el período de recuperación sigue siendo un criterio ampliamente utilizado, incluso cuando la literatura especializada desaconseja su aplicación debido a sus limitaciones. El objetivo de este estudio fue comprender las razones por las cuales las empresas en Colombia recurren al período de recuperación en sus decisiones de inversión. Para ello, se desarrolló un análisis en dos etapas: en la primera, se aplicó una encuesta para identificar si las empresas utilizaban el período de recuperación como criterio de decisión; en la segunda, se realizaron entrevistas en profundidad para explorar las razones subyacentes a dicho uso. Los resultados revelan cuatro hallazgos principales. Primero, el período de recuperación se emplea principalmente como herramienta de gestión para monitorear el flujo de caja, más que como criterio determinante. Segundo, las decisiones suelen fundamentarse en indicadores financieros más sofisticados, como el valor presente neto, la tasa interna de retorno, el retorno sobre la inversión y el costo promedio ponderado de capital. Tercero, el período de recuperación se utiliza con frecuencia como criterio de desempate cuando otras técnicas arrojan resultados similares. Y cuarto, factores no financieros, como consideraciones estratégicas o relaciones interempresariales, también influyen en el proceso de decisión. Se concluye que el período de recuperación cumple un papel limitado en la toma de decisiones de inversión. Su uso generalizado parece responder más a la tradición y la costumbre que a su efectividad como herramienta de análisis. Este hallazgo cuestiona las suposiciones de estudios previos que le otorgan una alta relevancia y subraya la necesidad de enfoques cualitativos para comprender fenómenos organizacionales complejos.
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de Souza, P., Lunkes, R., & Bornia, A. C. (2020). Capital budgeting: a systematic review of the literature. Production, 30, 1–13. https://doi.org/10.1590/0103-6513.20190020
Egbide, B.-C., Uwuigbe, U., & Agbude, G. A. (2013). Capital budgeting, government policies and the performance of SMEs in Nigeria: a hypothetical case analysis. IFE PsychologIA: An International Journal, 21(1), 55–73. https://journals.co.za/doi/10.10520/EJC131393
Gitman, L. J., & Forrester, J. R. (1977). A survey of capital budgeting techniques used by major US firms. Financial Management, 6(3), 66–71. https://doi.org/10.2307/3665258
Gordon, M. J. (1955). The payoff period and the rate of profit. The Journal of Business, 28(4), 253–260. http://www.jstor.org/stable/2351051.
Graham, J., & Harvey, C. (2001). The theory and practice of corporate finance: Evidence from the field. Journal of Financial Economics, 60(2–3), 187–243. https://doi.org/10.1016/S0304-405X(01)00044-7
Graham, J., & Harvey, C. (2002). How do CFOs make capital budgeting and capital structure decisions? Journal of Applied Corporate Finance, 15(1), 8–23. https://doi.org/10.1111/j.1745-6622.2002.tb00337.x
Guest, G., Bunce, A., & Johnson, L. (2006). How many interviews are enough? An experiment with data saturation and variability. Field Methods, 18(1), 59–82. https://doi.org/10.1177/1525822X05279903
Hall, J., & Millard, S. (2010). Capital budgeting practices used by selected listed South African firms. South African Journal of Economic and Management Sciences, 13(1), 85–97. https://doi.org/10.4102/sajems.v13i1.200
Hermes, N., Smid, P., & Yao, L. (2007). Capital budgeting practices: A comparative study of the Netherlands and China. International Business Review, 16(5), 630–654. https://doi.org/10.1016/j.ibusrev.2007.05.002
Holmen, M., & Pramborg, B. (2009). Capital budgeting and political risk: Empirical evidence. Journal of International Financial Management & Accounting, 20(2), 105–134. https://doi.org/10.1111/j.1467-646X.2009.01028.x
Hoskins, C. G., & Mumey, G. A. (1979). Payback: a maligned method of asset ranking? The Engineering Economist, 25(1), 53–65. https://doi.org/10.1080/00137917908902836
Jahnke, H., & Simons, D. (2008). A Rational for the Payback Criterion: An Application of Almost Stochastic Dominance to Capital Budgeting. https://doi.org/10.2139/ssrn.1299584
Kengatharan, L., & Nurullah, M. (2018). Capital investment appraisal practices in the emerging market economy of Sri Lanka. Asian Journal of Business and Accounting, 11(2), 121–150. https://ajba.um.edu.my/index.php/AJBA/article/view/15279
Khalfan, T., & Sturluson, J. Þ. (2018). Corporate finance approaches of Icelandic private firms after the financial crisis. Managerial Finance, 44(11), 1274–1291. https://doi.org/10.1108/MF-05-2017-0167
Khamees, B. A., Al-Fayoumi, N., & Al-Thuneibat, A. A. (2010). Capital budgeting practices in the Jordanian industrial corporations. International Journal of Commerce and Management, 20(1), 49–63. https://doi.org/10.1108/10569211011025952
Kim, B., Shim, E., & Reinschmidt, K. F. (2013). Probability distribution of the project payback period using the equivalent cash flow decomposition. The Engineering Economist, 58(2), 112–136. https://doi.org/10.1080/0013791X.2012.760696
Kim, T., Lee, H., Park, K., & Waggle, D. (2021). Capital budgeting practices: evidence from Korea. Managerial Finance, 47(2), 189–208. https://doi.org/10.1108/MF-05-2020-0238
Kren, L., & Kerr, J. L. (1993). The effect of behaviour monitoring and uncertainty on the use of performance-contingent compensation. Accounting and Business Research, 23(90), 159–167. https://doi.org/10.1080/00014788.1993.9729873
Kvale, S. (1996). Interviews: an introduction to qualitive research interviewing. Sage.
