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The development of discounted cash flow and profitability of investment in France in the 1960s

Pezet, Anne (1997), The development of discounted cash flow and profitability of investment in France in the 1960s, Accounting History Review, 7, 3, p. 367-380. http://dx.doi.org/10.1080/095852097330685

Type
Article accepté pour publication ou publié
Date
1997
Journal name
Accounting History Review
Volume
7
Number
3
Publisher
Routledge
Pages
367-380
Publication identifier
http://dx.doi.org/10.1080/095852097330685
Metadata
Show full item record
Author(s)
Pezet, Anne
Abstract (EN)
The methods and concepts of the history of technology can make a contribution to the history of management techniques. The model developed by Hughes (1983) to trace the history of a technique from the invention phase to the stabilization phase can provide a useful tool of analysis. The history (until now written exclusively in Anglo-Saxon terms) of the slow adoption by rms of the very old technique of discounting, in order to evaluate investments, can be discussed within a new framework. In France the innovation phase took place very early, as a result of a long tradition of economic calculation. The French case demonstrates the link between management innovation and the social and economic environment. This link appears to be more in accord with Gille’s ‘loose determinism’ than with any rigid causality.
Subjects / Keywords
Discounted Cash Flow; adaptation; innovation; actualization; socio-economic context
JEL
M41 - Accounting
G31 - Capital Budgeting; Fixed Investment and Inventory Studies; Capacity

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