本研究旨在探討擁有罕見姓名的CEO是否在企業投資決策上受同儕效應影響較弱。本研究主張，罕見姓名的CEO通常具備較為獨特的教育背景，進而發展出較高的開放性人格特質，更傾向挑戰傳統觀點，並展現出強烈的自我表達意識。因此，這類CEO在制定投資策略時，較不願意與同儕選擇相似的投資決策。本研究以 S&P 1500 上市公司為樣本，實證結果顯示，CEO 姓名的罕見程度與其投資決策中的同儕效應呈負相關關係。進一步的橫斷面分析也發現，當CEO擁有較高的組織權力或處於任期初期時，其姓名特殊性對投資決策獨特性的影響將更為顯著。本研究深化了對高階管理者個人特質與企業決策行為之間關聯的理解，亦為企業治理與投資策略提供全新視角與實務意涵。研究結果亦對投資人、公司董事會及其他資本市場參與者，在建構內部監督制度、提升決策透明度與強化投資評估機制等方面，具備重要參考價值。

This study examines whether CEOs with uncommon names are less influenced by peer effects in corporate investment decisions. It argues that such CEOs—often with unique educational backgrounds and a strong drive for self-expression—are more open to innovation and less likely to conform to industry norms, leading to more distinctive strategic choices.
Using S&P 1500 firms as the sample, the results show a significant negative correlation between name rarity and peer-influenced investment behavior. This effect is stronger when CEOs have greater organizational power or are in the early stages of their tenure, suggesting that individuality plays a larger role under these conditions.
By introducing name uniqueness as a proxy for executive personality, this study expands the Upper Echelons Theory and offers new insights into how CEO identity shapes decision-making. The findings have practical implications for boards and investors in assessing leadership styles and strengthening governance and oversight, especially for newly appointed or highly empowered CEOs.

林南（1997）。制度資本與文化資本的消長：臺灣社會階層化和社會流動的分析。收錄於張苙雲、呂玉瑕、王甫昌主編之九零年代的臺灣社會－社會變遷基本調查研究系列二（上）。臺北：中研院社研所籌備處。
黃毅志（1996）。臺灣地區教育機會不平等性之變遷。中國社會學刊，18，243－273。
Allport, G. W. （1937）. Personality:a psychological interpretation. Constable.
Allport, G. W. （1961）. Pattern and growth in personality. Holt, Rienhart And Winston.
Almeida, R., Adams, R., Almeida, H., & Ferreira, D. （2025）. Powerful CEOs and Their Impact on Corporate Performance. The Review of Financial Studies, 18（4）, 1403－1432.
AURA, S., & HESS, G. D. （2010）. WHAT’S IN A NAME? Economic Inquiry, 48（1）, 214－227.
Bao, H.-W.-S., Cai, H., DeWall, C. N., Gu, R., Chen, J., & Luo, Y. L. L. （2020）. Name Uniqueness Predicts Career Choice and Career Achievement. Name Uniqueness Predicts Career Choice and Career Achievement.
BAO, H.-W.-S., & CAI, H.-J. （2021）. Psychological and behavioral effects of personal names in real world: Evidence and theories. Advances in Psychological Science, 29（6）, 1067.
Barker, V. L., & Mueller, G. C. （2002）.CEOCharacteristics and Firm R&D Spending. Management Science, 48（6）, 782－801.
Barney, J. （1991）. Firm Resources and Sustained Competitive Advantage. Journal of Management, 17（1）, 99－120.
Barron, F., & Harrington, D. M. （1981）. Creativity, Intelligence, and Personality. Annual Review of Psychology, 32（1）, 439－476.
Bebchuk, L. A., Cremers, K. J. M., & Peyer, U. C. （2011）. TheCEOpay slice. Journal of Financial Economics, 102（1）, 199－221.
Bell, R. A. （1984）. Relationship of Loneliness to Desirability and Uniqueness of First Names. Psychological Reports, 55（3）, 950－950.
Bertrand, M., & Schoar, A. （2003）. Managing with Style: The Effect of Managers on Firm Policies. The Quarterly Journal of Economics, 118（4）, 1169－1208.
