本研究是探討神經質人格特質的CEO與企業多角化程度的關聯性研究。研究主張具備神經質個性的CEO具有較高的風險感知意識，在風險規避的考量下，會選擇企業多角化來擴大規模，用以降低企業的經營風險、避免投資過度集中、保持企業競爭優勢或保障自身工作權。但是另一方面神經質個性的CEO在保守、悲觀、易憂慮的特質上，面對企業多角化的過程，對於要去跨足新領域考慮到自身能力可能不足、更複雜的部門經營可能產生失誤、不確定成功的潛在失敗風險…等擔憂情緒，神經質個性的CEO較不會選擇企業多角化策略。研究使用1998年至2018年美國標準普爾500公司為研究樣本進行檢測上述兩個對立觀點，實證結果顯示越是神經質的CEO，企業多角化的程度越高。為了確認研究結果的穩健性，分別以年紀與資料寬鬆程度再次進行測試，結果發現CEO年紀的大小在神經質對企業多角化的選擇程度的影響上並不會有明顯的差別，另外原本設定的資料寬鬆程度統計上效果較顯著。橫斷面分析結果發現神經質帶動企業多角化程度的效果，在風險意識更高的女性CEO身上更為明顯，而且企業所處環境營運波動性愈高，神經質個性的CEO在風險趨避的效果下，企業多角化程度也會愈高。

This study discusses the relationship between neurotic personality traits of CEOs and the degree of corporate diversification. This study posits that CEOs with neurotic personalities have a higher risk perception awareness. In considering risk aversion, they may choose corporate diversification to scale up the company, reduce operational risks, avoid over-concentration of investments, maintain competitive advantages, or secure their job positions. On the other hand, neurotic CEOs, characterized by conservatism, pessimism, and worry, may hesitate to diversify the company. They might be concerned about their own insufficient capabilities to venture into new fields, the potential for errors in managing more complex departments, and the uncertain risks of potential failure. Thus, neurotic CEOs may be less inclined to adopt a diversification strategy. This study uses a sample of U.S. S&P 500 companies from 1998 to 2018 and employs the Herfindahl-Hirschman Index (HHI) to test the above two opposing viewpoints. The results show that the higher the neuroticism of the CEO, the higher the degree of corporate diversification. To confirm the robustness of the results, additional tests were conducted considering the age and data leniency. The results indicated that the CEO's age does not significantly affect the influence of neuroticism on corporate diversification. Additionally, the originally set data leniency showed statistically significant effects. Cross-sectional analysis revealed that the effect of neuroticism on the degree of corporate diversification is more obvious in female CEOs with higher risk awareness. Furthermore, the higher the operational volatility of the environment in which the company operates, the higher the degree of corporate diversification driven by neurotic CEOs due to risk aversion.

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