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The major purpose of the study was to determine the extent to which capital budgeting is being utilized as a tool for optimum investment analysis in manufacturing companies in Enugu and Anambra States. The study adopted a survey research design. Seven specific purposes were developed in line with the major purpose of the study. The study answered seven research questions and tested five hypotheses at 0.05 level of significance. The population for the study consisted of 552 management staff of the 138 registered manufacturing companies operating in Enugu and Anambra Sates. Stratified random sampling technique was used to select a total of 336 management staff of 84 manufacturing companies which therefore constituted the sample. The questionnaire was structured on a 5-point rating scale and was validated by five experts; two from the Department of Vocational Teacher Education, University of Nigeria, Nsukka; two from Accountancy Department of University of Nigeria, Enugu Campus and one professional Accountant from Bursary Department of the University of Nigeria, Nsukka. Their suggestions were incorporated to improve the final draft of the instrument used for the study. Cronbach Alpha reliability coefficient of 0.95 was obtained for the entire items in the instrument. While the 7 clusters had Cronbach Alpha coefficients of 0.959, 0.953, 0.967, 0.932, 0.972, 0.940 and 0.984 respectively. A total of 320 of the 336 copies of the questionnaire administered were retrieved representing about 95% retrieval. The data collected were analyzed using frequency, percentage and mean for answering the seven research questions while t-test statistic and analysis of variance (ANOVA) were used in testing the five null hypotheses at 0.05 level of significance and 318 degree of freedom (df) for the t-test statistic. The major findings of the study were: 1) capital budgeting decision processes were used to a little extent to aid corporate planning; 2) management complied to a little extent with the use of capital budgeting techniques for investment analysis; 3) balancing strategic management consideration with capital budgeting evaluative techniques will improve on effective use of capital budgeting for investment analysis. It was concluded that manufacturing companies utilized non discounted investment evaluation techniques to a great extent for investment decisions. Based on the findings and conclusion, it was recommended that management should ensure the use of discounted capital budgeting techniques for investment analysis, and allow financial managers free hand in project evaluation and selection.


Background of the Study

A company is a form of business organization, a corporate body or a corporation, generally registered under the company’s Act or similar legislations. It is a legal entity, created under an enabling law of the government, having unlimited life span and limited liability. Igben (2007) defines a company as a body corporate, having a distinct legal personality created by or under an enabling statute of the government. A company is a form of business organization, whose characteristics include; limited liability, corporate body, right to sue or be sued, enter into contracts, owe debts, pay debts, pay taxes, pay dividend from earnings, and neither the death nor the bankruptcy of any of its members can force it to liquidate (Chartered Institute of Management Accountants (CIMA), 2004).

Manufacturing companies are companies that convert raw materials and component parts into consumer, and or industrial goods (Garner, 2001). Manufacturing companies are companies that engage in production (i.e. business organizations which creates utility). The manufacturing sub-sector can be classified based on two major sub-division; either in accordance with area of coverage, or in relation to its capital base. Based on area of coverage, four distinct groups are identified, namely: the multi-nationals, the nationals, the regional and the local manufacturing companies. Based on size of capital, four companies can be identified, namely: the micro cottage, the small scale, the medium scale, and the large scale manufacturing companies.


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