本研究選用1994年至2020年標準普爾1500的公司作為樣本測試CEO的貪婪性格對股價崩跌風險之影響。貪婪是對某項事物過度追求的展現，擁有貪婪傾向的CEO為了渴望獲取之名利，可能採取隱匿公司壞消息的行動，當壞消息一次釋放，將使公司面臨股價崩跌的風險。實證結果證實貪婪CEO與股價崩跌風險之間具正向關聯。本研究加入CEO短期激勵佔總薪酬之比重、權力大小與持股大於5%機構投資者之持股比率，觀測是否加劇或減緩貪婪CEO與股價崩跌風險之間的關係，然而實證結果並無證據支持以上變數將對貪婪CEO與股價崩跌風險產生影響。另額外納入高階管理者之間的薪酬差距考量，最終實證結果尚屬穩健。

The purpose of this study is to test whether CEO greed affects stock price crash risk. Greed is defined as the excessive pursuit of wealth and power. Greedy CEOs may engage in concealing bad news to protect their self-interest. However, when this bad news is released to the market all at once, it increases the risk of a stock price crash. The empirical results confirm a positive correlation between greedy CEOs and stock price crash risk. This study also examines the impact of variables such as the proportion of short-term incentives in total compensation, power, and institutional investors' holdings to determine whether they exacerbate or reduce the relationship between greedy CEOs and stock price crash risk. However, there is no evidence to support the effect of these variables on greedy CEOs and stock price crash risk. Additionally, this study takes into consideration the pay gap between managers, and the final empirical results remain robust.

Al Mamun, M., Balachandran, B., & Duong, H. N. (2020). Powerful CEOs and stock price crash risk. Journal of Corporate Finance, 62, 25, Article 101582.
Andreou, P. C., Antoniou, C., Horton, J., & Louca, C. (2016). Corporate governance and firm-specific stock price crashes. European Financial Management, 22,916-956.
Andreou, P. C., Louca, C., & Petrou, A. P. (2017). CEO age and stock price crash risk. Review of Finance, 21, 1287-1325.
Balot, R. K. (2001). Greed and injustice in classical Athens. Princeton University Press.
Bao, D., Fung, S. Y. K., & Su, L. (2018). Can shareholders be at rest after adopting clawback provisions? Evidence from stock price crash risk. Contemporary Accounting Research, 35, 1578-1615.
Bebchuk, L. A., Cohen, A., & Spamann, H. (2010). The wages of failure: Executive compensation at Bear Stearns and Lehman 2000-2008. Yale J. on Reg., 27, 257.
Benmelech, E., Kandel, E., & Veronesi, P. (2010). Stock-based compensation and CEO (dis)incentives. Quarterly Journal of Economics, 125, 1769-1820.
Bloch, A. P. (1984). A book of Jewish ethical concepts: Biblical and postbiblical. KTAV Publishing House, Inc.
Bogaert, S., Boone, C., & Declerck, C. (2008). Social value orientation and cooperation in social dilemmas: A review and conceptual model. British Journal of Social Psychology, 47, 453-480.
Brummer, A. (2015). Bad banks: Greed, incompetence and the next global crisis. Random House.
Carpenter, M. A., & Sanders, W. G. (2002). Top management team compensation: The missing link between CEO pay and firm performance? Strategic management journal, 23, 367-375.
Chen, J., Hong, H., & Stein, J. C. (2001). Forecasting crashes: trading volume, past returns, and conditional skewness in stock prices. Journal of Financial Economics, 61, 345-381.
Declerck, C., & Boone, C. (2015). Neuroeconomics of prosocial behavior: The compassionate egoist. Academic Press.
Dimson, E. (1979). Risk measurement when shares are subject to infrequent trading. Journal of Financial Economics, 7, 197-226.
Ertugrul, M., Lei, J., Qiu, J. P., & Wan, C. (2017). Annual report readability, tone ambiguity, and the cost of borrowing. Journal of Financial and Quantitative Analysis, 52, 811-836
Fehr, E., & Gintis, H. (2007). Human motivation and social cooperation: Experimental and analytical foundations. Annual review of sociology, 33, 43-64.
Feng, M., Ge, W., Luo, S., & Shevlin, T. (2011). Why do CFOs become involved in material accounting manipulations? Journal of Accounting and Economics, 51, 21-36.
Foldvary, F. E. (1998). Ignorance, apathy, and greed. Retrieved June, 28, 2013.
