本文探討CEO 貪婪行為對企業信用評等的影響。CEO 作為企業的領導者，其行為和決策對企業的長期發展和未來獲利形態具有巨大的影響。然而，貪婪CEO 可能因為追求短期利益，傷害企業長期的獲利，威脅公司還款能力，預期對企業的信用評等產生負面效應。本研究使用1992-2015 年美國S&P 1500 的非金融服務業公司進行實證測試，結果發現當CEO 越貪婪時，信用評等越差。後續，本文亦使用變動模型來重新檢檢測，得到了一樣的結論。橫斷面分析進一步顯示CEO 貪婪對信用評等的負向傷害會隨著CEO 的權力越高，就越明顯；而且，貪婪與信用評等的負向關係只有在投資等級的公司存在。整體而言，本研究率先發現信用評等機構在決定信用評等時，會將CEO 的貪婪納入考慮。

This study investigates the impact of CEO greed on corporate credit ratings. The behavior of CEOs significantly influences a company's long-term growth and profit prospects.Greedy CEOs may sacrifice the ability to achieve long-term profitability and creditworthiness in pursuit of short-term gains. The research utilizes empirical testing on non-financial service industry companies from the U.S. S&P 1500 index spanning from 1992 to 2015, revealing a negative relationship between CEO greed and credit ratings.Further analysis using regression models confirms this relationship. The study suggests that in companies led by CEOs with greater power, the adverse effects of CEO greed on credit ratings are more pronounced, and this phenomenon is observed primarily in investment-grade companies. This research indicates that credit rating agencies take into account CEO greed when making rating decisions.

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