A CFO gap arises when the CFO position is left vacant for a period between the departure of the old CFO and the appointment of a new CFO. We find that CFO gaps are fairly common; over the sample period 2004–2016, approximately one-third of CFO turnovers are associated with a CFO gap, lasting on average two quarters and two months. CFO gaps are more likely for firms that face more labor market search frictions and with financial reporting and performance issues, and are less likely for firms with succession plans and with greater growth opportunities. While CFO gaps are not associated with significant changes in firms’ financial reporting quality, they are associated with significantly negative changes in firms’ voluntary disclosure frequency and analysts’ forecast quality. Our findings shed light on the factors that influence top executive gaps and the impact of such gaps on firms’ information environment.

中文翻译：

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CFO 差距：决定因素和对企业信息环境的影响

当 CFO 职位在旧 CFO 离职和任命新 CFO 之间的一段时间内空缺时，就会出现 CFO 空缺。我们发现首席财务官的空缺相当普遍；在 2004 年至 2016 年的样本期间，大约三分之一的 CFO 更替与 CFO 差距有关，平均持续两个季度和两个月。对于面临更多劳动力市场寻找摩擦以及财务报告和绩效问题的公司来说，CFO 缺口的可能性更大，而对于有继任计划和增长机会更大的公司来说，这种缺口的可能性较小。虽然首席财务官的差距与公司财务报告质量的显着变化无关，但它们与公司自愿披露频率和分析师预测质量的显着负面变化有关。