Browsing by Author "Greis, Tim"
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- The role of CFO influence in mitigating financial distress : evidence from U.S. public firmsPublication . Greis, Tim; Pape, UlrichThis study examines whether CFO influence reduces the likelihood of corporate financial distress, contributing to the literature on Upper Echelons Theory. While CFOs are increasingly recognized as strategic actors in corporate finance, their role in financial distress contexts remains underexplored. Building on a CFO Influence Index inspired by Ferris and Sainani (2021), this thesis uses both additive and PCA-based metrics to quantify influence across a panel of large U.S.-listed firms between 2019 and 2024. Financial distress is measured using both the original and adjusted Altman Z-Score. While no consistent association is found across the entire sample, CFOs in the top 80th percentile of influence are significantly less likely to be linked with distress, especially under adjusted specifications. These findings extend the scope of Upper Echelons Theory to adverse financial environments and emphasize the strategic relevance of CFOs in enhancing firm resilience.