Bikhchandani, S., Hirshleifer, D., & Welch, I. （1998）. Learning from the Behavior of Others: Conformity, Fads, and Informational Cascades. Journal of Economic Perspectives, 12（3）, 151－170.
BOUDREAU, J. W., BOSWELL, W. R., JUDGE, T. A., & BRETZ, R. D. （2001）. PERSONALITY AND COGNITIVE ABILITY AS PREDICTORS OF JOB SEARCH AMONG EMPLOYED MANAGERS. Personnel Psychology, 54（1）, 25－50.
Brendl, C. Miguel, Chattopadhyay, A., Pelham, Brett W., & Carvallo, M. （2005）. Name Letter Branding: Valence Transfers When Product Specific Needs Are Active. Journal of Consumer Research, 32（3）, 405－415.
Brewer, M. B. （1991）. The Social Self: On Being the Same and Different at the Same Time. Personality and Social Psychology Bulletin, 17（5）, 475－482.
Bustamante, M. C., & Frésard, L. （2020）. Does Firm Investment Respond to Peers’ Investment? Management Science, 67（8）.
Carpenter, M. A., & Westphal, J. D. （2001）. THE STRATEGIC CONTEXT OF EXTERNAL NETWORK TIES: EXAMINING THE IMPACT OF DIRECTOR APPOINTMENTS ON BOARD INVOLVEMENT IN STRATEGIC DECISION MAKING. Academy of Management Journal, 44（4）, 639－660.
Carson, S. H., Peterson, J. B., & Higgins, D. M. （2003）. Decreased Latent Inhibition Is Associated With Increased Creative Achievement in High-Functioning Individuals. Journal of Personality and Social Psychology, 85（3）, 499－506.
Casler, L. （1975）. Put the Blame on Name. Psychological Reports, 36（2）, 467－472.
Chatterjee, A., & Hambrick, D. C. （2007）. It’s All about Me: Narcissistic Chief Executive Officers and Their Effects on Company Strategy and Performance. Administrative Science Quarterly, 52（3）, 351－386.
Chin, J. L. （2013）. Diversity Leadership: Influence of Ethnicity, Gender, and Minority Status. Open Journal of Leadership, 02（01）, 1－10.
Cliffe, J. （2016）. Female Headship and Life History Research: Using Emotional Turning Points. Creative Education, 07（18）, 2774－2790.
Coffey, B., & McLaughlin, P. A. （2009）. Do Masculine Names Help Female Lawyers Become Judges? Evidence from South Carolina. American Law and Economics Review, 11（1）, 112－133.
Coffey, B., McLaughlin, P. A., & Peretto, P. F. （2016）. The Cumulative Cost of Regulations. SSRN Electronic Journal.
Collado, M. D., Ortín, I. O., & Romeu, A. （2008）. Surnames and social status in Spain. Investigaciones Economicas, 32（3）, 259－287.
Costa, P. T., & McCrae, R. R. （1992）. Normal Personality Assessment in Clinical practice: the NEO Personality Inventory. Psychological Assessment, 4（1）, 5－13.
Cotton, J. L., O’Neill, B. S., & Griffin, A. （2008）. The “name game”: affective and hiring reactions to first names. Journal of Managerial Psychology, 23（1）, 18－39.
Deacon, T. W. （1998）. The Symbolic Species: The Co-evolution of Language and the Brain. W. W. Norton & Company.
DeFond, M., & Zhang, J. （2014）. A Review of Archival Auditing Research. Journal of Accounting and Economics, 58（2-3）, 275－326.
DiMaggio, P. J., & Powell, W. W. （1983）. The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organizational Fields. American Sociological Review, 48（2）, 147－160.
DOUGAL, C., PARSONS, C. A., & TITMAN, S. （2015）. Urban Vibrancy and Corporate Growth. The Journal of Finance, 70（1）, 163－210.
Dweck, C. S. （2006）. Mindset: The new psychology of success. Random House.
Fama, E. F., & Jensen, M. C. （1983）. Separation of Ownership and Control. The Journal of Law and Economics, 26（2）, 301－325.
