caa a22 4500 463187482 CHVBK 20180406164858.0 cr unu---uuuuu 170326e20071101xx s 000 0 eng 10.1007/s11156-007-0039-6 doi (NATIONALLICENCE)springer-10.1007/s11156-007-0039-6 The influence of growth opportunities on the relationship between equity ownership and leverage [Elektronische Daten] [Doocheol Moon, Kishore Tandon] This study investigates whether the association between ownership structure and leverage varies with the magnitude of growth opportunities. According to the free cash flow hypothesis, managers receive utility from increasing firm size and the over-investment problem is more severe for firms with fewer growth opportunities. Considering the disciplinary role of leverage on the over-investment problem and ownership structure as a control mechanism to affect financing decisions, we hypothesize that the association between ownership structure and leverage is stronger for firms with fewer growth opportunities. We find that the association between equity ownership and leverage is significant for low-growth firms, but not for high-growth firms. The results mostly hold when sample firms are partitioned into large and small firms to directly control for the effect of firm size on the association between ownership structure and leverage. Springer Science+Business Media, LLC, 2007 Ownership structure nationallicence Leverage nationallicence Growth opportunities nationallicence Free cash flow nationallicence Moon Doocheol School of Business, Yonsei University, 134 Shinchon-Dong, Seodaemoon-Ku, 120-749, Seoul, Korea aut Tandon Kishore Zicklin School of Business, Baruch College, City University of New York, 55 Lexington Avenue, Box B10-225, 10010, New York, NY, USA aut Review of Quantitative Finance and Accounting Springer US; http://www.springer-ny.com 29/4(2007-11-01), 339-351 0924-865X 29:4<339 2007 29 11156 https://doi.org/10.1007/s11156-007-0039-6 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11156-007-0039-6 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Moon Doocheol School of Business, Yonsei University, 134 Shinchon-Dong, Seodaemoon-Ku, 120-749, Seoul, Korea aut NATIONALLICENCE 700 1- Tandon Kishore Zicklin School of Business, Baruch College, City University of New York, 55 Lexington Avenue, Box B10-225, 10010, New York, NY, USA aut NATIONALLICENCE 773 0- Review of Quantitative Finance and Accounting Springer US; http://www.springer-ny.com 29/4(2007-11-01), 339-351 0924-865X 29:4<339 2007 29 11156 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer