According to academic research, capital budgeting cash flow projections are used rarely in practice by small firms,

Question:

According to academic research, cash flow projections are used rarely in practice by small firms, which often use accounting projections instead. What is the most likely explanation of this behavior?

Capital Budgeting
Capital budgeting is a practice or method of analyzing investment decisions in capital expenditure, which is incurred at a point of time but benefits are yielded in future usually after one year or more, and incurred to obtain or improve the...