This article reports the results of a survey conducted on 400 executives in ten countries in Central and Eastern Europe (CEE) regarding their companies' capital budgeting practices. The survey found that capital budgeting practices in CEE countries are influenced mostly by firm size, multinational culture, firms' goals, and the presence of code of ethics. The use of discounted cash flow (DCF) method in CEE countries is positively related to firm size, management culture, and business ethics, and to a lesser extent, to the executive ownership, number of projects analyzed, and target leverage.