本研究以2004至2021年美國S&P 500指數成分股為研究對象，分析明星CEO與企業負債資金成本之關聯性。實證結果顯示，相較於非明星，明星CEO任職企業次年的負債資金成本較低。本文主要驗證了明星CEO企業於次年的總利息成本會降低。另一研究結果顯示，明星CEO對高槓桿與企業負債資金成本之正向關係並無調節效果。此外，本文額外測試亦發現，明星CEO對公司資金成本之影響因產業特性不同而有所差異。在電腦科技業中，明星CEO之網路搜尋量與總利息成本呈顯著負相關，在製造業中，明星CEO之網路搜尋量與總利息成本則呈顯著正相關。本研究亦發現，網路搜尋量加強了疫情對負債資金成本率的影響。本文實證結果除有助於瞭解明星CEO對企業負債資金成本之影響外，也為明星CEO相關文獻提供實證證據。

Using a sample of the constituents of the S&P 500 for the period 2004 through 2021, this study examines the linkages between celebrity or star Chief Executive Officer (CEO) and cost of debt. Our results suggest that, compared with non-star CEOs, the cost of debt in the following year is lower for star CEOs. This paper mainly verifies that the total interest cost of the star CEO companies decreases in the following year. Another result shows that, there is no evidence suggest that star CEOs can regulate the relationship between high leverage and the cost of debt. Furthermore, the additional tests found that the influence of star CEOs on the cost of debt varies with different industry characteristics. In the business equipment industry, the Google search volume index (SVI) has a significant negative correlation with the total interest cost, and in the manufacturing industry, it has a significant positive correlation. We also found that the SVI strengthens the impact of the epidemic on the debt capital ratio. These findings provide empirical evidence for literature of the association between star CEO and cost of debt.

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