高階管理團隊的背景、特質會影響其公司之風險、策略與績效等相關指標與走向，近期許多文獻表明，CEO 之面部生物特徵—fWHR 亦可做為會影響公司之風險、策略與績效等指標。本研究探討台灣電子業的 CEO 之 fWHR，是否會影響公司風險，並把電子業再細分為半導體業與非半導體業，且加上組織復原力為調節效果，為高層理論確認與驗證其新論點。研究結果顯示，在電子業方面，CEO之 fWHR 會影響公司之呆帳費用率，且組織復原力會調節其影響；而半導體方面，CEO 之 fWHR 對公司風險沒有影響；在非半導體方面，CEO 之 fWHR 會影響公司之研究發展費用率與呆帳費用率，且組織復原力會調節其影響。

The background and traits of top management teams can affect their firm's strategies,
performance, risk, and other related indicators and directions. Recent literature has shown that the facial biological characteristics of CEOs—fWHR (facial Width-to-Height Ratio)can also be an indicator that affects the firm's risk, strategies and performance. This study explores whether the fWHR of CEOs in the Taiwanese electronics industry impacts their firm's risk. Furthermore, the electronics industry is subdivided into the semiconductor and non-semiconductor industry, with organizational resilience serving as a moderating effect,confirming and verifying new arguments in upper echelons theory. The results show that in the electronics industry, the CEO's fWHR affects the company's bad debt expense ratio, and organizational resilience moderates this impact. In the non-semiconductor industry,the CEO's fWHR affects the company's research and development expense ratio and bad debt expense ratio, and organizational resilience moderates this impact.However, in the semiconductor industry, the CEO's fWHR does not impact firm risk.

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Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889.
Gomulya, D., Wong, E. M., Ormiston, M. E., & Boeker, W. (2017). The role of facial appearance on CEO selection after firm misconduct. Journal of Applied Psychology, 102(4), 617.
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