Is a Financial Director a Strategist or a Steward? A Comparative Analysis of Poland, the US and China

• Autorzy: Elżbieta Wrońska-Bukalska , Anna Wawryszuk-Misztal

Warianty tytułu

Dyrektor finansowy - strateg czy administrator. Analiza porównawcza Polski, Stanów Zjednoczonych i Chin

• Języki publikacji: EN

Abstrakty

EN

The article aims to present the role of the financial director in three different countries (Poland, China, and the US). The role of the financial director was defined by the Model of Competences covering two dimensions and four faces of the CFO. The literature and survey reviews let us think that nowadays the dominant role of the financial director is that of Strategist. The main research question was to find out whether the job of the CFO and his/her main role differs across these countries (Strategist and Catalyst will be dominant in the US, but in other countries Steward and Operator will be dominant). The choice of these countries was not a random one because they have a different history, corporate governance systems and culture. The method which reveals the CEO's expectations towards the CFO's duties was applied. The research consisted of a comparative analysis of job advertisements in these countries. The results of this research provide a new description of the CFO's roles. In each country the main duty of the CFO was Steward (even in the US). In Poland, financial director as Strategist appeared more frequently (than in the other two countries) but was not dominant, either. The research study uses the Model of Competences, which allows to identify whether the CFO is really a strategic position. These findings have important implications for understanding the role of CFOs and their work.(original abstract)

Celem niniejszego opracowania jest zaprezentowanie roli dyrektora finansowego w trzech krajach - Polsce, Stanach Zjednoczonych i Chinach. Analiza roli dyrektora finansowego została dokonana w oparciu o model kompetencji opracowany przez firmę Deloitte. Problemem badawczym było zbadanie, czy rola stratega w pracy dyrektora finansowego jest we wszystkich analizowanych krajach taka sama. Hipoteza badawcza odnosiła się do stwierdzenia, że ze względu na różnice w otoczeniu biznesowym (kultura, historia, system gospodarczy) rola stratega dominuje w pracy dyrektora finansowego w Stanach Zjednoczonych. W celu weryfikacji postawionej hipotezy zastosowano metodę analizy ogłoszeń o pracę odnoszących się do pracy dyrektora finansowego. Zawarte stwierdzenia w ogłoszeniach odzwierciedlają punkt widzenia oczekiwań zarządu. Wyniki badań pozwalają stwierdzić, że we wszystkich trzech krajach dominującymi oczekiwanymi zadaniami są te odnoszące się do charakterystyki administratora. Co zaskakujące, najczęściej charakterystyki stratega pojawiają się w Polsce.(abstrakt oryginalny)

Słowa kluczowe

EN

Chief Financial Officer (CFO); Competences; Competence model; Financial management

PL

Dyrektor finansowy; Kompetencje; Model kompetencji; Zarządzanie finansami

• Czasopismo: Nauki o Finansach / Uniwersytet Ekonomiczny we Wrocławiu
• Rocznik: 2015
• Numer: nr 4 (25)
• Strony: 122--134

