Analyzing the Development of Capital Budgeting Methods in Investment Decision Making: A Systematic Literature Review

The purpose of this study is to analyze the development of capital budgeting methods in investment decision-making, focusing on the application and evaluation of various methods used in an increasingly complex and dynamic context. This research uses a literature review approach, where the researcher gathers references that discuss the same theme. The literature sources used were obtained from various journal publications with a focus on works published between 2019 and 2024. This approach aims to explore the latest insights regarding the concepts and applications of capital budgeting in relevant contexts. This study indicates that the development of capital budgeting methods in investment decision-making increasingly reflects the complexity and need to adapt to various external factors. In addition to financial aspects, social value and the strategic goals of a company have also become important considerations in evaluating the feasibility of a project. Methods such as NPV, IRR, and SROI are increasingly used to provide a more comprehensive picture of the financial and social impacts of investments. Therefore, capital budgeting continues to evolve to support sustainability and create value for stakeholders in an increasingly dynamic context.