Feist, G. J. （1998）. A Meta-Analysis of Personality in Scientific and Artistic Creativity. Personality and Social Psychology Review, 2（4）, 290－309.
Feist, G. J. （1999）. The influence of personality on artistic and scientific creativity. In R. J. Sternberg （Ed.）, Handbook of creativity （pp. 273－296）. Cambridge University Press.
Fernández, R., & Fogli, A. （2006）. Fertility: The Role of Culture and Family Experience. Journal of the European Economic Association, 4（2-3）, 552－561.
Finkelstein, S. （1992）. Power in Top Management Teams: Dimensions, Measurement, and Validation. Academy of Management Journal, 35（3）, 505－538.
Finkelstein, S., & Hambrick, D. C. （1990）. Top-Management-Team Tenure and Organizational Outcomes: The Moderating Role of Managerial Discretion. Administrative Science Quarterly, 35（3）, 484－503.
Foucault, T., & Fresard, L. （2014）. Learning from peers’ stock prices and corporate investment. Journal of Financial Economics, 111（3）, 554－577.
Fryer, R. G., & Levitt, S. D. （2004a）. The Causes and Consequences of Distinctively Black Names. The Quarterly Journal of Economics, 119（3）, 767－805.
Fryer, R. G., & Levitt, S. D. （2004b）. Understanding the Black-White Test Score Gap in the First Two Years of School. Review of Economics and Statistics, 86（2）, 447－464.
Gebauer, J. E., Leary, M. R., & Neberich, W. （2011）. Unfortunate First Names. Social Psychological and Personality Science, 3（5）, 590－596.
Geis, G. L. （1986）. Lifelong Learning and Higher Education. The Journal of Higher Education, 57（3）, 337－339.
George, J. M., & Zhou, J. （2001）. When openness to experience and conscientiousness are related to creative behavior: An interactional approach. Journal of Applied Psychology, 86（3）, 513－524.
Grennan, J. （2019）. Dividend payments as a response to peer influence. Journal of Financial Economics, 131（3）, 549－570.
Gyimah, D., Machokoto, M., & Sikochi, A. （Siko）. （2020）. Peer influence on trade credit. Journal of Corporate Finance, 64（C）, 101685.
Hambrick, D. C., & Fukutomi, G. D. S. （1991）. The Seasons of a CEO’s Tenure. The Academy of Management Review, 16（4）, 719.
Hambrick, D. C., & Mason, P. A. （1984）. Upper Echelons: The Organization as a Reflection of Its Top Managers. The Academy of Management Review, 9（2）, 193－206.
Harter, S. （2012）. The construction of the self : developmental and sociocultural foundations. The Guilford Press.
Harter, S. （2012）. Emerging self-processes during childhood and adolescence. In M. R. Leary & J. P. Tangney （Eds.）, Handbook of self and identity （2nd ed., pp. 680–715）. The Guilford Press.
Hartman, A. A., Nicolay, R. C., & Hurley, J. （1968）. Unique Personal Names as a Social Adjustment Factor. The Journal of Social Psychology, 75（1）, 107－110.
Hofstede, G. （1980）. Culture and Organizations. International Studies of Management & Organization, 10（4）, 15－41.
Hong, H. G., Kubik, J. D., & Solomon, A. （1999）. Security Analysts’ Career Concerns and Herding of Earnings Forecasts. SSRN Electronic Journal, 31（1）.
Joubert, C. E. （1983）. Unusual Names and Academic Achievement. Psychological Reports, 53（1）, 266－266.
Judge, T. A., Bono, J. E., Ilies, R., & Gerhardt, M. W. （2002）. Personality and leadership: a Qualitative and Quantitative review. Journal of Applied Psychology, 87（4）, 765－780.
Kalist, D. E., & Lee, D. Y. （2009）. First Names and Crime: Does Unpopularity Spell Trouble? Social Science Quarterly, 90（1）, 39－49.
