기업의 초기 성장 유형이 자본구조 지속성에 미치는 영향

This paper analyzes empirically the effects of initial growth type on the capital structure persistence of firms listed on Korea Exchange. The main results of this study can be summarized as follows. Initial growth type of firms determines capital structure persistence after IPO periods. This evidence demonstrates that initial growth explains the capital structure persistence. We find that initial growth types have a consistent cross-sectional explanatory power to future leverage ratios for post-IPO periods as long as 7 years. Also, it is coincide with findings of Lemmon et al.(2008). Initial growth type of firms has significant effects on new debt and equity issues of firms. New debt and equity issues have a strong gravity effect on the changes in leverage ratios. We also find significant trade-off forces in year-by-year debt and equity issues and that initial growth type interacts with them. In conclusion, initial growth type of firms may be recognized as a new determinant factor which has a long run effect on capital structure persistence in Korea Exchange. This evidence is consistent with both tradeoff theory and the generalized Myers-Majluf model. Therefore, in order to choose to capital structure persistence, and new debt and equity issues, managers must have to consider not only capital structure variables of tradeoff theory but also initial growth type of firms.