本文檢驗飛行員CEO是否影響企業投資效率。根據高層理論之預期，若飛行訓練與實務經驗會形塑較強之情境覺察與風險管控，則其任職企業發生投資不效率的程度應較輕微；反之，若飛行員特質被解讀為更高的風險承擔或偏好，則可能加劇投資不效率的發生（尤其是過度投資）。實證結果發現飛行員CEO與投資效率之間不具顯著之關聯性，投資效率係由成長機會、現金餘裕、規模、資產結構與槓桿等公司特質變數所影響。進一步將樣本拆分為過度投資與投資不足兩組檢驗，仍未發現飛行員CEO在任一子樣本中能顯著影響投資效率。進一步的橫斷面分析以高現金餘裕（較易出現過度投資）、小型公司（較易受個人特質影響）與CEO年齡較高（權力可能更集中）進行分組，結果同樣均未 發現飛行員CEO與投資效率存在關聯。整體而言，在現行美國上市公司治理與資本市場約束之下，本研究未發現CEO的飛行員背景對投資效率的影響。建議後續研究可聚焦於更敏感的情境、或識別特定事件，或更精準地衡量投資效率，以檢驗是否存在兩者間之關聯。

This study investigates whether CEOs with pilot licenses (Pilot CEOs) influence corporate investment efficiency. Drawing upon Upper Echelons Theory, which posits that organizational outcomes reflect top executives’ characteristics, this research explores whether the distinctive traits of Pilot CEOs—comprising both sensation-seeking and situational awareness—affect firms’ tendencies toward over- or under-investment. Specifically, flight training and aviation experience may cultivate strong risk control and decision discipline, potentially enhancing investment efficiency; conversely, a greater appetite for risk could increase the likelihood of inefficient or excessive investment behavior. The empirical analysis is based on a panel dataset of U.S. publicly listed firms from 1988 to 2023, combining corporate financial data from Compustat and executive characteristics from ExecuComp. Pilot CEOs are identified by matching CEO information with the Federal Aviation Administration’s (FAA) pilot license records, following Cain and McKeon (2016). Investment efficiency is measured following Biddle et al. (2009), where deviations between actual and expected capital expenditures represent inefficiency. The regression model incorporates firm characteristics such as growth opportunities, cash holdings, size, leverage, asset tangibility, and dividend policy, while controlling for industry and year fixed effects. The results reveal no significant relationship between Pilot CEOs and corporate investment efficiency. Instead, investment efficiency is primarily influenced by firm-specific factors, including growth opportunities, cash slack, firm size, and capital structure. Subsample analyses—distinguishing between over- and under-investment firms, as well as by cash availability, firm size, and CEO power (proxied by age)—consistently indicate that the presence of a Pilot CEO does not significantly alter investment efficiency outcomes. These findings suggest that in the context of strong market and governance mechanisms, individual managerial traits such as flight experience exert limited influence on firms’ capital allocation efficiency.

謝雅筑（2024），飛行員CEO與成本僵固性，國立成功大學財務金融研究所碩士論文，未出版。
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