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843). Within such capital budgeting structures, managers at lower levels in the organization screen out projects. Top managers, in turn, do not have a chance to review the rejected projects. Rather, top level managers consider only those project proposals that have made it through one or more levels of screening. The contention is made that this approach to capital budgeting leads to a priority for short-term objectives because the "time horizon of an individual's responsibility is inversely proportional to his or her lev

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