Evolving Capital Markets and the Changing Role of the CFO

doi:10.1007/978-3-642-04349-9_8

Paper

Evolving Capital Markets and the Changing Role of the CFO

Published 2011 · H. Farag, Frank Plaschke, Marc Rodt

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Abstract

The Chief Financial Officer (CFO) plays an increasingly important role in corporations. While apparently omnipresent in today’s business practice, research has yielded remarkably limited insight into the role, prerequisites, and key success factors of CFOs. Similarly, practitioner publications frequently provide guidance for CFOs, but generally focus on anecdotal evidence. The present chapter contributes to filling the gap in our understanding of the CFO. On the one hand, it traces the development of the CFO function from its inception to present, linking key changes how the function is perceived and filled to market imperatives. On the other hand, it addresses the current state of the function, in particular the responsibilities the function has grown to comprise and its increasing strategic involvement.

Study Snapshot

The CFO's role has evolved over time, with market pressures shaping its perception and increasing strategic involvement.

PopulationOlder adults (50-71 years)

Sample size24

MethodsObservational

OutcomesBody Mass Index projections

ResultsSocial networks mitigate obesity in older groups.

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Paper

Evolving Capital Markets and the Changing Role of the CFO

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References

CFO Gender and Accruals Quality

Firms with female CFOs have higher quality accruals, with lower performance-matched discretionary accruals and lower accrual estimation errors.

Financial Executive Qualifications, Financial Executive Turnover, and Adverse SOX 404 Opinions

Adverse SOX 404 opinion recipients experience more CFO turnover in 2005, but hiring a better qualified CFO is not associated with opinion improvement.

CAP Forum on Enron: Former Audit Firm Personnel as CFOs: Effect on Earnings Management*

Firms with affiliated CFOs are associated with greater earnings management than firms with unaffiliated CFOs, especially for nonpartners who move from the audit firm to the client with little or no time gap.

Unternehmenserfolg, Wechsel im Vorstandsvorsitz und Disziplinierung von Finanzvorständen

Poor corporate performance and forced CEO turnover independently increase the likelihood of CFO dismissal, with a close team relationship between CFOs and CEOs.

The Importance of Distinguishing Errors from Irregularities in Restatement Research: The Case of Restatements and CEO/CFO Turnover

Distinguishing between errors and irregularities in restatement research can enhance the power of tests related to managerial misreporting and help identify potential fraud-related class actions.

Citations