本研究旨在探討具法律背景CEO與股價崩跌風險之關聯性，以臺灣上市上櫃公司2012年至2022年期間為研究樣本，依循Hutton et al. (2009)的股價崩跌風險模型，進一步擴展建立本研究模型並進行迴歸分析。實證結果未發現具法律背景CEO與股價崩跌風險之關聯性，推測可能因為具法律背景CEO接受過專業法律培訓，會更瞭解法令規章對公司資訊透明度影響，從而選擇當法令遵循的資訊揭露者及隱藏者兩個觀點，因此對立的作用對股價崩跌風險的影響會相互抵銷，且兩邊效果均未超過對方所致。本研究也分別測試在公司規模大小、交易市場為上市上櫃、由四大會計師事務所查核以及公司成長機會幅度等公司治理機制對於具有法律背景的CEO與股價崩跌風險之差別效果，均未發現具有法律背景的CEO與股價崩跌風險之間的關係。

This study aims to investigate the relationship between legal expertise CEOs and stock price crash risk. Using the sample of Taiwan listed companies from 2012 to 2022. Following the stock price crash risk model of Hutton et al. (2009), this study extends the model and conducts a regression analysis. The empirical results fail to find evidence supporting a significant association between legal expertise CEOs and stock price crash risk. It is speculated that legal expertise CEOs, having received professional legal training, are more aware of how regulations impact corporate information transparency. Consequently, they may choose to act from two opposing perspectives: as compliant information disclosers or as concealers of unfavorable information. These opposing effects may cancel each other out, resulting in no significant impact on stock price crash risk. This study also examines the differential effects of corporate governance mechanisms, such as company size, the type of securities trading market TSE or OTC, audits by Big 4 accounting firms, and the company's growth opportunities, on the relationship between legal expertise CEOs and stock price crash risk. However, none of the analysis results reached statistical significance.

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