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Upper-echelon executive human capital and compensation: Generalist vs specialist skills
This study extends current knowledge of upper echelon executive compensation beyond the CEO, specifically CFO compensation, based on whether they possess generalist or specialist skills. We find that \"strategic\" CFOs with an elite MBA (generalist) consistently command a compensation premium, while \"accounting\" CFOs (specialist) and CFOs with a non-MBA master's degree, even from an elite institution, do not. Further, scarce \"strategic\" CFOs are awarded both higher salaries and higher equity-based compensation. Our findings support the view that unique complementarities between scarce CFOs and firms increase these executives' bargaining power leading to pay premium. Our results are robust to post-hiring years, firm sizes, board characteristics, and CFO's insider/outsider status. We contribute at the confluence of upper-echelon compensation, executive human capital, resource-based view, and assortative matching literatures.
Journal Article
The essential controller : an introduction to what every financial manager must know
\"This book is designed to give the new controller a firm foundation in the concepts of managing the accounting department, locating GAAP information, analyzing and knowing what to do with key accounting information, and setting up controls systems that reduce a company's risk of loss. These core areas are essentials to a controller's success. New to this edition will be a discussion of finance strategy; introduction of the accounting standards codification, update of the taxation strategy; and a new controller checklist will be added as an appendix\"-- Provided by publisher.
Book
The chief financial officer (CFO) profile and R&D investment intensity: evidence from listed European companies
PurposeThis study aims to investigate whether the characteristics of the chief financial officer (CFO) have an impact on the intensity of the corporate research and development (R&D) investment.Design/methodology/approachBased on hand-collected data for the CFOs of a sample of the largest European listed companies for the period 2013–2016, this study uses regression analyses to test empirically the association of CFO education, CFO gender and CFO age with R&D investment intensity.FindingsThe presence of female CFOs, CFOs with a Master of Business Administration (MBA) or Doctor of Philosophy (PhD) degree and older CFOs is positively associated with the intensity of R&D investment.Research limitations/implicationsThis study relies on some observable characteristics of CFOs and focuses on large listed companies.Practical implicationsThe results of this study may help investors, stakeholders and practitioners to understand better which type of CFO characteristics are more likely to result in higher firm-level R&D investment intensity.Originality/valueThis study offers the first insights into the impact of CFOs, as the most prominent C-suite executives, on the level of corporate investments in R&D activity.
Journal Article
Role of gender and corporate risk taking
Purpose
The purpose of this study is to examine the role of chief financial officers’ (CFOs’) gender in financial risk taking of 58 US companies along with the impact of having women board members.
Design/methodology/approach
Using a panel data of 58 selected S&P 500 companies during the period 2012-2016, this paper determines whether the gender of CFOs and having women board members play a role in risk-taking behavior of firms.
Findings
Firms led by female CFOs are smaller in size with lower net income and net revenue. The panel data analysis shows that the impact of female CFOs on firms’ financial risk is mixed, depending on risk measures used, whereas increasing female board members reduces that risk.
Research limitations/implications
The data used is limited to 58 S&P 500 companies, and two of the three risk-taking measures used in the study, specifically investment in property, plant and equipment (PPE) and debt/equity ratio, may not be applicable to some industries.
Practical implications
The findings provide mixed evidence of risk aversion by females in executive and leadership positions, depending on the measures used and the management responsibilities they undertake (CFO versus board member) with support for the glass cliff phenomenon in which females may be leading financially precarious organizations.
Social implications
Female CFOs are found to be leading relatively smaller and financially poor-performing firms compared with the male CFO-led firms, thereby giving support to the glass cliff arguments.
Originality/value
The paper examines the role of CFOs’ gender and board diversity in risk taking as measured by the investment in PPE, debt/equity ratio and stock return volatility.
