Reflective and cognitive perspectives on international capital budgeting

摘要: Purpose The purpose of this paper is to develop a framework for an enlightened management and governance praxis against backdrop cognitive motivational biases promoting reflected international capital budgeting decision process. Furthermore, societally relevant questions are raised whether these might have effect on various stakeholders in public–private partnerships. Recurring failures business investments motivate reflective, socio-constructivist perspectives the process. Design/methodology/approach Based interdisciplinary literature review substantiated by empirical studies, flaws process discussed making use five-stage scheme. The article applies interpretative paradigm regards stages as socio-political reality construction critically assesses motives its actors. Consequently, authors discuss three principle-based behavioural rationalisation factors. Findings International not rational choice but social reality. Reflective prudence, critical communication independence factors which could, if applied along five process, systematically lead de-biasing thus enhance performative investment decisions. Research limitations/implications The deals with future scenarios under uncertainty assessment potential success failure projects. defined (or any other) subject cultural can naturally guarantee successful Although application tactics was empirically confirmed, aggregated been tested. Practical implications The aimed at enhancing reflective understanding practical recommendations explicitly elaborated practitioners. Social implications Societally systematic Especially large projects, where capturing private value be boosted actively exploiting public makers, active stakeholder engagement could ecological investments. Originality/value The provides rare It reflects it repercussions develops enhancement praxis.