本研究將獲得著名商業雜誌頒發獎項的CEO定義為明星CEO，並使用配對樣本，探討CEO因獲獎而成為明星CEO後，其支付政策是否有別於未獲獎之CEO，以及對於股利發放與股票購回之間的選擇是否與未獲獎之CEO不同。採用Logit與OLS迴歸分析方法檢定研究假說，實證結果指出相較於非明星CEO，CEO於獲獎後一年，較不傾向於實行支付政策。另一研究結果顯示，相較於非明星CEO，明星CEO對股利支付政策與股票購回政策之選擇並無差異。而本研究針對長期效果之探討後發現，明星之特質至少能持續3年。

This paper defines a CEO who has been awarded prestigious business magazines as a star CEO, and uses matched samples to explore whether star CEOs’ payout policy is different from the non-winning CEOs and whether the choice between dividend payout and share repurchase is different from the non-winning CEOs. We use the logit and OLS regression model to verify the hypothesis. The empirical results indicated that compared with the non-star CEO, the CEO will tend not to implement payout policy one year after the award. Another results showed that star CEOs have no difference in their choice between dividend payout policy and share repurchase policy compared to non-star CEOs. For the long-term effects of the characteristic of star, we find that this characteristic can last at least 3 years.

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