Budgeting Research from Traditional Investment Appraisal Towards Strategic and Sustainable Approaches- A Systematic Literature Review

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Penelitian mengenai capital budgeting decision mengalami perkembangan yang signifikan seiring dengan meningkatnya kompleksitas lingkungan bisnis, transformasi digital, serta tingginya tuntutan terhadap pengambilan keputusan investasi yang lebih strategis. Meskipun demikian, berbagai penelitian terdahulu masih didominasi oleh pembahasan mengenai efektivitas metode evaluasi investasi secara parsial tanpa memberikan sintesis konseptual yang komprehensif mengenai arah evolusi kajiannya. Oleh karena itu, penelitian ini bertujuan untuk memetakan perkembangan literatur, mengidentifikasi tren penelitian, mensintesis tema-tema utama, serta merumuskan agenda penelitian masa depan terkait capital budgeting. Menggunakan pendekatan Systematic Literature Review (SLR) berdasarkan pedoman PRISMA 2020, sebanyak 20 artikel dari jurnal terakreditasi SINTA dan bereputasi internasional periode 2020–2026 dianalisis melalui thematic analysis dan narrative synthesis. Hasil penelitian menunjukkan bahwa kajian berkembang melalui empat fase utama, yakni Traditional Investment Appraisal, Performance-Oriented, Risk-Based, hingga Strategic and Sustainable Capital Budgeting. Ditemukan pergeseran fokus dari sekadar penggunaan teknik konvensional seperti Net Present Value dan Internal Rate of Return menuju integrasi manajemen risiko, teknologi Big Data, serta kriteria Environmental, Social, and Governance (ESG). Penelitian ini memberikan kontribusi nyata melalui penyusunan model evolusi dan agenda riset komprehensif yang bermanfaat bagi akademisi maupun praktisi di masa mendatang.

Research regarding capital budgeting decisions has experienced significant development alongside the increasing complexity of the business environment, digital transformation, and demands for strategic investment decisions. Despite these advancements, previous studies remain dominated by discussions on the effectiveness of evaluation methods without providing a comprehensive conceptual synthesis regarding the evolutionary direction. Therefore, this research aims to map literature developments, identify research trends, synthesize themes, and formulate a future research agenda related to capital budgeting. Using a Systematic Literature Review (SLR) approach based on the PRISMA 2020 guidelines, 20 articles from SINTA-accredited and internationally reputable journals for the 2020–2026 period were analyzed through thematic analysis and narrative synthesis. The results show that the study develops through four main phases: Traditional Investment Appraisal, Performance-Oriented, Risk-Based, and Strategic and Sustainable Capital Budgeting. Furthermore, a focus shift was found from conventional techniques like Net Present Value and Internal Rate of Return towards theintegration of risk management, Big Data technology, and Environmental, Social, and Governance (ESG) criteria. This study provides a tangible contribution by developing a comprehensive evolutionary model and research agenda beneficial for both academics and practitioners.