The next logical step would be to test the empirical significance of the propositions in this
paper. However, as a limitation, it must be stated that these propositions were generated
based on simplifying assumptions incorporated into the RBV as well as agency and
stewardship theories and related previous research. These stylized theories must be
interpreted with care and cannot necessarily be taken at face value when exploring the
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diversity of real-life FBs. Analyzing the CFO’s role through the lens of social role theory
constitutes a useful framework to describe it. However, it comes with the limitation that the
social role is a complex construct, and thus “if/then” relationships may not directly be
drawn. Therefore, it is difficult to evaluate which qualification or capacity shows the
strongest influence on the CFO’s role, because the entire role aggregate can hardly be
operationalized, and therefore generalizations are difficult. Nevertheless, research of certain
observable aspects of the CFO’s role described in this paper, such as integration in strategic
planning, decision-making power, the size of the CFO’s area of responsibility, and the
frequency of formal reporting to the owners, could provide deeper insight into the CFO’s
role.