Lam, K. C., Wang, D., & Lam, M. C. K. (2007). The capital budgeting evaluation practices (2004) of building contractors in Hong Kong. International Journal of Project Management, 25(8), 824–834. https://doi.org/10.1016/j.ijproman.2007.03.010
Lazaridis, I. T. (2004). Capital budgeting practices: a survey in the firms in Cyprus. Journal of Small Business Management, 42(4), 427–433. https://doi.org/10.1111/j.1540-627X.2004.00121.x
Lefley, F. (1996). The payback method of investment appraisal: A review and synthesis. International Journal of Production Economics, 44(3), 207–224. https://doi.org/10.1016/0925-5273(96)00022-9
Lima, A. C., da Silveira, J. A. G., Matos, F. R. N., & Xavier, A. M. (2017). A qualitative analysis of capital budgeting in cotton ginning plants. Qualitative Research in Accounting & Management. https://doi.org/10.1108/QRAM-07-2016-0055
MacGillivray, A. (2010). Leadership in a network of communities: a phenomenographic study. The Learning Organization: An International Journal, 17(1), 24–40. https://doi.org/10.1108/09696471011008224
Maquieira, C. P., Preve, L. A., & Sarria-Allende, V. (2012). Theory and practice of corporate finance: Evidence and distinctive features in Latin America. Emerging Markets Review, 13(2), 118–148. https://doi.org/10.1016/j.ememar.2011.11.001
Maroyi, V., & van der Poll, H. M. (2012). A survey of capital budgeting techniques used by listed mining companies in South Africa. African Journal of Business Management, 6(32), 9279–9292. https://doi.org/10.5897/AJBM12.747
McDonald, R. L. (2000). Real options and rules of thumb. In M. J. Brennan & L. Trigeorgis (Eds.), Project flexibility, agency, and competition. New York: Oxford University Press.
Mubashar, A., & Tariq, Y. bin. (2018). Capital budgeting decision-making practices: evidence from Pakistan. Journal of Advances in Management Research, 16(2), 142–167. https://doi.org/10.1108/JAMR-07-2018-0055
Nelson, J. L., & Cook, R. A. (1990). Capital budgeting techniques for small firms. Wayne State College, Department of Business and Economics.
Neuendorf, K. A. (2016). The content analysis guidebook. Sage Publications.
Patton, M. Q. (2002). Qualitative evaluation and research methods. Sage Publications.
Pike, R. (1985). Owner—Manager Conflict and the Role of the Payback Method. Accounting and Business Research, 16(61), 47–51. https://doi.org/1080/00014788.1985.9729294
Pike, R. (1988). An empirical study of the adoption of sophisticated capital budgeting practices and decision-making effectiveness. Accounting and Business Research, 18(72), 341–351. https://doi.org/10.1080/00014788.1988.9729381
Pike, R. (1996). A longitudinal survey on capital budgeting practices. Journal of Business Finance & Accounting, 23(1), 79–92. https://doi.org/10.1111/j.1468-5957.1996.tb00403.x
Rappaport, A. (1965). The discounted payback period. Management Services, 2, 30–36.
Ryan, P. A., & Ryan, G. P. (2002). Capital budgeting practices of the Fortune 1000: how have things changed. Journal of Business and Management, 8(4), 355–364.
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Published
2025-11-24
How to Cite
Lagos Cortés, D., Gómez-Ardila, C., & Tovar Márquez, J. (2025). Periodo de recuperación y su uso en decisiones de inversión. Revista Venezolana De Gerencia, 30(14), 1207-1224. https://doi.org/10.52080/rvgluz.30.especial14.21
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