Kang, L., Ma, S., Chen, M., Yang, J., Wang, Y., Li, R., Yao, L., Bai, H., Cai, Z., Xiang Yang, B., Hu, S., Zhang, K., Wang, G., Ma, C., & Liu, Z. （2020）. Impact on mental health and perceptions of psychological care among medical and nursing staff in wuhan during the 2019 novel coronavirus disease outbreak: A cross-sectional study. Brain, Behavior, and Immunity, 87（87）.
Latham, J., Bower, K., Choularton, T., Coe, H., Connolly, P., Cooper, G., Craft, T., Foster, J., Gadian, A., Galbraith, L., Iacovides, H., Johnston, D., Launder, B., Leslie, B., Meyer, J., Neukermans, A., Ormond, B., Parkes, B., Rasch, P., & Rush, J. （2012）. Marine cloud brightening. Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences, 370（1974）, 4217－4262.
LEARY, M. T., & ROBERTS, M. R. （2014）. Do Peer Firms Affect Corporate Financial Policy? The Journal of Finance, 69（1）, 139－178.
Li, J., & Tang, Y. （2010）.CEOHubris and Firm Risk Taking in China: The Moderating Role of Managerial Discretion. Academy of Management Journal, 53（1）, 45－68.
M. Dolores Collado, Ignacio Ortuño Ortín, & Andrés Romeu. （2008）. Surnames and social status in Spain. Investigaciones Economicas, 32（3）, 259－287.
Machokoto, M., Gyimah, D., & Ntim, C. G. （2021）. Do peer firms influence innovation? The British Accounting Review, 53（5）, 100988.
Maddux, W. W., Adam, H., & Galinsky, A. D. （2010）. When in Rome ... Learn Why the Romans Do What They Do: How Multicultural Learning Experiences Facilitate Creativity. Personality and Social Psychology Bulletin, 36（6）, 731－741.
Maddux, W. W., & Galinsky, A. D. （2009）. Cultural borders and mental barriers: The relationship between living abroad and creativity. Journal of Personality and Social Psychology, 96（5）, 1047－1061.
MALMENDIER, U., & TATE, G. （2005）.CEOOverconfidence and Corporate Investment. The Journal of Finance, 60（6）, 2661－2700.
Markus, H., & Cross, S. （1990）. The interpersonal self. In L. A. Pervin （Ed.）, Handbook of personality: Theory and research （pp. 576–608）. The Guilford Press.
Marsh, R. M., Blau, P. M., & Duncan, O. D. （1968）. The American Occupational Structure. Social Forces, 46（4）, 561.
McCrae, R. R. （1987）. Creativity, divergent thinking, and openness to experience. Journal of Personality and Social Psychology, 52（6）, 1258－1265.
Mehrabian, A. （1992）. Interrelationships Among Name Desirability, Name Uniqueness, Emotion Characteristics Connoted by Names, and Temperament. Journal of Applied Social Psychology, 22（23）, 1797－1808.
Miller, D. （1991）. Stale in the Saddle:CEOTenure and the Match Between Organization and Environment. Management Science, 37（1）, 34－52.
Muñoz, P., Kibler, E., Mandakovic, V., & Amorós, J. E. （2020）. Local entrepreneurial ecosystems as configural narratives: A new way of seeing and evaluating antecedents and outcomes. Research Policy, 51（9）, 104065.
Nadkarni, S., & Herrmann, P. （2010）.CEOPersonality, Strategic Flexibility, and Firm Performance: The Case of the Indian Business Process Outsourcing Industry. Academy of Management Journal, 53（5）, 1050－1073.
Oldham, G. R., & Cummings, A. （1996）. Employee creativity: Personal and contextual factors at work. Academy of Management Journal, 39（3）, 607－634.
Pelham, B. W., Mirenberg, M. C., & Jones, J. T. （2002）. Why Susie sells seashells by the seashore: Implicit egotism and major life decisions. Journal of Personality and Social Psychology, 82（4）, 469－487.
Pilcher, J. （2015）. Names, Bodies and Identities. Sociology, 50（4）, 764－779.
Porter, M. E. （1980）. Competitive Strategy: Techniques for Analyzing Industries and Competitors. Free Press.
