這項研究主要探討了CEO的五大人格特質與股票回購頻率之間的關係。由於CEO是公司的主要決策者，CEO 的人格特質可能會影響公司的財務政策。因此，在這項研究中，我們使用了 Harrison 等人在 2020 年提供的大五人格特質數據，來探討它們對股票回購活動的影響。實證研究結果顯示，首先，外向的 CEO 傾向於在股票回購上投入較少的資金。其次，當公司具有更多增長機會時，神經質的 CEO 傾向於花費較少資金在進行股票回購。第三，具有高盡責性分數的 CEO 在具有高增長機會的公司中，會較少進行回購活動。然而，當他們決定回購股票時，他們往往會為回購活動支付較多的金額。第四，親和的 CEO 傾向減少買回庫藏股次數，特別是在增長機會較少的公司中。此外，本文並未發現開放性人格與回購活動之間有顯著的關係。

This study mainly explores the relationship between CEOs' five personality traits and the frequency of stock repurchases. Since the CEO is the main decision maker of the company, the CEO's personality traits may impact the financial policy. Therefore, in this study, we use the big five personality traits data by Harrison et al. (2020) to explore their effect on share repurchase activities. The empirical findings show that CEOs with high extraversion scores tend to allocate less on share repurchases. Secondly, neurotic CEOs tend to spend less on buybacks when their companies have more growth opportunities. Thirdly, CEOs with high conscientiousness scores engage in fewer repurchases in companies with high growth opportunities. However, when they decide to repurchase stocks, they tend to pay more for repurchase activity. Agreeable CEOs conduct fewer buybacks, especially companies with low growth opportunities. Nevertheless, the study finds no significant relationship between openness personality and repurchase activity.

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