The study aims at developing the green capital budgeting approaches as we as emerging structural model of green capital budgeting decisions through adjustment of the environmental degradation forces to the given investment projects’ inflows and outflows respectively. Moreover, the study attempts to know the extent in which these forces contribute to justify the respective green approaches of capital budgeting and to focus how these techniques relate to conventional methods of this budgeting. The researcher has developed the green methods of capital budgeting through using the five determinants that have contributions to impair the environment. The researcher used the data of a single investment project, loan to customer provided by a bank, Rupali Bank Limited, HSTU Branch, Dinajpur, Bangladesh. The researcher found that the higher degree of environmental degradation forces are involved in investment, the lower are the value(s) of green capital budgeting approaches than corresponding traditional capital budgeting approaches. No involvement of non- green forces to an investment project till to maturity, results in the individual values of traditional capital budgeting approaches complied with individual values of respective green capital budgeting approaches. Indeed, the development of green capital budgeting approaches are justified but applied in subject to quantifying the abstract characterization of non-green variables.

The capital budgeting techniques have the real life impact in case of decision making process. The available techniques are traditional techniques: Pay Back Period (PBP), Average Rate of Return (ARR) and discounted techniques: Net Present Value (NPV, Internal Rate of Return (IRR), Profitability Index (PI) and Discounted Pay Back Period (DPBP). Here researcher has introduced a new capital budgeting technique: Net Future Value (NFV). The researcher focused NFV basis on borrowing phenomenon and investing or lending phenomenon. The researcher has characterized this technique that if the Net Future Value (NFV) of a borrowing project is negative, the project has the positive worth for the outsider investor(s) and /or the outsider lender(s) and negative worth for the borrower(s) otherwise positive NFV creates negative worth for the investor outsiders and /or the lender outsiders and positive worth for the borrower(s).And if the NFV of an investing or lending project is positive, the project has the positive worth for investor(s) or lenders and negative worth for the borrower(s). The researcher viewed NFV as the compounding technique of capital budgeting. The researcher found the positive relationship between NPV and NFV in case of investing or lending project or investor or lender perspective but negative relationship between NPV and NFV for borrowing project or borrower or debtor perspective.

The financial goal of a firm is to maximise the economic welfare of the owners. Owners' economic welfare could be maximised by maximising the shareholders wealth as reflected in the market value of shares. The value of shares is represented by their market price which is a reflection of the firm's financial decisions that include investment or long-term asset-mix decision, financing or capital-mix decision and dividend or profit allocation decision. Among the critical decisions, decision relating to dividend is the most crucial as the financial manager must decide whether the firm should distribute all profits or retain them or distribute a portion and retain the balance. However, the preachers of shareholders value theory have discouraged payment of dividend as it implies inefficiency on the part of the management towards shareholder's wealth maximisation. Taking this argument into account, this paper attempts to study the relationship between dividend payout and economic value added (EVA), an indicator to shareholders wealth creation, introduced by United States based consultants Stern Stewart and Company, New York, in 1990, using data of Square Pharmaceutical Limited (SPL), one of the largest pharmaceutical companies in Bangladesh, for the periods 2004-05 to 2010-11. Using simple regression equation method, the study comes to the conclusion that there is an inverse relationship between dividend payout and EVA and recommends SPL to continue the existing dividend policy of retaining a bulky portion of earnings rather than high payout ratio.