Friedman, H. L. (2014). Implications of power: When the CEO can pressure the CFO to bias reports. Journal of Accounting and Economics, 58, 117-141.
Greenfeld, L. (2009). The spirit of capitalism. Harvard University Press.
Gupta, A., & Wowak, A. J. (2017). The elephant (or donkey) in the boardroom: How board political ideology affects CEO pay. Administrative Science Quarterly, 62, 1-30.
Habib, A., Hasan, M. M., & Jiang, H. Y. (2018). Stock price crash risk: review of the empirical literatur. Accounting and Finance, 58, 211-251.
Haynes, K. T., Campbell, J. T., & Hitt, M. A. (2017). When more is not enough: Executive greed and its influence on shareholder wealth. Journal of Management, 43, 555-584.
Haynes, K. T., Josefy, M., & Hitt, M. A. (2015). Tipping point: Managers' self-interest, greed, and altruism. Journal of Leadership & Organizational Studies, 22, 265-279.
Hayward, M. L., & Hambrick, D. C. (1997). Explaining the premiums paid for large acquisitions: Evidence of CEO hubris. Administrative science quarterly, 103-127.
Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting & Economics, 31, 405-440.
Henderson, A. D., & Fredrickson, J. W. (2001). Top management team coordination needs and the CEO pay gap: A competitive test of economic and behavioral views. Academy of Management Journal, 44, 96-117.
Hong, H. A., Kim, J. B., & Welker, M. (2017). Divergence of cash flow and voting rights, opacity, and stock price crash risk: International evidence. Journal of Accounting Research, 55, 1167-1212.
Hutton, A. P., Marcus, A. J., & Tehranian, H. (2009). Opaque financial reports, R-2, and crash ris. Journal of Financial Economics, 94, 67-86.
Jin, L., & Myers, S. C. (2006). R-2 around the world: New theory and new tests. Journal of Financial Economics, 79, 257-292.
Khurana, I. K., Pereira, R., & Zhang, E. (2018). Is real earnings smoothing harmful? Evidence from firm-specific stock price crash risk. Contemporary Accounting Research, 35, 558-587.
Kim, J. B., Li, L. Y., Lu, L. Y., & Yu, Y. X. (2016). Financial statement comparability and expected crash risk. Journal of Accounting & Economics, 61, 294-312.
Kim, J. B., Li, Y. H., & Zhang, L. D. (2011a). CFOs versus CEOs: Equity incentives and crashe. Journal of Financial Economics, 101, 713-730.
Kim, J. B., Li, Y. H., & Zhang, L. D. (2011b). Corporate tax avoidance and stock price crash risk: Firm-level analysis. Journal of Financial Economics, 100, 639-662.
Kim, J. B., Liao, S. S., & Liu, Y. K. Married CEOs and stock price crash risk. European Financial Management, 37.
Kim, J. B., Wang, Z., & Zhang, L. (2016). CEO overconfidence and stock price crash risk. Contemporary Accounting Research, 33, 1720-1749.
Kim, J. B., & Zhang, L. (2016). Accounting conservatism and stock price crash risk: Firm-level evidence [Article]. Contemporary Accounting Research, 33, 412-441.
Kim, Y., Li, H. D., & Li, S. Q. (2014). Corporate social responsibility and stock price crash risk. Journal of Banking & Finance, 43, 1-13.
Kothari, S. P., Shu, S., & Wysocki, P. D. (2009). Do managers withhold bad news . Journal of Accounting Research, 47, 241-276.
Krekels, G., & Pandelaere, M. (2015). Dispositional greed. Personality and Individual Differences, 74, 225-230.
Kubick, T. R., & Lockhart, G. B. (2021). Industry tournament incentives and stock price crash ris. Financial Management, 50, 345-369.
Lewellyn, K. B., & Muller‐Kahle, M. I. (2012). CEO power and risk taking: Evidence from the subprime lending industry. Corporate Governance: An International Review, 20, 289-307.
Li, W., Wang, H., Xie, X., & Li, J. (2019). Neural mediation of greed personality trait on economic risk-taking. Elife, 8, e45093.
Lin, Y.-C., Wang, Y. C., Chiou, J. R., & Huang, H. W. (2014). CEO characteristics and internal control quality. Corporate Governance: An International Review, 22, 24-42.
Liu, M. (2019). CEO big five personality and stock price crash risk. Available at SSRN 3312426.
Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. The Journal of Finance, 60, 2661-2700.
