Top management support is often proclaimed as a crucial factor for the successful use of value-based management (VBM). Moreover, recent research indicates that CFOs play a leading role in shaping management accounting and, particularly, VBM. Although this suggests that CFO emphasis has a positive impact on the successful use of VBM, empirical research that considers the differentiating elements of VBM adopters is scarce. Therefore, this study empirically investigates the performance implications of CFOs placing emphasis on VBM and the challenge of upholding VBM emphasis following CFO succession. To accomplish this, we focus on a longitudinal sample of VBM adopters and assess CFO emphasis on VBM based on his/her remarks made during company conference calls. Our analyses provide empirical evidence that CFO emphasis enhances the performance of VBM adopters. This phenomenon can, however, become a significant issue for organizations when new CFOs take up office, as our results show that successor CFOs, who were not in charge of the initial implementation, typically place less emphasis on VBM. Nevertheless, we find that the VBM emphasis of successor CFOs can be perpetuated by tying their compensation to VBM. In line with this, additional tests indicate a negative impact of successor CFOs on the effectiveness of VBM only when compensation is not tied to VBM.

通常，高层管理人员的支持是成功使用基于价值的管理（VBM）的关键因素。此外，最近的研究表明，首席财务官在制定管理会计，尤其是VBM方面起着主导作用。尽管这表明首席财务官的重视会对成功使用VBM产生积极影响，但缺乏关于采用VBM采用者差异性因素的经验研究。因此，本研究从经验上调查了CFO重视VBM的绩效含义以及在CFO继任后坚持VBM重点的挑战。为了实现这一目标，我们将重点放在VBM采用者的纵向样本上，并根据其在公司电话会议中的讲话评估CFO对VBM的重视程度。我们的分析提供了经验证据，表明首席财务官的重视可以提高VBM采用者的绩效。但是，当新的CFO上任时，这种现象可能成为组织的重要问题，因为我们的结果表明，不负责最初实施工作的继任CFO通常不太重视VBM。然而，我们发现，通过将其后继的CFO的薪酬与VBM挂钩，可以永久保留VBM对继任CFO的重视。与此相符，其他测试表明，仅当薪酬与VBM无关时，后续CFO才会对VBM的有效性产生负面影响。然而，我们发现，通过将其后继的CFO的薪酬与VBM挂钩，可以永久延续VBM的重视。与此相符，其他测试表明，仅当薪酬与VBM无关时，后续CFO才会对VBM的有效性产生负面影响。然而，我们发现，通过将其后继的CFO的薪酬与VBM挂钩，可以永久保留VBM对继任CFO的重视。与此相符，其他测试表明，仅当薪酬与VBM无关时，后续CFO才会对VBM的有效性产生负面影响。