This study examines whether companies include a chief financial officer (CFO) position in their top management and whether CFO characteristics differ based on the firm size. To this end, as of January 2024, the study analyzed a total of 76 companies, including all firms listed on the Borsa İstanbul BIST 30 (XU030) index (n = 30) and all small and medium-sized enterprises (SMEs) listed on the BIST SME Industrial (XKOBI) index (n = 46). The data were analyzed using content analysis. In line with their firms’ global and strategic demands, CFOs in large-scale companies also tended to have postgraduate or doctoral degrees, international experience, and advanced qualifications. On the other hand, XKOBI companies were less likely to appoint a CFO compared to large firms. Notably, a considerable number of these SMEs had no accounting or finance leader in their top management. The research findings not only serve as a foundation for academic studies but also provide guidance for executive education programs and corporate governance reforms.
Bülent Kınay (Wed,) studied this question.