Quigley, T. J., & Hambrick, D. C. （2014）. Has the “CEO effect” increased in recent decades? A new explanation for the great rise in America’s attention to corporate leaders. Strategic Management Journal, 36（6）, 821－830.
Reber, R., Winkielman, P., & Schwarz, N. （1998）. Effects of Perceptual Fluency on Affective Judgments. Psychological Science, 9（1）, 45－48.
Sadowski, C. J., Wheeler, K. J., & Cash, M. （1983）. Unusual First Names and Achievement among Male Psychologists. The Journal of Social Psychology, 119（2）, 181－185.
Sadowski, C. J., Woodward, H. R., Davis, S. F., & Elsbury, D. L. （1983）. Sex Differences in Adjustment Correlates of Locus of Control Dimensions. Journal of Personality Assessment, 47（6）, 627－631.
Sanders, WM. G., & Hambrick, D. C. （2007）. Swinging for the Fences: The Effects ofCEOStock Options on Company Risk Taking and Performance. Academy of Management Journal, 50（5）, 1055－1078.
Schultz, C. B., & Pomerantz, M. （1976）. Achievement motivation, locus of control, and academic achievement behavior1. Journal of Personality, 44（1）, 38－51.
Sewell, W. H., Hauser, R. M., & Wolf, W. C. （1980）. Sex, Schooling, and Occupational Status. American Journal of Sociology, 86（3）, 551－583.
Shenkar, O., Luo, Y., & Yeheskel, O. （2008）. From “Distance” to “Friction”: Substituting Metaphors and Redirecting Intercultural Research. The Academy of Management Review, 33（4）, 905－923.
Stein, D., Scharfstein, D., & Stein, J. （2025）. Herd Behavior and Investment. American Economic Review, 80（3）, 465－479.
Tajfel, H. （1982）. Social Psychology of Intergroup Relations. Annual Review of Psychology, 33（1）, 1－39.
Terhi Ainiala, Saarelma, M., & Sjöblom, P. （2016）. Names in Focus. Suomalaisen Kirjallisuuden Seura.
Twenge, J. M., & Manis, M. （1998）. First-Name Desirability and Adjustment: Self-Satisfaction, Others’ Ratings, and Family Background. Journal of Applied Social Psychology, 28（1）, 41－51.
Urbatsch, R. （2018）. Things are looking up: Physical beauty, social mobility, and optimistic dispositions. Social Science Research, 71, 19－36.
Watzlawik, M., Guimarães, D. S., Han, M., & Jung, A. J. （2016）. First names as signs of personal identity: An intercultural comparison. Psychology & Society, 8（1）, 1－21.
Yzerbyt, V. （2010）. Editorial. Social Psychological and Personality Science, 2（1）, 3－4.
Zajac, E. J., & Westphal, J. D. （1996）. WHO SHALL SUCCEED? HOW CEO/BOARD PREFERENCES AND POWER AFFECT THE CHOICE OF NEW CEOS. Academy of Management Journal, 39（1）, 64－90.
ZHOU, J., & OLDHAM, G. R. （2001）. Enhancing Creative Performance: Effects of Expected Developmental Assessment Strategies and Creative Personality. The Journal of Creative Behavior, 35（3）, 151－167.
Zhu, Y.-Q., & Chen, H.-G. （2015）. Social media and human need satisfaction: Implications for social media marketing. Business Horizons, 58（3）, 335－345.
Zimmerman, B. J. （2008）. Investigating Self-Regulation and Motivation: Historical Background, Methodological Developments, and Future Prospects. American Educational Research Journal, 45（1）, 166－183.
Zweigenhaft, R. L. （1977）. The Other Side of Unusual First Names. The Journal of Social Psychology, 103（2）, 291－302.
Zweigenhaft, R. L. （1981）. Unusual Names and Uniqueness. The Journal of Social Psychology, 114（2）, 297－298.
Zweigenhaft, R. L. （1983）. Unusual First Names: A Positive Outlook. Names, 31（4）, 258－270.
Zweigenhaft, R. L., Hayes, K. N., & Haagen, C. H. （1980）. The Psychological Impact of Names. The Journal of Social Psychology, 110（2）, 203－210.