Systematic review reveals context-dependent impacts of chief financial officer gender on financial decision-making, indicating that organizational authority and governance shape outcomes.
This article reviews CFO gender as a role-specific executive diversity issue and addresses the fragmented literature in which gender effects are often interpreted without separating appointment selection from the authority and organizational context of the CFO position. Using a hybrid design, we combine bibliometric analysis with a systematic literature review. A Web of Science title-and-abstract search reported through PRISMA 2020 and manual eligibility assessment identifies 68 peer-reviewed journal papers published from 2010 through 2026 across 46 outlets. The bibliometric stage maps publication growth, outlet distribution, recurring vocabulary, a ten-topic Latent Dirichlet Allocation (LDA) topic model, and term co-occurrence. The evidence shows a recent and dispersed field: more than four-fifths of the sample appear from 2019 onward, and the papers span governance, management, finance, accounting, ethics, and sustainability journals. The systematic stage compares evidence on the internal and external determinants and consequences associated with CFO gender across financial policy, earnings management, executive governance, capital markets, compensation and labor-market signals, and adjacent business fields. The findings do not support a universal gender effect. Observed associations depend on CFO authority, CEO power, board composition, incentives, task domain, institutional setting, and research design. Relative to broad reviews of executive characteristics, this article provides a current CFO gender-specific cross-outcome synthesis. The review concludes by identifying selection and endogeneity, direct measurement of CFO influence, review scope limitations, and underdeveloped applications as future directions, and developing implications for boards, executive recruitment, governance practice, professional development, and policy.
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Wang et al. (2026) studied this question.
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