This purpose of this paper was to analyze the process of capital investment (machines and equipment) from the perspective of a multiple case study. From a qualitative and exploratory approach toward the data, a content analysis was used, a method that allowed identifying distinctive features of each unit investigated and making inferences about reasons, causes, and motivations. The results point to a more managerial approach targeted towards attempting to ensure satisfactory operating results in the short term. Hence, most of the gins investigated seem to be more susceptible to the uncertainties of the environment in which they operate since there is a limited consideration of the possibilities that investments might bring to them, as well as an inherent risk management approach; behavioral aspects such latency were verified in investment decisions performed by the managers interviewed.
Capital budgeting; Productive investments; Cotton gins; Managerial risk; Content analysis
