Moreover, FBs might value a greater degree of work experience than NFBs, as they
generally tend to value higher tenure and experience in management positions (Jorissen et
al., 2005; Tsai et al., 2006). Therefore, compared to NFBs, FBs should also be more likely to
give in on the CFO’s formal education requirements when being able to hire a more tenured
manager as CFO. All of these reasons should make the resource of formal CFO education,
such as a university education, less important for FBs compared to NFBs. Thus