本研究將獲得雜誌評鑑之CEO定義為明星CEO，由於雜誌大多以CEO之財務績效表現為主要評選標準，過去相關文獻並未有探討明星CEO之管理能力高低對績效之影響，因此本研究探討CEO之管理能力是否會成為CEO得獎成為明星CEO之因素，以及得獎後成為明星CEO之管理能力高低與績效之間的關聯性。
實證結果與本文之假說預期不一致，無法證實管理能力是會成為CEO得獎成為明星CEO之因素，以及得獎後成為明星CEO之管理能力高低與績效之間有關聯性。由於企業成功的主要原因並非全部來自於管理者本身的特質，公司特性及外部經營環境等之影響力更不容忽視。因此，本文建議利害關係人看待明星CEO時不要過份著重其個人之光環，更應該將焦點放在CEO與公司整體運作融合之綜效。

This study defines a CEO who has been awarded prestigious business magazines as a star CEO, and to evaluate whether managerial ability will be a factor in the CEO winning the award to become a star CEO and the correlation between the managerial ability and performance of the star CEO after winning the award. This study uses the Logit and OLS regression model to verify the hypotheses. The empirical results indicated that the effect of managerial ability on CEO winning the award is not significant, and whether the star CEO’s managerial ability is high or low, there is no any significant effect of managerial ability on financial performance. It indicates that managerial ability has not been able to bring sufficient influence on the enterprise, and it may affect by other quality or the industry.

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