McGuire, J., Dow, S., & Argheyd, K. (2003). CEO incentives and corporate social performance. Journal of Business Ethics, 45, 341-359.
Melleuish, G. (2009). Greed is great. Institute of Public Affairs Review: A Quarterly Review of Politics and Public Affairs, The, 61, 22-24.
Mitra, S., & Cready, W. M. (2005). Institutional stock ownership, accrual management, and information environment. Journal of Accounting, Auditing & Finance, 20(3), 257-286.
Mizruchi, M. S., & Marshall, L. J. (2016). Corporate CEOs, 1890–2015: Titans, bureaucrats, and saviors. Annual review of sociology, 42, 143-163.
Morse, A., Nanda, V., & Seru, A. (2011). Are incentive contracts rigged by powerful CEOs? The Journal of Finance, 66, 1779-1821.
Mussel, P., Reiter, A. M. F., Osinsky, R., & Hewig, J. (2015). State- and trait-greed, its impact on risky decision-making and underlying neural mechanisms. Social Neuroscience, 10(2), 126-134.
Nath, S. (1998). Encyclopaedic dictionary of Buddhism (Vol. 1). Sarup & Sons.
Papatheodorou, A., Rosselló, J., & Xiao, H. (2010). Global economic crisis and tourism: Consequences and perspectives. Journal of Travel Research, 49, 39-45.
Park, K. (2017). Pay disparities within top management teams and earning management. Journal of Accounting and Public Policy, 36(1), 59-81.
Peterson, S. J., Galvin, B. M., & Lange, D. (2012). CEO servant leadership: Exploring executive characteristics and firm performance. Personnel Psychology, 65, 565-596.
Petrenko, O. V., Aime, F., Ridge, J., & Hill, A. (2016). Corporate social responsibility or CEO narcissism? CSR motivations and organizational performance. Strategic Management Journal, 37, 262-279.
Robin, A. J., & Zhang, H. (2015). Do industry-specialist auditors influence stock price crash risk? Auditing-a Journal of Practice & Theory, 34, 47-79.
Sajko, M., Boone, C., & Buyl, T. (2021). CEO greed, corporate social responsibility, and organizational resilience to systemic shocks. Journal of Management, 47, 957-992, Article 0149206320902528.
Sanders, G. (2001). Behavioral responses of CEOs to stock ownership and stock option pay. The Academy of Management Journal, 44, 477-492.
Sanders, W. G., & Hambrick, D. C. (2007). Swinging for the fences: The effects of CEO stock options on company risk taking and performance. Academy of Management Journal, 50, 1055-1078.
Serfling, M. A. (2014). CEO age and the riskiness of corporate policies. Journal of Corporate Finance, 25, 251-273.
Seuntjens, T. G., Zeelenberg, M., van de Ven, N., & Breugelmans, S. M. (2015). Dispositional greed. Journal of Personality and Social Psychology, 108, 917-933.
Seuntjens, T. G., Zeelenberg, M., van de Ven, N., & Breugelmans, S. M. (2019). Greedy bastards: Testing the relationship between wanting more and unethical behavior. Personality and Individual Differences, 138, 147-156.
Smith, A. (1937). The wealth of nations [1776] (Vol. 11937). na.
Song, W. L., & Wan, K. M. (2019). Does CEO compensation reflect managerial ability or managerial power? Evidence from the compensation of powerful CEOs. Journal of Corporate Finance, 56, 1-14.
Tang, Y., Qian, C. L., Chen, G. L., & Shen, R. (2015). How CEO hubris affects corporate social (ir)responsibility. Strategic Management Journal, 36, 1338-1357.
Tickle, P. A. (2004). Greed: The seven deadly sins. Oxford University Press.
Wang, L., & Murnighan, J. K. (2011). On Greed. Academy of Management Annals, 5, 279-316.
Wowak, A. J., Mannor, M. J., Arrfelt, M., & McNamara, G. (2016). Earthquake or glacier? How CEO charisma manifests in firm strategy over time. Strategic management journal, 37, 586-603.
Yermack, D. (2006). Flights of fancy: Corporate jets, CEO perquisites, and inferior shareholder returns. Journal of Financial Economics, 80, 211-242.
Zagorin, P. (2009). Thucydides: An introduction for the common reader. Princeton University Press.
Zhu, Y., Sun, X., Liu, S., & Xue, G. (2019). Is greed a double-edged sword? The roles of the need for social status and perceived distributive justice in the relationship between greed and job performance. Frontiers in Psychology, 10, 2021.