CEO 交接通常伴隨高度的資訊不確定性，在此情境下，投資人往往難以及時且全面地掌握新任 CEO 的管理能力與未來策略方向。因此，投資人可能轉而依賴在任命宣告當下即可觀察到、但屬於非制度性的社會線索，以形成對新任 CEO 的初步判斷。不同於既有研究多聚焦於 CEO 的可觀察背景特徵（如年齡、性別與專業經歷），本研究將 CEO 的姓名視為一種可即時辨識的社會訊號，並探討其是否具有資訊內涵，進而影響資本市場反應。
本研究以美國上市公司之 CEO 任命事件為樣本，運用事件研究法，衡量任命宣告日前後短期事件視窗內的累積異常報酬（Cumulative Abnormal Return, CAR），以捕捉市場對任命消息的即時反應。CEO 姓名特殊性則透過美國社會安全局（Social Security Administration, SSA）之長期姓名使用資料，依 CEO 的出生年度與性別衡量其姓名在同儕世代中的相對不常見程度。研究結果旨在說明，在高度資訊不確定的環境下，投資人是否會將此類非制度性的社會訊號納入其評估過程，並檢驗 CEO 姓名特殊性是否在 CEO 交接任命後的市場再評價中扮演重要角色。整體而言，本研究透過聚焦於非正式社會訊號，補充 CEO 交接與市場反應相關文獻，並深化對資本市場決策行為之理解。

CEO succession announcements create information asymmetry because investors have limited information about newly appointed CEOs. This study examines whether CEO name uncommonness influences market reactions to CEO succession announcements and investigates the moderating effects of outsider CEO appointments and corporate governance.
Using CEO succession events of publicly listed U.S. firms, this study employs the event study methodology and multiple regression analysis to test the proposed hypotheses. CEO name uncommonness is measured using historical name frequency data from the U.S. Social Security Administration.
The results show that CEO name uncommonness has no significant overall effect on market reactions, and neither outsider CEO appointments nor corporate governance significantly moderates this relationship. However, additional analyses reveal that CEOs with the most uncommon names receive significantly more positive market reactions. These findings suggest that CEO name uncommonness has a threshold effect rather than a linear effect, providing new insights into investor behavior under information asymmetry.

Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291–309.
Allport, G. W. (1937). Personality: A Psychological Interpretation. Henry Holt and Company.
An, D., Song, Y., & Carr, M. (2016). A comparison of two models of creativity: Divergent thinking and creative expert performance. Personality and Individual Differences, 90, 78–84.
Atiase, R. K. (1985). Predisclosure Information, Firm Capitalization, and Security Price Behavior Around Earnings Announcements. Journal of Accounting Research, 23(1), 21–36.
Bae, J., Joo, J. H., & Yu, J. (2023). CEO succession planning and market reactions to CEO turnover announcements. Finance Research Letters, 58.
Baker, S. R., Bloom, N., & Davis, S. J. (2016). Measuring Economic Policy Uncertainty. The Quarterly Journal of Economics, 131(4), 1593–1636.
Bao, H.-W.-S., Lu, H., & Luo, Y. L. L. (2023). Do unique names fit people for creative work? Implications for job recruitment, name change, and product evaluation. European Journal of Social Psychology, 53(7), 1524–1541.
Bebchuk, L., Cohen, A., & Ferrell, A. (2009). What Matters in Corporate Governance? The Review of Financial Studies, 22(2), 783–827.
Bergh, D. D., Connelly, B. L., David J. Ketchen, J., & Shannon, L. M. (2014). Signalling Theory and Equilibrium in Strategic Management Research: An Assessment and a Research Agenda. Journal of Management Studies.
Bergh, D. D., Jr., D. J. K., Heugens, I. O. P. P. M. A. R., & Boyd, B. K. (2019). Information Asymmetry in Management Research: Past Accomplishments and Future. Journal of Management, 45(1), 122–1581.
Bhagat, S., Bolton, B., & Subramanian, A. (2010). CEO Education, CEO Turnover, and Firm Performance.
