Here is the best looking solution that I found:
hist( x, nclass = 100, cex.lab=1.5, xlab = expression(hat(phi)~"*"),
ylab="Frequency", main="", cex.axis=1.5 )

To get the star under the hat, I don't know of any nice looking solution with base plot functions. I think @Maurits Evers' method is the best compromise between complexity and prettiness of the result.
But here is anyway a more "advanced" (and maybe a little bit over the top, but well...) solution. It is based on this blog post: http://iltabiai.github.io/tips/latex/2015/09/15/latex-tikzdevice-r.html
To make it work, you will need to install the tikzDevice package.
First, load the packages and create the data-set.
library(tikzDevice)
library(ggplot2)
dat <- data.frame(x = rnorm(1000))
Then create a TeX file that will contain the "translation" of your R plot in "tikz" language.
tikz(file = "plot_test.tex", width = 5, height = 5, standAlone = TRUE)
ggplot(dat, aes(x = x)) +
geom_histogram(color="white") + theme_bw() +
labs( x = "$\\widehat{\\phi^*}$")
dev.off()
Then, you can either directly copy or call the LaTeX code into your own LaTeX document (then the standAlone=TRUE argument is not necessary), or you can use these two very useful function to generate a pdf version and see the result.
tools::texi2dvi("plot_test.tex", pdf=TRUE)
system(paste(getOption('pdfviewer'), "plot_test.pdf"))
