기업의 경영자지분율과 레버리지의 동시적 결정요인에 관한 연구

Simultaneous Determination of Managerial Stock Ownership and Corporate Leverage

This study investigates the determinants of managerial stock ownership and corporate leverage simultaneously within the framework of agency theory. For this purpose six variables - corporate leverage, institutional stock ownership, growth rate, business risk, firm size, and dividend payout ratio - are selected for managerial stock ownership. And also six variables - managerial stock ownership, institutional stock ownership, growth rate, business risk, depreciation ratio, and firm size - are selected for corporate leverage. The result reveals that both the corporate leverage and the dividend payout ratio are found to be negatively related to the managerial stock ownership in the firm as predicted. However, this study shows that the other variables selected for managerial stock ownership have statistically insignificant impact on the determination of managerial stock ownership. In the case of corporate leverage, this study reveals that both the managerial stock ownership and the institutional stock ownership are found to be negatively related to the corporate leverage ratio. The three variables - business risk, depreciation ratio, and firm size - are found to have positive relationships with corporate leverage as predicted