Filbeck & Lee (2000) identified a p

Filbeck & Lee (2000) identified a positive correlation between the existence of non-family
CFOs and modern capital budgeting techniques based on a survey of U.S. FBs. Another
finding suggested that FBs generally use less modern financial management techniques
compared to NFBs. Furthermore, they also found that if FBs employ a non-family manager
for the first time, then the CFO position is the position most likely to be chosen.