本研究旨在探討飛行員CEO與成本僵固程度之關聯性。以1992年至2020年美國S&P500公司為樣本，參考Cain & McKeon（2016）的方法收集並衡量飛行員CEO之資料，立基於Chen et al.（2012）的成本僵固性模型，進一步擴展建立本研究模型並進行迴歸分析。實證結果未發現飛行員CEO與成本僵固性具關聯性之證據，推測係因飛行員CEO富有追求感官冒險的精神，同時具備較佳的狀態意識，兩種特質對成本僵固性的影響會互相抵銷，且兩邊的效果均未超越對方所致。此外，本研究進一步將本研究模型之產業固定效果改以公司固定效果代替，另外也檢測公司內部治理、法人持股比例以及分析師跟隨人數等3種不同公司治理機制對飛行員CEO與成本僵固性之調節效果，惟分析結果均未達到統計上之顯著水準。

The present study aims to investigate the relationship between Pilot CEOs and cost stickiness. Utilizing the sample of U.S. S&P500 companies from 1992 to 2020, data on Pilot CEOs were collected and measured following the approach outlined by Cain & McKeon (2016). Building upon the cost stickiness model proposed by Chen et al. (2012), the study further extends and establishes its own model for regression analysis. Empirical results fail to provide evidence supporting a significant association between Pilot CEOs and cost stickiness. It is conjectured that this lack of association may be attributed to the Pilot CEOs' inclination towards sensory seeking behavior, coupled with their heightened situational awareness, which potentially offset each other's effects on cost stickiness without either surpassing the other. Additionally, the study substitutes industry fixed effects with firm fixed effects in the model and examines the moderating effects of three different corporate governance mechanisms - internal governance, institutional ownership, and analyst coverage - on the relationship between Pilot CEOs and cost stickiness. However, none of the analysis results reach statistical significance.

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