01133naa a2200169 a 450000100080000000500110000800800410001910000200006024500720008026000090015252006090016165300320077065300240080265300260082670000140085277300970086620036022015-01-07       2014    bl uuuu     u00u1 u    #d1 aSILVA, W. M. da  aStock exchange listing induces sophistication of capital budgeting.  c2014  aThis article compares capital budgeting techniques employed in listed and unlisted companies in Brazil. We surveyed the Chief Financial Officers (CFOs) of 398 listed companies and 300 large unlisted companies, and based on 91 respondents, the results suggest that the CFOs of listed companies tend to use less simplistic methods more often, for example: NPV and CAPM, and that CFOs of unlisted companies are less likely to estimate the cost of equity, despite being large companies.  These findings indicate that stock exchange listing may require greater sophistication of the capital budgeting process.  aAdministração de empresas  aControle financeiro  aOrçamento de capital1 aSAITO, R.  tRevista de Administração de Empresas, São Paulogv. 54, n. 5, p. 560-574, set./out. 2014.