本研究旨在檢驗執行長的高薪酬究竟是肥貓現象,還是市場反應對稀缺領導人才競爭的價格結果。本研究樣本範圍為台灣上市公司,以董事及總經理與副總作為我國執行長的替代變數,高薪酬以超額薪酬定義,並以新冠疫情為檢驗執行長領導能力的危機情境,分析執行長領有高薪酬對公司財務績效的影響。實證結果顯示,執行長領有高薪酬的公司在疫情期間有相對較好的財務表現,尤其是在那些受到疫情負面衝擊的產業中更為顯著,表示執行長的領導能力在新冠疫情下的危機情境得到凸顯,執行長的高薪酬反應了市場對於優秀領導人才的需求,而非肥貓現象。

This study aims to examine whether the high compensation of CEOs is a "fat cat" phenomenon or a result of competitive market pricing for scarce leadership talent. The sample scope of this study includes publicly listed companies in Taiwan, using board members, general managers, and vice presidents as proxies for CEOs in Taiwan. High compensation is defined as excessive pay, and the COVID-19 pandemic is used as a crisis context to test the leadership capabilities of CEOs. The study analyzes the impact of high CEO compensation on corporate financial performance. Empirical results show that companies with highly compensated CEOs had relatively better financial performance during the pandemic, especially in industries negatively impacted by the pandemic. This indicates that the leadership capabilities of CEOs were highlighted in the crisis context of the COVID-19 pandemic. Therefore, the high compensation of CEOs reflects the market demand for outstanding leadership talent rather than a "fat cat" phenomenon.

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