Examining an expanded repertoire of finance functions: effects on performance and the moderating role of environmental uncertainty
基于竞争价值框架，研究财务职能的四种角色（协作、创新、控制、竞争）组合对企业财务绩效的影响，发现多角色组合能提升匹配能力，进而提高投资回报率，且环境不确定性正向调节该效应。
The literature recognises that the activities of contemporary finance functions are expanding. Guided by the competing values framework, we group the results of previous research into four roles performed by modern finance functions – collaboration, adhocracy, control, and compete. We examine whether finance functions that encompass all four roles have an improved ability to match the right role with the corresponding organisational demand and then test whether this leads to improved financial performance. Empirically, we use structural equation modelling to analyse data from 408 firms operating in Denmark’s manufacturing and services sectors. The results show that fulfilling multiple finance roles is positively related to the ability to assist an organisation with the right activities at the right time and with the right quality. This ability to differentiate behaviour is also positively associated with a return on invested capital and, further, environmental uncertainty positively moderates this effect. The statistical results provide evidence that cultivating multiple roles within the finance function can create value and higher degrees of uncertainty positively leverage this value.