本篇論文檢視CEO年齡是否影響公司財務決策。以台灣100公司為例，驗證年長CEO領導的公司會涉入較少風險與較低的公司獨有風險。研究結果顯示，年長CEO偏好低槓桿與低權益發行，並且投入較少資金在研發費用。此結果顯示，年長CEO更加風險趨避，並且會限制公司涉入過多風險。除此之外，結果指出低市帳值比與規模大的公司較有可能雇用年輕CEO。綜上所述，實證結果顯示，CEO年齡對於公司財務決策有重大影響。

This paper examines whether CEO age influences corporate financial decisions. Using a sample of Taiwan 100 firms, I document that firms led by senior CEOs are associated with lower levels of idiosyncratic risk and undertake fewer risk-taking activities . My results show that senior CEOs maintain lower leverage, engage in fewer equity issuances, and devote less to research and development activities. These findings suggest that senior CEOs are likely to be more risk averse and thus limit excessive risk-taking by their firms. Besides, my results indicate that firms with low market-to-book ratio and large size are more likely to hire junior CEOs. Overall, my empirical findings demonstrate that CEO age may have important implications for corporate financial decisions.

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