The CFO – Roles, career paths, and impact on firm outcomes

The course will focus on the role of the Chief Financial Officer (CFO) as the most senior manager in the finance function.

In the first part of the course, students will learn about the composition of the C-Suite and the emergence of the CFO position in the corporate world. In addition, we will discuss the recent developments of CFO roles given the fundamental changes in the Finance Function and beyond.

In the second part of the course and informed by upper echelons theory, student will learn about the impact of CFOs on strategic choices and firm outcomes. We will review current research to understand the idiosyncratic effects senior financial managers can have on strategic choices such as corporate cash policies, voluntary disclosure practices and implementation of accounting innovations.

In the third part of the course, students will learn about CFO career patters. We will also discuss antecedents and consequences of CFO turnover (e.g., CFO dismissals as well as promotions to the CEO position).

In the last part of the course, we will shortly discuss opportunities and challenges to study upper echelons such as CFO in the corporate world.

In general, all lectures will start with an introduction into the topics mentioned above, followed by presentations and student-led classroom discussions. Research papers and journal articles will be assigned to student groups for a focused preparation of the presentations.