Billett, M. T., & Qian, Y. (2008). Are Overconfident CEOs Born or Made? Evidence of Self-Attribution Bias from Frequent Acquirers. Management Science, 54(6), 1037-1051.
Bloom, N. (2009). The Impact of Uncertainty Shocks. Econometrica, 77(3), 623–685.
Brewer, M. B. (1991). The Social Self: On Being the Same and Different at the Same Time. Personality and Social Psychology Bulletin, 17(5), 475-482.
Brown, S. J., & Warner, J. B. (1985). Using Daily Stock Returns: The Case of Event Studies. Journal of Financial Economics, 14(1), 3-31.
Bushman, R. M., Piotroski, J. D., & Smith, A. J. (2004). What Determines Corporate Transparency? Journal of Accounting Research, 42(2), 207–252.
Cai, W., Wu, J., & Gu, J. (2021). From CEO passion to exploratory and exploitative innovation: the moderating roles of market and technological turbulence. Management Decision, 59(6), 1363-1385.
Cannella, A. A., Jr., & Lubatkin, M. (1993). Succession as a Sociopolitical Process: Internal Impediments to Outsider Selection. The Academy of Management Journal, 36(4), 763-793.
Cannella, B., Finkelstein, S., & Hambrick, D. C. (2008). Strategic Leadership: Theory and Research on Executives, Top Management Teams, and Boards. Oxford University Press.
Charest, G. (1978). Split Information, Stock Returns and Market Efficiency - I. Journal of Financial Economics, 6, 265-296.
Chatterjee, A., & Hambrick, D. C. (2007). It's All about Me: Narcissistic Chief Executive Officers and Their Effects on Company Strategy and Performance Administrative Science Quarterly 52(3), 351-386.
Chen, S., Boucher, H. C., & Tapias, M. P. (2006). The Relational Self Revealed: Integrative Conceptualization and Implications for Interpersonal Life. Psychological Bulletin, 132, 151-179.
Clayton, M. C., Hartzell, J. C., & Rosenberg, J. (2005). The Impact of CEO Turnover on Equity Volatility. The Journal of Business, 78(5), 1779–1808.
Cooley, C. H. (1902). Human Nature and the Social Order. Charles Scribner's Sons.
Cotton, J., O’Neill, B., & Griffin, A. (2008). The “Name Game”: Affective and Hiring Reactions to First Names. Journal of Managerial Psychology, 23(1).
David L. Kurtz, C., Fleenor, P., Boone, L. E., & Rider, V. M. (1989). CEOs: A Handwriting Analysis. Business Horizons, 41-43.
Denis, D. J., Denis, D. K., & Sarin, A. (1997). Ownership structure and top executive turnover. Journal of Financial Economics, 45, 193–221.
Edmans, A. (2014). Blockholders and Corporate Governance. Annual Review of Financial Economics, 23–50.
Epstein, L. G., & Schneider, M. (2008). Ambiguity, Information Quality, and Asset Pricing. The Journal of Finance, 63(1), 197-228.
Falato, A., & Dan Li, T. M. (2014). Which Skills Matter in the Market for CEOs? Evidence from Pay for CEO Credentials.
Fama, E. F., & Jensen, M. C. (1983). Separation of Ownership and Control. Journal of Law and Economics, 26(2), 301–325.
Fryer, R. G., & Levitt, S. D. (2004). The Causes and Consequences of Distinctively Black Names. The Quarterly Journal of Economics, 119(3), 767-805.
Furtado, E. P. H., & Karan, V. (1990). Causes, Consequences, and Shareholder Wealth Effects of Management Turnover: A Review of the Empirical Evidence. Financial Management, 19(2), 60-75.
Gompers, P. A., Ishii, J. L., & Metrick, A. (2003). Corporate Governance and Equity Prices. The Quarterly Journal of Economics, 118(1), 107-155.
Hambrick, D. C., & Mason, P. A. (1984). Upper Echelons: The Organization as a Reflection of Its Top Managers. Academy of Management Review, 9(2), 193-206.
Handriani, E., & Robiyanto, R. (2019). Institutional ownership, independent board, the board size, and firm performance: Evidence from Indonesia. Contaduría y Administración, 64(3), 1-16.
