International Journal of Nonlinear Analysis and Applications

Developing and explaining a comprehensive competency model of financial managers in a professional and forward-looking manner with grounded theory method

Document Type : Research Paper

Authors

1 PhD Student, Department of Accounting, Yazd Branch, Islamic Azad University, Yazd, Iran

2 Assistant Professor, Department of Accounting, Yazd Branch, Islamic Azad University, Yazd, Iran

Abstract

Financial development in the country requires competent financial managers and optimal financial management. In this regard, developing a comprehensive perspective model to identify the competencies of financial managers is the first step towards goal setting to achieve the ideals and the desired point of an organization. In the present study, with the aim of achieving a model for the competence of financial managers, the qualitative method of data theory of the foundation has been used. The sampling used in this study was theoretical sampling using non-probabilistic targeted methods and snowballs, based on which 20 interviews were conducted with experts and senior managers. After conducting interviews and collecting information, the codes obtained in different sections were analyzed using the systematic approach of Strauss and Corbin and the paradigm model, and after performing the three steps of open, axial and selective coding, the final model by the Researcher obtained. The final model consists of a set of central categories, causal conditions, intervening conditions, strategies, and finally, consequences. Each of these conditions and the factors that make up the model has variables and categories that pay attention to them to provide a model for the competence of financial managers.

