•Does the CFO’s role differ along the FB’s life cycle? Does the role of the CFO differ
in FBs and NFBs at similar life-cycle stages? Are FBs at a certain life-cycle stage
more likely to hire an external CFO compared to those in other life-cycle stages?
•How does the existence of non-family members on the supervisory or management
board affect the CFO’s role? Are FBs that have a high share of non-family members
on the board more likely to hire a non-family CFO instead of a family member?
•Are there observable differences in the role of the CFO depending on whether an
agency-like or a stewardship-like culture prevails in the FB? [Despite agency and
stewardship culture being complex constructs, Davis et al. (2010) demonstrated an
attempt to operationalize these types of corporate cultures.]
•Are FBs in financial distress more likely to hire non-family CFOs? Does the CFO’s
role change if an FB experiences financial distress? How can a CFO help overcome
financial distress in an FB?
•Does the role of the CFO differ if type II agency conflicts exist between a controlling
family and a minority shareholder? Does the existence of an external CFO decrease
type II agency conflicts in the sense that he or she professionalizes and formalizes
control mechanisms and thereby hinders expropriation by the controlling family?