Adding new value to the dropdown list of standard business object

Hi All

I am trying to add new value in the drop down list of standard business object. As of my knowledge, any changes to the standard bo can be done using extensibility explorer only. If it is so, how to add new value to the dropdown of status or any standard field.

Is this possible using cloud application studio? Kindly provide me with your inputs.

Regards

Swadini Sujanaranjan