“…Source: Prepared by the author Some researchers, instead of focusing on a single home country, studied multiple countries worldwide (Bertelli and John, 2013;Ermasova and Mikesell, 2019;Lewis and Osterman, 2011;Srithorgung, Ermasova, and Yusuf, 2019;Stanley and Block, 1984;van der Hoek, 1996). Several studies analyze capital spending decisions in the USA (e.g., Balsdon, Bruner, and Rueben, 2003;Chen, 2014Chen, , 2016Chen, , 2017Chen and Bartle, 2017;Choudhury, Clingermayer, and Dasse, 2003;Ebdon, 2004Ebdon, , 2007Ermasova and Ebdon, 2019), in Europe (van der Hoek, 1996), UK (Bertelli and John, 2013), in Indonesia (Lewis and Osterman, 2011), Canadian municipal governments (Chan, 2004), in Germany (Ermasova, 2019), and in developing countries (Ceka, 2019;Dabla-Norris et al, 2013;Guzman, 2019;Pritchett, 2000). In 2019, was published first comprehensive analysis of multinational capital budgeting in 12 countries (Srithorgung, Ermasova, and Yusuf, 2019).…”