The effects of the global financial crisis on top 40 company CFO's

Abstract

Very little country-specific information is available on the effects of the global financial crisis on developing countries. This article focuses on the effects of the global financial crisis on the chief financial officers (CFOs) of the 40 largest listed companies on the JSE Ltd and achieves four objectives. Firstly, it provides perspectives on the effects of the global financial crisis on South Africa. Secondly, it details a literature review on the effects of the crisis on CFOs globally. Thereafter, a model is presented of the roles and responsibilities of CFOs, which, together with the literature review and previous similar research, was used as the basis for a questionnaire. Lastly, this article reports on the responses to the questionnaire. The research revealed eight significant findings and a number of specific areas for research. Among these significant findings were that respondents’ perceptions of an increase in importance in some of their roles did not correspond to the time they spend and expect to spend on responsibilities related these roles. In addition, respondents expected to spend even less time on IT and sustainability. This article provides valuable insights into the extent of the effects of the global financial crisis on CFOs.