過去多位學者研究發現產業競賽誘因會使 CEO 希望打敗其他 CEO，對其決策造成影響，進而影響公司的財務績效，以增加自身薪酬。近年來多家美國企業大量購回庫藏股，且美國政府立法對企業購回庫藏股課徵特別稅，顯示庫藏股購回對於企業及政府為重要之經濟決策。因此，本研究探討產業競賽誘因與庫藏股購回行為之關聯性，並進一步分析管理者能力之調節效果。以 1991 年到 2020 年美國的上市(櫃)公司作爲研究對象。實證結果顯示，產業競賽誘因越大的 CEO，購回庫藏股的機率越低。進一步加入管理者能力調節效果後，實證結果顯示管理者能力會強化產業競賽誘因與購回庫藏股之負向關聯性。本研究填補與產業競賽誘因及管理者能力相關文獻的不足，同時提供建議予面臨產業競賽誘因較大的 CEO，不應採取庫藏股購回以增加公司績效。亦提供建議予投資人在選擇投資標的時，將公司購回庫藏股列入考量。

Evidence suggests that increasing the stakes in industry tournament motivates CEOs to work harder and make better decisions. The focal CEO's industry tournament incentive (ITI) is determined by subtracting his or her compensation from that of the highest-paid CEO in the same industry. The United States government has recently passed legislation to impose a special tax on stock repurchases, demonstrating the importance of this practice to both corporations and the government. Therefore, this study investigates the link between ITI and stock buybacks, taking into account the moderating effect of managerial ability. My study population consists of publicly traded American companies listed between 1991 and 2020. The result shows that CEOs with higher ITIs are less likely to make stock buybacks. After accounting for the moderating effect of managerial ability, the result shows that the negative relationship between industry tournament incentives and stock repurchases is strengthened. This research addresses a gap in the literature by advising CEOs who face industry tournament incentives not to repurchase stock in order to improve company performance. As investors consider potential investments, this research provides guidance on how they should approach stock repurchases.

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