本研究以台灣上市公司電子業為研究對象，分析明星經理人、經理人權力和公司支付政策之關聯性研究。亦即，本文探討明星經理人與公司支付政策之關聯性是否會受到經理人權力調節後而發生變化。實證結果顯示，在不考量經理人權力下，相較於非明星，台灣的明星經理人並不傾向實行公司支付政策。此外，一旦明星經理人實行公司支付政策時，並不會對公司支付政策之形式有特定的偏好；然而，經理人權利之調節效果並不顯著。最後，本文額外測試發現明星經理人性別並不會對公司支付政策產生影響。本文實證結果除了有助於瞭解明星經理人對公司支付政策之影響外，也為台灣明星經理人相關文獻提供額外的證據。

Using samples of publicly traded electronic companies in Taiwan, I investigate whether the association between star CEO and corporate payout policy will change after consideration of CEO power. The empirical results indicate that without considering CEO power, compared with the non-star CEOs, star CEOs are not inclined to implement payout policy and there is also no evidence suggest that CEO power can regulate the relationship between star CEO and corporate payout policy. Another result shows that the effect of the gender of star CEO on corporate policy is unknown. These findings provide incremental evidence for literature of the association between star CEO and payout policy in Taiwan.

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