Keywords

[1] M. Abbaszadeh, Reflections on validity and reliability in qualitative research, Quart. J.Appl. Swimm. Soc. 23(1) (2012) 19–34.
[2] G.A. Alsos, E.J. Isaksen and E. Ljunggren, New venture financing and subsequent business growth in men- and women-led businesses, Entrepr. Theory Pract. 30(5) (2006) 667–686.
[3] H. Andersson, B.W. Sundstrom, K. Nilsson and E.J. Ung, Competencies in Swedish emergency departments: The practitioners’ and managers’ perspective, Int. Emerg. Nurs. 22(2) (2014) 81–87.
[4] H. Arasteh, A. Hassanpour, A. Izadi, and T. Bostani Amlishi, Designing a competency model for public relations managers, case study: National Iranian gas company and its subsidiaries, Human Resour. Train. Dev. 5(18) (2019).
[5] G.R. Bakhit and M.A. Alamin, The role of financial management in the decision-making of business, J. Bus. Manag. 18(6) (2016) 111–116.
[6] J. Barney, Firm resources and sustained competitive advantage, J. Manag. 17(1) (1991) 99–120.
[7] A. Basiji, M.A. Babaei Zakliki, M. Hosseinzadeh Shahri, A. Khadivar, Providing a competency model for international marketing managers, Manag. Res. Iran 24(1) (2020) 131–152.
[8] V. Braun and V. Clarke, Using thematic analysis in psychology, Qual. Res. Psych. 3(2) (2006) 77–101.
[9] J.W. Creswell, Educational Research: Planning, Conducting, and Evaluating Quantitative and Qualitative Research, Pearson, 2012.
[10] H. Danaeifard and S.M. Emami, Qualitative research strategies: A reflection on data foundation theorizing, Strategic Manag. Thought 1(2) (2007) 69–97.
[11] H. Danaeifard and A. Eslami, Application of Data-Based Theory Research Strategy in Practice; Build A Theory of Organizational Indifference, Imam Sadegh University, 2011.
[12] L. Daouk-Oyry, T. Sahakian and F. van de Vijver, Evidence-based management competency model for managers in hospital settings, Br. J. Manag. 32 (2020) 1384–1403.
[13] H. Dzwigol, S. Shcherbak, M. Semikina, O. Vinichenko and V. Vasiuta, Formation of strategic change management system at an enterprise, Acad. Strategic Manag. J. 18(1) (2019) 1–8.
[14] J.P. Fouch´e and M.P. Kgapola, Professional accountants’ perspective of skills required to progress to management positions, Int. J. Bus. Manag.Stud. 8(1) (2016) 20–36.
[15] B.G. Glaser and A.L. Strauss, Awareness of Dying, Aldine Transaction, 2005.
[16] A. Gonzalez-Garcıa, A. Pinto-Carral, J.S. Villorejo and P. Marques-Sanchez, Competency model for the middle nurse manager (MCGE-Logistic Level), Int. J. Environ. Res. Public Health, 18(8) (2021) 3898.
[17] C. Goulding, Grounded theory and consumer behavior: principles, practice, and pitfalls, Adv. Cons. Res. 27 (2000) 68–76.
[18] C. Goulding, Grounded Theory: A Practical Guide for Management, Business and Researchers, Sage publication, 2002.
[19] E.G. Guba and Y.S. Lincoln, Competing Paradigms in Qualitative Research, In: N.K. Denzin and Y.S. Lincoln (Eds.), Handbook of qualitative research, Sage Publications, Inc., (1994) 105–117.
[20] N. Hariri, Principles and Methods of Qualitative Research, Tehran: Islamic Azad University Press, 2006.
[21] F. Ismaili Salom Mahalla, A. Kordnaeij, S.H. Khodadad Hosseini and A. Azar, Designing a strategic transformation model in hierarchical organizations: A data theory approach, Exec. Manag. Res. J. 10(20) (2019) 67–95.
[22] B. Johnson and L. Christensen, Educational Research: Quantitative, Qualitative and Mixed Approaches, Los Angeles: Sage Publication, 2008.
[23] J. Kansal and S. Singhal, Development of a competency model for enhancing the organisational effectiveness in a knowledge-based organization, Int. J. Indian Cult. Bus. Manag. 16(3) (2018) 287–301.
[24] C.L. Kirsten, The role of financial management training in developing skills and financial self-efficacy, South. African J. Entrepr. and Small Bus. Manag.10(1) (2018).
[25] Y.S. Lincoln and E.G. Guba, Naturalistic inquiry, Beverly Hills, CA, Sage, 1985.
[26] J. Mello and D. Flint, A refined view of grounded theory and its application to logistics research, J. Bus.Logis. 30(1) (2009) 107–125.
[27] M. Mikusova and A. Copıkova, ˇWhat business owners expect from a crisis manager? A competency model: survey results from Czech businesses, J. Conting. Crisis Manag. 24(3) (2016) 162–180.
[28] J.M. Morse, P.N. Stern, J. Corbin, B. Bowers, K. Charmaz and A.E. Clarke, Developing Grounded Theory: The Second Generation, Routledge, 2016.
[29] N. Naranjee, Development of a financial management competency framework for nurse managers at selected public hospitals in KwaZulu-Natal, South Africa, The Faculty of Health Sciences at The Durban University of Technology, Thesis, 2018.
[30] N.R. Pandit, The creation of theory: A recent application of the grounded theory method, Qual. Rep. 2(2) (1996) 1–15.
[31] D. Podmetina, K.E. Soderquist, M. Petraite and R. Teplov, Developing a competency model for open innovation, Manag. Decis. 56(6) (2018) 1306–1335.
[32] M.R.D. Prihartono and N. Asandimitra, Analysis factors influencing financial management behavior, Int. J. Academic Res. Business and Social Sci. 8(8) (2018) 308–326.
[33] Robert Hall Inc., Closer than you think; The changing role of the finance function, Robert Hall Inc., 2020.
[34] A. Rostami, M.H. Vadi’i and M.A. Bagherpour Valashani, Developing a competency model for internal audit managers, Quarterly Financial Accounting Journal, 11(41) (2019) 70–102.
[35] M. So ltysik, M. Zakrzewska, A. Sagan and S.J.E.S. Jarosz, Assessment of project manager’s competence in the context of individual competence baseline, Educ. Sci. 10(5) (2020) 146-159.
[36] A.L. Strauss, Qualitative Analysis for Social Scientists, Cambridge, England: Cambridge University Press, 1987.
[37] A. Strauss and J.M. Corbin, Grounded theory research: procedures, canons and evaluative criteria, Qual. Sociol. 13(1) (1990) 3–21.
[38] A. Strauss and J.M. Corbin, Grounded Theory Methodology: An Overview, In: N.K. Denzin and Y.S. Lincoln (Eds.), Handbook of Qualitative Research, housand Oaks, CA: SAGE, 1994.
[39] R. Suddaby, From the editors: what grounded theory is not, Acad. Manag. J. 49(4) (2006) 633–642.
[40] The Association of Chartered Certified Accountants (ACCA), Professional accountants–the future: Drivers of change and future skills, The Association of Chartered Certified Accountants, 2016.
[41] The PSC, Skills and Competency Audit of Human Resource and Financial Management, The Public Service Commission, 2015.
[42] L. Westbrook, Qualitative research methods: A review of major stages, data analysis techniques, and quality controls, Libr. Inf. Sci. Res. 16 (2004) 241–254.
[43] International Federation of Accountants (IFAC), The Role and Expectations of a CFO; A Global Debate on Preparing Accountants for Finance Leadership, IFAC, 2013.
[44] Association of International Certified Professional Accountants, CGMA® Competency Framework; 2019 Update, Chartered Global Management Accountant (CGMA), 2019.
International Journal of Nonlinear Analysis and Applications
Volume 13, Issue 1
March 2022
Pages 3405-3425
  • Receive Date: 30 October 2021
  • Revise Date: 29 November 2021
  • Accept Date: 26 December 2021