本文主要是探討 CEO 名字罕見性對企業信用評等的影響。過去相關文獻指出，名字罕見的CEO易有自信之傾向，使其決策異於同業，偏好激進的策略並且低估潛在的風險，這可能導致公司的未來獲利不確定性增加，進而影響公司的信用評等，故本研究預期CEO名字罕見性對企業的信用評等會產生負面效應。本文選擇以美國公司 1992-2015年S&P 1500 的非金融服務業公司之資料作為樣本進行實證測試，實證結果並未發現兩者有顯著相關。進一步探討發現只有在女性CEO名字罕見程度與信用評等存在負向關係。此外，CEO名字罕見性與信用評等的負向關係只有在投機等級的公司存在，在投資等級的公司則是正向關係。

The purpose of this study is to explore the impact of the rarity of CEO names on corporate credit ratings. Relevant literature has previously pointed out that CEOs with rare names tend to be more confident, making decisions that differ from their peers, favoring aggressive strategies, and underestimating potential risks. This may lead to increased uncertainty about the company's future profits, thereby affecting its credit rating. Therefore, this study hypothesizes that the rarity of a CEO's name will have a negative effect on the company's credit rating. This study uses data from S&P 1500 non-financial services companies in the United States from 1992 to 2015 as a sample for empirical testing. The empirical results do not find a significant overall correlation between the rarity of CEO names and corporate credit ratings. However, further exploration reveals that only the rarity of a female CEO’s name has a negative relationship with credit ratings. Additionally, the negative relationship between CEO name rarity and credit rating is found only in speculative-grade companies, while it is positive for investment-grade companies.

Ashbaugh-Skaife, H., Collins, D. W., and LaFond, R. (2006). The effects of corporate governance on firms’credit ratings. Journal of Accounting and Economics, 42, 203-243.
Ayers, B. C., Laplante, S. K., and McGuire, S. T. (2010). Credit ratings and taxes: The effect of book–tax differences on ratings changes. Contemporary Accounting Research, 27, 359-402.
Bao, M. X., M. T. Billett, D. B. Smith, and E. Unlu. (2020). Does other comprehensive income volatility influence credit risk and the cost of debt? Contemporary Accounting Research 37, 457-484.
Beaver, W. H., Shakespeare, C., and Soliman, M. T. (2006). Differential properties in the ratings of certified versus non-certified bond-rating agencies. Journal of Accounting and Economics, 42, 303-334.
Bhandari,A.,and Golden,J. (2021). CEO political preference and credit ratings.Journal of Corporate Finance, 68,101-109.
Bonsall IV,S.B.,Holzman,E.R.,and Miller,B.P. (2017). Managerial ability and redit risk assessment. Management Science, 63, 1425-1449.
Busse, T. V., and Seraydarian, L. (1978). The relationships between first name desirability and school readiness, IQ, and school achievement. Psychology in the Schools, 15, 297-302.
Chatterjee, A., and Hambrick, D. C. (2007). It’s all about me: Narcissistic chief executive officers and their effects on company strategy and performance. Administrative Science Quarterly, 52, 351-386.
Cheng, M., and Subramanyam K. (2008). Analyst following and credit ratings.
Contemporary Accounting Research, 25, 1007-1044.
Cornaggia, K. J., Krishnan, G. V., and Wang, C. (2017). Managerial ability and credit ratings. Contemporary Accounting Research 34(4), 2094-2122.
Cotton, J. L., O’Neill, B. S., and Griffin, A. (2008). The “name game”: Affective and hiring reactions to first names. Journal of Managerial Psychology, 23, 18-39.
Galasso, A., & Simcoe, T. S. (2011). CEO overconfidence and innovation.
Management Science, 57(8), 1469-1484.
Hartman, A. A., Nicolay, R. C., and Hurley, J. (1968). Unique personal names as a social adjustment factor. Journal of Social Psychology, 75(1), 107-110.
Hayward, M. L., and Hambrick, D. C. (1997). Explaining the premiums paid for large acquisitions: Evidence of CEO hubris. Administrative Science Quarterly, 42, 103-127.
Kang, Y., Zhu, D. H., and Zhang, Y. A. (2020). Being extraordinary: How CEOS’ uncommon names explain strategic distinctiveness. Strategic Management Journal, 42, 462-488.
Kaplan, R., and Urwitz, G. (1979). Statistical models of bond ratings: A methodological inquiry. Journal of Business, 52, 231-261.
Kuang, Y. F., and Qin, B. (2013). Credit ratings and CEO risk‐taking incentives. Contemporary Accounting Research, 30, 1524-1559.
Li, J., and Tang, Y. (2010). CEO hubris and firm risk taking in China: The moderating role of managerial discretion. Academy of Management Journal, 53, 45-68.
Mehrabian, A., and Piercy, M. (1993). Positive or negative connotations of
unconventionally and conventionally spelled names. The Journal of Social Psychology,
133, 445-451.
Mehrabian, A. (2001). Characteristics attributed to individuals on the basis of their first names. Genetic, Social, and General Psychology Monographs, 127, 59- 88.
Powell, M., Ansic, D. (1997). Gener differences in risk behavior in financial decision-making: An experimental analysis. Journal of economic psychology, 18, 605-628.
Roussanov, N., and Savor, P. (2014). Marriage and Managers’ Attitudes to Risk.
Management Science, 60, 2496-2508.
Sadowski, C. J., Wheeler, K. J., and Cash, M. (1983). Unusual first names and achievement among male psychologists. The Journal of Social Psychology, 119, 181-185.
Sebastian, C., Burnett, S., & Blakemore, S. J. (2008). Development of the self-concept
during adolescence. Trends in Cognitive Sciences, 12, 441–446.
Skaife, H. A., Collins, D. W., & LaFond, R. (2004). Corporate govemance and the cost of equity capital. Available at SSRN 639681.
Twenge, J. M., and Manis, M. (1998). First-Name desirability and adjustment: self- satisfaction, others’ ratings, and family background. Journal of Applied Social Psychology, 28, 41-51.
Wang, X. F., J. Zhang, and W. S. Zhang. (2012). The role of operating cash flow in credit rating: investment-grade firms vs. speculative-grade firms. Risk Governance and Control: Financial Markets and Institutions 2, 48-63.
Watzlawik, M., Guimarães, D. S., Han, M., and Jung, A. J. (2016). First names as signs of personal identity: An intercultural comparison. Psychology & Society, 8, 1-21.
Willis, F. N., Willis, L. A., and Gier, J. A. (1982). Given names, social class, and professional achievement. Psychological Reports, 51, 543-549.
Zhu, D. H.,and Chen, G. (2015a). CEO narcissism and the impact of prior board experience on corporate strategy. Administrative Science Quarterly, 60, 31-65.
Zhu, D. H., and Chen, G. (2015b). Narcissism, director selection, and risk-taking spending. Strategic Management Journal, 36, 2075-2098.
Zweigenhaft, R. L. (1977). The other side of unusual first names. Journal of Social Psychology, 103, 291-302.
Zweigenhaft, R. L. (1981). Unusual names and uniqueness. Journal of Social Psychology, 114, 297-298.
Zweigenhaft, R. L. (1983). Unusual first names: A positive outlook. Names, 31, 258-270.