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The aim of this paper was to explore the possible bridging between two areas of capital expenditure budgeting research, i.e. environmental conditions and capital investment modelling, using secondary data, and also to identify fruitful areas of primary research into capital investment decision-making. The modelling indicated a high degree of association between a measure of industry protection and capital investment in the Australian footwear industry. Thus the research was considered to be a relevant indicator of fruitful primary research into the probable relationship between protection, one aspect of the economic and political environment of footwear manufacturers, and capital expenditure budgeting processes.

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