성장옵션과 자본구조 변동: 동적 패널자료 분석 = Growth Option and Capital Structure Changes: Dynamic Panel Data Analysis

다국어 초록 (Multilingual Abstract)

[Purpose]In this study, we used the market value and book value ratio of assets as proxy variables for growth option to empirically analyze the impact of growth option on capital structure using dynamic panel data analysis and provide practical implications.
[Methodology]This study thoroughly reviews related theories on capital structure and growth option and uses a dynamic panel data model that includes the second lag of the dependent variable to control even mild non－linear capital structure adjustment behavior. The model is estimated using GMM.
[Findings]There is a negative relationship between growth option and capital structure. As a result of analyzing the sample by dividing it according to the size of growth option, it was found that the debt ratio decreased the most in companies with medium growth option. Additionally, it was found that the impact of growth option on capital structure varies depending on the company’s debt capacity.
[Implications]Companies have a market orientation that seeks to optimally utilize investment opportunities in connection with the capital market. Although the control effect of debt may be strengthened in companies with poor growth option, it can lead to loss of shareholder rights and weaken market regulations. It provides implications that flexible financial policies that seek to minimize conflicts are required.

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