相較於先前的研究將焦點大多放在CEO的人口學特徵對公司風險承擔的影響，本研究主要利用CEO的生肖特徵及星座特徵，探討CEO的心理學特徵對公司風險承擔的影響，並同時考慮CEO的人口學特徵。本研究以2000年至2014年之BoardEx中的CEO樣本進行分析。實證結果發現，保守生肖的CEO傾向對風險採取保守態度，且喜歡較保守的公司策略：至於星座方面，保守星座的CEO喜歡保守的公司策略。額外測試更指出實證結果在高科技產業中愈發明顯。總括而言，此結果顯示CEO的個人特徵與公司風險承擔的具相關性。

Compared with prior studies mostly focus on the influences of CEO demographic characteristics on firm risk-taking, this study uses Chinese zodiac traits and constellation traits as the proxy variables for CEO psychological traits and takes into consideration demographic characteristic variables to analyze the relationship between CEO traits and firm risk-taking. My sample consists of CEOs who are covered by the BoardEx database over the period 2000-2014. The results show that CEOs with more conservative Chinese zodiacs are less risky and prefer more conservative firm policies, and CEOs with more conservative constellation signs prefer more conservative firm policies. Further analyses reveal that these findings are more pronounced among firms in the high-tech sector. Overall, my finding suggests that a CEO’s personal trait is associated with the riskiness of the firm and firm policies.

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