KAKA, A.P. and PRICE, A.D.F., 1994. A survey of contractors corporate-planning and financial budgeting. Building Research and Information, 22 (3), pp. 174 - 182.
The authors found that contracting‐only firms were more vunerable in cases of inaccurate budgets; fluctuations in working capital could lead to the bankruptcy of a contractor who could not raise loans quickly. Two reasons were identified as the cause of inaccurate budgets: forecasting on an overall basis and the inability to take into account accurately variations in strategies and the environment.