本研究探討通才型CEO是否影響企業成本僵固程度。本文以1993年至2007年間美國上市公司為研究樣本，排除金融業後，共取得14,353筆公司年度觀察值，並採用Custódio et al.（2013）之一般管理能力指數衡量CEO通才程度，結合Anderson et al.（2003）之成本僵固模型進行分析。實證結果顯示，通才型CEO與較低之成本僵固程度呈顯著關聯，表示當企業面臨營收下降時，通才程度較高之CEO較能進行資源重配置與成本調整，使成本下降幅度增加。進一步控制CEO個人特徵及改以通才型CEO虛擬變數衡量後，結果仍維持一致。橫斷面分析亦顯示，此效果主要存在於年齡較高之CEO及自由現金流量較低之企業。整體而言，本研究顯示，CEO之多元管理經驗可能影響企業成本調整決策，並補充成本僵固與通才型CEO相關文獻。

This study investigates whether CEO generalist ability influences corporate cost stickiness. Using a sample of U.S. publicly listed non-financial firms from 1993 to 2007, this study examines 14,353 firm-year observations. CEO generalist ability is measured by the General Ability Index (GAI) developed by Custódio et al. (2013), while cost stickiness is examined using the framework proposed by Anderson et al. (2003). The empirical results indicate that firms led by generalist CEOs exhibit lower cost stickiness. When sales decline, CEOs with broader managerial experience are more capable of identifying idle resources, reallocating organizational resources, and adjusting cost structures, resulting in greater reductions in selling, general, and administrative (SG&A) expenses. The findings remain robust after controlling for CEO personal characteristics and adopting an alternative measure of CEO generalist ability. Cross-sectional analyses further show that this effect is more pronounced among older CEOs and firms with lower free cash flow. Overall, the findings suggest that CEO career backgrounds influence corporate resource allocation decisions and cost adjustment behavior.

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