本文主要的目的在探討CEO貪婪對企業避稅行為之影響。概念上，貪婪是一種情緒狀態並且普遍存在的現象，同時也廣泛的存在管理者的決策過程中。高層管理理論認為管理者的特質，尤其是管理者心理特質會反映在公司政策行為以及績效表現(Hambrick and Mason,1984)。本研究預期CEO貪婪為了增加公司的現金流量以獲取更多的財富，或增加公司的可裁量資源，愈會進行避稅的行動。實證結果發現，CEO貪婪與現金有效稅率呈負相關，代表CEO愈貪婪，企業避稅程度愈高；橫斷面分析指出給予CEO的短期誘因薪酬比重愈高，會加劇貪婪增加避稅的效果。穩健性測試發現將現金有效稅率換成會計有效稅率也有類似的結果。整體而言，本研究證實CEO的貪婪是影響企業稅務規劃程度的因子之一。

This paper is to explore the impact of CEO greed on corporate tax avoidance. Top management theory holds that the characteristics of managers, especially the psychological characteristics of managers, will be reflected in the company's policy behavior and performance (Hambrick and Mason, 1984). This study predicts that CEO greed will take more tax avoidance actions in order to increase the company's cash flow to obtain more wealth, or increase the company's discretionary resources. The empirical results show that CEO greed is negatively correlated with the cash effective tax rate, which means that the more greedy the CEO, the higher the degree of corporate tax avoidance; the cross-sectional analysis shows that the higher the proportion of short-term incentive compensation given to the CEO, the more greedy the tax avoidance effect will be intensified. Robustness tests find similar results when swapping the cash effective tax rate for the accounting effective tax rate. Overall, this study confirms that CEO greed is one of the factors that affect the degree of corporate tax planning.

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