In this study, we examine how a CFO’s social ties with non-CEO senior managers in the same firm affect the likelihood of financial restatements. We categorise social ties as either professional or personal, and find that the two types of ties have distinct effects. Our findings show that CFOs’ professional ties with senior managers are associated with a lower likelihood of financial restatements. Interestingly, the effects of CFO personal ties are related to a firm’s operational performance, in that such ties are associated with a higher (lower) likelihood of financial restatements when operational performance is poor (good). Overall, our findings are consistent with the notion that CFO social ties with senior managers may give rise to both information sharing and arm-in-arm behaviour.

在这项研究中，我们研究了 CFO 与同一公司的非 CEO 高级管理人员的社会关系如何影响财务重述的可能性。我们将社会纽带分为专业纽带或个人纽带，发现这两种纽带具有不同的效果。我们的研究结果表明，首席财务官与高级管理人员的专业联系与财务重述的可能性较低有关。有趣的是，首席财务官个人关系的影响与公司的经营业绩有关，因为当经营业绩不佳（良好）时，这种关系与财务重述的可能性较高（较低）相关。总体而言，我们的研究结果与 CFO 与高级管理人员的社会联系可能会导致信息共享和手挽手行为的概念一致。