Journal Article
The essential CFO : a corporate finance playbook
\"Discover the power of the CFO's role in delivering shareholder value. During the past decade, the CFO role has expanded dramatically in its breadth, complexity, and criticality. Filled with proven strategies, best practices, and keen insights, The Essential CFO describes how today's CFOs are responding to their expanded roles within both public and private companies. With straightforward and pragmatic guidance, author Bruce Nolop shows how CFOs are partnering with CEOs to deliver shareholder value by articulating a strategic plan, determining capital allocations, managing the capital structure, driving financial performance, and implementing strategic transactions. Covers how CFOs are establishing robust accounting and risk management processes and effectively communicating with both external and internal constituencies Looks at the role of the CFO in transforming financial organizations to drive effectiveness and efficiencies Examines how CFOs can develop talent with the experience, expertise, and leadership skills to meet the challenges of the future Written from a balanced, top-down perspective of the modern CFO, The Essential CFO provides you with practical prescriptions for executing impactful corporate finance strategies\"-- Provided by publisher.
Book
Voluntary Clawback Adoption and the Use of Financial Measures in CFO Bonus Plans
Firms trade off CFOs' fiduciary duties against their decision-making duties when designing CFO bonus plans. Decreasing bonus incentives tied to financial measures benefits CFOs' fiduciary responsibilities at the expense of motivating their decision-making duties. As prior research indicates that clawbacks increase personal misreporting costs through the loss of previously awarded compensation, we examine whether clawbacks allow firms to increase incentives in CFO bonus contracts. Based on a sample of U.S. firms between 2007 and 2013, we find that clawbacks are associated with greater CFO bonus incentives. We also find the increase in incentives to be more pronounced for CFOs relative to other executives. Our results are moderated by firms' susceptibility to misreporting. The relation between clawbacks and incentives is weaker when firms experienced internal control deficiencies, have larger abnormal accruals, when CFOs are more vulnerable to pressure from CEOs, and when audit committees have less financial expertise and prestige.
Journal Article
The new CFO financial leadership manual
\"Today's Chief Financial Officer is faced with responsibilities that have become as diverse and dynamic as they are important. In addition to the management of day-to-day financial activities and the implementation of a long-term fiscal strategy, the CFO must also keep abreast of up-and-coming key issues such as electronic commerce, risk management, and outsourcing. These duties require both a thoughtful consideration of the changing nature of this job, as well as a reliable step-by-step guide to the nuts and bolts. New chapters to be covered in this edition include investor relations and risk management for foreign exchange and interest rates.This book is a reference work that CFOs and other financial managers can turn to get quick answers to questions that they have as well as to help them plan their financial strategy. The tentative contents is: (1) CFO's place in the corporation; (2) Financial strategy; (3) Tax strategy; (4) Information technology strategy; (5) Performance measurement systems; (6) Control systems; (7) Audit function; (8) Reports to the Securities and Exchange Commission; (9) Cost of capital; (10) Capital budgeting; (11) Other financial analysis topics; (12) Cash management; (13) Investing excess funds; (14) Obtaining debt financing; (15) Obtaining equity financing; (16) Initial public offering; (17) Investor relations; (18) Taking a company private; (19) Risk management: General; (20) Risk management for foreign exchange and interest rates; (21) Outsourcing the accounting and finance functions; (22) Mergers and acquisitions; (23) Employee compensation; (24) Bankruptcy\"-- Provided by publisher.
Book
The Traits of Today's CFO
CFOs, controllers, and financial managers will discover how to become the leader their organization needs and expects with this forward-thinking book on high-level abilities and best practices. Covering leadership, management, coaching, team building and accounting trends, this publication will allow the reader to step into their expanding role as a strategic thinker, collaborator, communicator, and team leader. This publication includes a comprehensive, practical discussion on the following topics: Determine the critical skills that we will need to be effective in the future. Identify the skills necessary to be an effective coach. Identify how to persuade other leaders to define and embody accountability. Identify specific tools that turn a department into a real team. Identify the universal roles that the CFO plays in every organization. Determine why being a leader in the middle is not a career limiter. Assessing ways to explain to your team how the world of accounting is changing.
eBook