Twórcy

autor

Elżbieta Wrońska-Bukalska

• Uniwersytet Marii Curie-Skłodowskiej w Lublinie

autor

Anna Wawryszuk-Misztal

• Uniwersytet Marii Curie-Skłodowskiej w Lublinie

Bibliografia

• Aboody D., Kasznik R., 2000, CEO Stock Option Awards And The Timing Of Corporate Voluntary Disclosures, Journal of Accounting and Economics, Vol. 29, No. 1, pp. 73-100.
• Adamska A., 2004, Rola i zadania dyrektora finansowego, Oficyna Ekonomiczna Oddział Polskich Wydawnictw Profesjonalnych, Kraków.
• Altman D., 2002, The Taming of the Finance Officers, New York Times, April 14, pp. 10-11.
• Beyond the Numbers: The Evolving Leadership Role of the CFO, 2011, Canadian Financial Executives Research Foundation, Toronto, https://portal.feicanada.org (15.11.2014).
• Carson C., 2012, The Role of the CFO in the NZ Public Sector: Steward, Operator, Strategist, Catalyst and Trusted Advocate, http://www.conferenz.co.nz/whitepapers/the-role-of-the-cfo-in-the-nz-public-sector-steward-operator-strategist-catalyst-and-tru (22.06.2016).
• Deloitte, 2007, The Finance Talent Challenge, https://www.deloitte.com (05.08.2014).
• Deloitte, 2012, China CFO Survey, http://www2.deloitte.com (05.08.2015).
• Deloitte, 2013, CFO signals what North America's top finance executives are thinking - and doing, 3rd Quarter, http://deloitte.wsj.com/cfo/files (15.11.2014) .
• Dichev I.D., Graham J.R., Harvey C.R., Rajgopal S., 2013, Earnings quality: Evidence from the field, Journal of Accounting and Economics, Vol. 56, No. 2-3, Supplement 1, pp. 1-33.
• Ernst and Young, 2012, Views. Vision. Insights. The evolving role of today's CFO. An Americas supplement to The DNA of the CFO, http://www.ey.com/Publication/ (05.08.2015).
• Ernst and Young, 2013, The DNA of the CFO, http://www.ey.com/Publication (12.08.2015).
• Efendi J., Srivastava A., Swanson E., 2007, Why do corporate managers misstate financial statements? The role of option compensation and other factors, Journal of Financial Economics, Vol. 85, No. 3, pp. 667-708.
• Fee C.E., Hadlock C., 2004, Management turnover across the corporate hierarchy, Journal of Accounting and Economics, Vol. 37, No. 1, pp. 3-38.
• Fink R., 2002, The fear of all sums, CFO Magazine, August 1st, http://ww2.cfo.com/risk-compliance/2002/08/the-fear-of-all-sums/.
• Feng M., Ge W., Luo S., Shevlin T., 2011, Why do CFOs become involved in material accounting manipulations, Journal of Accounting and Economics, Vol. 51, No. 1-2, pp. 21-36.
• Fligstein N., 1990, The Transformation of Corporate Control, Harvard University Press, Cambridge.
• Francis J., Huang H., Rajgopal S., Zang A., 2008, CEO reputation and earning quality, Contemporary Accounting Review, Vol. 25, No. 1, pp. 109-147.
• Friedman H.L., 2014, Implications of power: When The CEO can pressure the CFO to Bias Reports, Journal of Accounting and Economics, Vol. 58, No. 1, pp. 117-141.
• Geiger M., North D., 2006, Does hiring a new CFO change things? An investigation of changes in discretionary accruals, The Accounting Review, Vol. 81, No. 4, pp. 781-809.
• Graham J., Harvey C., 2001, The theory and practice of corporate finance: Evidence from the field, Journal of Financial Economics, Vol. 60, No. 2-3, pp. 187-243.
• Hommel U., Fabich M., Schellenberg E., Firnkorn L., 2012, The Strategic CFO. Creating Value in a Dynamic Market Environment, Springer, Heidelberg.
• Jiang J., Petroni K.R., Wang I.Y., 2010, CFOs and CEOs: Who has the most influence on earnings management?, Journal of Financial Economics, Vol. 96, No. 3, pp. 513-526.
• Kai C.Y., 1996, The Scope of the Role of a Chief Financial Officer, A Study in Singapore Context, www3.ntu.edu.sg (05.04.2015).
• Kustra A., Sierpińska M., 2014, Ewolucja funkcji dyrektora finansowego w przedsiębiorstwie, Zeszyty Naukowe Uniwersytetu Szczecińskiego nr 803, Finanse, Rynki Finansowe, Ubezpieczenia, nr 66, s. 757-766.
• Lin S.W-J., Liu R., Wang C., 2014, Do CEOs pressure CFOs to manage earnings?, https://www.researchgate.net/publication/272165466_Do_CEOs_pressure_CFOs_to_manage_earnings (22.06.2016).
• Mellon L., Nagel D.C., Lippert R., Slack N., 2012, The New CFOs - How Financial Team and Their Leaders Can Revolutionize Modern Business, Kogan Page Limited, Philadelphia.
• Mian S., 2001, On the choice and replacement Of Chief Financial Officers, Journals of Financial Economics, Vol. 60, No. 1, pp. 143-175.
• Moving from CA to CFO: A competency framework, 2013, ICAO /Queen's University Collaborative Study, http://www.icao.on.ca/PD/PDExecutiveDev/1016page9864.pdf (07.09.2014).
• Prechel H., 2000, Big Businesses and The State. Historical Transitions and Corporate Transformation 1880s-1990s, State University of New York Press, Albany.
• Sharma R., Jones S., 2010, CFO of the future: Strategic contributor or value adder?, Journal of Applied Management Accounting Research, Vol. 8, No. 1, pp. 1-15.
• Sierpińska M., Kustra A., 2014, Ewolucja funkcji dyrektora finansowego w przedsiębiorstwie, Zeszyty Naukowe Finanse, Rynki Finansowe, Ubezpieczenia, Vol. 66, pp. 757-766.
• Wawryszuk-Misztal A., Wrońska-Bukalska E., 2014, Duties of Financial Director from Board's Perspective, Proceedings of the Management Knowledge and Learning International Conference, pp. 673- -680, http://www.toknowpress.net/ISBN/978-961-6914-09-3/papers/ML14-614.pdf (22.06.2016).
• Whitley R., 1986, The transformation of business finance into financial economics: The roles of academic expansion and changes in U.S. Capital Markets, Accounting, Organizations and Society, Vol. 11, No. 2, pp. 171-192.
• Zorn D.M., 2004, Here a chief, there a chief: The rise of the CFO in the American firm, American Sociological Review, Vol. 69, No. 3, pp. 345-364.

Identyfikatory

DOI

10.15611/nof.2015.4.09