Although these contextual factors rooted in the used theoretical framework should be
important drivers of the CFO’s differing role in FBs and NFBs, there may be various other
contextual factors also affecting the role. For instance, the CFO role and the role differences
between FBs and NFBs may be moderated by the stock-market listing of the respective
firms, by various different degrees of family involvement in the firm (in ownership,
management, and control), by the size of the firms under investigation, by the firms’ lifecycle
stages, by the overall strategy the firms follow, by the family status of key
management positions such as the CEO’s, or by country, legal and other institutional factors.
Wherever these additional contextual factors are most likely to potentially influence the
propositions developed in the following sections, this will be stated together with the
propositions. However, as the construct of “social role” is very complex, other researchers
might think of and find additional relevant factors. Thus, the list of contextual factors cannot
be regarded as exhaustive and offers the possibility for more research on this topic.