대리이론과 기업의 부채를 통한 자본조달 정책

Agency Theory and Corporate Debt Policy

Within the framework of agency theory, six variables - managerial ownership, institutional ownership, growth rate, business risk, non-debt taxshield(depreciation), and firm size - are selected to examine the corporate debt policy. The result reveals that both the managerial ownership and the institutional ownership have statistically significant negative relationships with corporate leverage ratios. Also, the result shows that three variables related source of firm's business risk, non-debt taxshield, and firm size have positive relationships as predicted. However, the result shows that firm's growth rate has statistically insignificant impact on corporate debt policy.