本研究旨在探討貪婪性格的CEO是否導致投資不效率。本研究主張貪婪的CEO可能追求個人利益，權力與自身薪酬的提升，而忽略了公司的長期利益，使得投資不效率的問題較為嚴重。本研究使用S&P1500的公司作為樣本，實證結果顯示， CEO的貪婪會對投資效率產生負面影響；橫斷面的結果顯示，透過加強公司監管機制的效能，有助於約束貪婪特質的CEO所作的投資不效率行為。此結果對於投資者、公司董事會或其它資本市場參與者，在建構治理機制和了解CEO貪婪行為的後果等層面，具有參考意義。

The purpose of this study is to explore whether greedy CEOs lead to investment inefficiency. The study argues that greedy CEOs may prioritize their personal interests, power, and salary enhancements, neglecting the long-term interests of the company, thereby exacerbating the problem of investment inefficiency. The sample used in this study consists of companies from the S&P 1500 index. The empirical results show that CEOs greed has a negative impact on investment efficiency. The cross-sectional findings indicate that strengthening the effectiveness of corporate governance mechanisms helps to constrain the investment inefficiency behavior of greedy CEOs. These results have implications for investors, corporate boards, or other participants in the capital market, providing insights into constructing governance mechanisms and understanding the consequences of CEOs greed in investment efficiency.

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