Hao, M. (2025). Impact of CEO turnover on analyst earnings forecasts: A communication disruption perspective. Finance Research Letters, 84.
Harter, S. (2012). The Construction of the Self: Developmental and Sociocultural Foundations (2nd ed.). The Guilford Press.
Hayward, M. L. A., & Hambrick, D. C. (1997). Explaining the Premiums Paid for Large Acquisitions: Evidence of CEO Hubris. Administrative Science Quarterly, 42(1), 103-127.
Hillman, A. J., & Dalziel, T. (2003). Boards of Directors and Firm Performance: Integrating Agency and Resource Dependence Perspectives. The Academy of Management Review, 28(3), 383–396.
Huson, M. R., Malatesta, P. H., & Parrino, R. (2004). Managerial succession and firm performance. Journal of Financial Economics, 74, 237–275.
Hutton, I., Jiang, D., & Kumar, A. (2014). Corporate Policies of Republican Managers. Journal of Financial Economics, 115(2), 393–410.
Kalist, D. E., & Lee, D. Y. (2009). First Names and Crime: Does Unpopularity Spell Trouble? Social Science Quarterly, 90(1), 39-49.
Kang, Y., Zhu, D. H., & Zhang, Y. A. (2021). Being extraordinary: How CEOS' uncommon names explain strategic distinctiveness. Strategic Management Journal, 42, 462-488.
Kapsetaki, M. E. (2025). Do name characteristics influence the career success of UK paediatric surgeons? Advances in Integrative Medicine, 12.
Kesner, I. F., & Dalton, D. R. (1994). Top Management Turnover And Ceo Succession: An Investigation Of The Effects Of Turnover On Performance. Journal of Management Studies, 31(5), 701-713.
Kulig, J. W. (2013). What’s in a name? Our false uniqueness! British Journal of Social Psychology, 52(1), 173–179.
LeCounte, J. F., Prieto, L. C., & Phipps, S. T. A. (2017). CEO Succession Planning and Organizational Performance: A Human Capital Theory Approach. Journal of Leadership, Accountability and Ethics, 14(1), 46–57.
Lee, P. M., & James, E. H. (2007). She'-e-os: gender effects and investor reactions to the announcements of top executive appointments. Strategic Management Journal, 28, 227–241.
Lewis, M., & Ramsay, D. (2004). Development of Self-Recognition, Personal Pronoun Use, and Pretend Play During the 2nd Year. Child Development, 75(6), 1821–1831.
MacKinlay, A. C. (1997). Event Studies in Economics and Finance. Journal of Economic Literature, 35(1), 13-39.
Malmendier, U., & Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market’s reaction. Journal of Financial Economics, 89(1), 20-43.
Markus, H., & Cross, S. (1990). The interpersonal self (L. A. Pervin, Ed.). The Guilford Press.
Mayew, W. J., & Venkatachalam, M. (2012). The Power of Voice: Managerial Affective States and Future Firm Performance. The Journal of Finance, 67(1), 1-43.
Mehrabian, A. (2001). Characteristics attributed to individuals on the basis of their first names. Genetic, Social, and General Psychology Monographs, 127(1), 59-88.
Mgbame, A. M. C., Boateng, A., Mgbame, C. O., & Yekini, K. C. (2023). Firm performance and CEO turnover: the moderating role of CEO attributes. Corporate Governance, 23(7), 1778–1801.
Ogilvie, D. M., & Rose, K. M. (1995). Self-wlth-Other Representations and a Taxonomy of Motives: Two Approaches to Studying Persons. 63(3), 644–679.
Oyinlola, B. (2025). Do CEO and board characteristics matter in the ESG performance of their firms? Corporate Governance: The International Journal of Business in Society, 25(8), 21-39.
Parrino, R. (1997). CEO turnover and outside succession: A cross-sectional analysis. Journal of Financial Economics, 46(2), 165-197.
Pástor, L., & Veronesi, P. (2003). Stock Valuation and Learning about Profitability. The Journal of Finance, 58(5), 1749-1789.
