本研究旨在探討風險愛好CEO的公司透過執行ESG是否在疫情期間會有保險效果，因為CEO的特質對於公司政策有重大影響，而ESG的議題也被全球重視，希望能透過此研究了解在極端事件發生的情況下，CEO的風險傾向對於公司帶來的影響。本研究以2018~2021有Refinitiv ESG分數的台灣上市櫃公司為研究對象，以VEGA值作為CEO風險偏好的衡量基準，並以股價報酬的變動來測量是否有保險效果。實證分析以OLS迴歸模型進行，而為提升研究之準確性，加入公司相關財務數據、會影響報酬的因素作為控制變數，並且考量產業固定效果。實證結果發現：(1) 越是風險追逐的CEO的公司ESG的表現越好。(2) 雖然在結果上無顯著，與大多過去文獻不同，本研究從係數上發現在疫情期間風險追逐CEO的公司可能有墮落天使效果而非保險效果。本研究也額外對ESG的三個構面做分析，分析結果發現並無某個單一構面對於墮落天使效果有顯著的影響。本研究主要提供投資者以及公司不同面向的參考方向，對於投資者在極端事件發生時的投資方向有除了財務數據上的參考方向。而公司則可以在制定CEO薪酬政策時以本文作參考，減少關於ESG連結方面的薪酬獎勵政策。

The purpose of this study is to investigate whether companies with risk-seeking CEO would have insurance effect through the implementation of ESG during the Covid-19 period. Since the CEO's catachrestic can have a significant impact on corporate policies and ESG issues are globally recognized, this study aims to examine how the CEO's risk preference affects the company during extreme events. The study focuses on Taiwan-listed companies with Refinitiv ESG scores from 2018 to 2021. VEGA is used as a measure of CEO risk preference, and changes in stock price are used to evaluate whether an insurance effect exists. The empirical analysis is conducted using the OLS regression model. To enhance the accuracy of the study, relevant financial data and factors affecting returns are included as control variables, and industry fixed effects are taken into consideration. The empirical results indicate that (1) companies with risk-seeking CEOs have better ESG performance, and (2) While the results are not statistically significant, contrary to most previous literature, this study found from the coefficients that companies with risk-seeking CEOs during the pandemic may exhibit a fallen angel effect rather than an insurance effect. In additional test, we analyzed the three pillars of ESG and found that no single pillar has a significant impact on the fallen angel effect rather than insurance effect. This study provides investors and companies with different perspectives. For investors, this study offers guidance on investment directions during extreme events beyond financial data. For companies, this study can serve as a reference for CEO compensation policies, reducing the focus on ESG-related incentive policies.

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