Pástor, Ľ., & Veronesi, P. (2013). Political uncertainty and risk premia. Journal of Financial Economics, 110, 520–545.
Porac, J. F., Wade, J. B., & Pollock, T. S. (1999). Industry Categories and the Politics of the Comparable Firm in CEO Compensation. Administrative Science Quarterly, 44, 117–144.
Porta, R. L., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58, 3-27.
Porter, M. E. (1985). Competitive Advantage: Creating and Sustaining Superior Performance.
Reguera-Alvarado, N., & Bravo, F. (2017). The effect of independent directors’ characteristics on firm performance: Tenure and multiple directorships. Research in International Business and Finance, 41, 590–599.
Reid, A., & Deaux, K. (1996). Relationship between social and personal identities: Segregation or integration. Journal of Personality and Social Psychology, 71(6), 1084–1091.
Sebastian, C., Burnett, S., & Blakemore, S.-J. (2008). Development of the self-concept during adolescence. Trends in Cognitive Sciences, 12(11).
Serfling, M. A. (2014). CEO age and the riskiness of corporate policies. Journal of Corporate Finance, 25, 251–273.
Setiawan, D. (2008). An Analysis Of Market Reaction To CEO Turnover Announcement: The Case In Indonesia. International Business & Economics Research Journal, 7(2), 119-128.
Shen, W., & Cannella, A. A., Jr. (2002). Revisiting the Performance Consequences of CEO Succession: The Impacts of Successor Type, Postsuccession Senior Executive Turnover, and Departing CEO Tenure. The Academy of Management Journal, 45(4), 717-733.
Shleifer, A., & Vishny, R. W. (1997). A Survey of Corporate Governance. The Journal of Finance, 52(2), 737–783.
Solarino, A. M., & Boyd, B. K. (2023). Board of director effectiveness and informal institutions: A meta-analysis. Global Strategy Journal, 13(1), 58–89.
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374.
Suherman, S., Mahfirah, T. F., Usman, B., Kurniawati, H., & Kurnianti, D. (2023). CEO characteristics and firm performance: evidence from a Southeast Asian country. Corporate Governance, 23(7), 1526–1563.
Swann, W. B., Jr. (1983). Self-Verification: Bringing Social Reality into Harmony with the Self. In (Vol. 2, pp. 33-66).
Swann, W. B., Jr. (1990). To Be Adored or to Be Known? The Interplay of Self-Enhancement and Self-Verification.
Twenge, J. M., & Manis, M. (1998). First-Name Desirability and Adjustment: Self-Satisfaction, Others' Ratings, and Family Background. Journal of Applied Social Psychology, 28(4), 317–337.
Weisbach, M. S. (1995). CEO turnover and the firm’s investment decisions. Journal of Financial Economics, 37, 159-188.
Westphal, J. D., & Zajac, E. J. (2013). A behavioral theory of corporate governance: Explicating the mechanisms of socially situated and socially constituted agency. The Academy of Management Annals, 7(1), 607–661.
You, Y., Srinivasan, S., Pauwels, K., & Joshi, A. (2020). How CEO/CMO characteristics affect innovation and stock returns: findings and future directions. Journal of the Academy of Marketing Science, 48, 1229-1253.
Zahra, S. A., & Pearce, J. A., II. (1989). Boards of Directors and Corporate Financial Performance: A Review and Integrative Model. Journal of Management, 15(2), 291–334.
Zhang, Y., & Rajagopalan, N. (2010). Once an outsider, always an outsider? CEO origin, strategic change, and firm performance. Strategic Management Journal, 31(3), 334-346.
Zhu, D. H. (2014). Group Polarization in Board Decisions About CEO Compensatio. Organization Science, 25(2), 552-571.
Zunxin Zheng, Donghui Li, Tingyong Zhong, Tian Wang, & He, L. (2023). CEO facial structure and stock price crash risk. Accounting & Finance, 63(Suppl. 1), 873–905.
Zweigenhaft, R. L. (1977). The Other Side of Unusual First Names. The Journal of Social Psychology, 103(2), 291–302.