This dissertation analyzes the determinants and consequences of the capital structure integrating the financial and strategic perspectives, which is not only to provide comprehension stylized facts on capital structure, but also to reassess from a multilevel perspective (i.e. the industry-level and country-level) the relevance of several proposed determinants of firms leverage choices. The analysis show that certain patterns of direct impact of financial capital structure on firm performance as well as evidence for the moderating effects of contextual- and firm- antecedent factors (i.e. financial position and strategic position variables) on the financial capital structure – firm performance relationship. An understanding of the mechanisms by which industries environment affect financing and strategic choices, and insight into the ways how to respond to different contextual environment (or industrial/country context) influences while maximizing various capital structure and responding appropriately to distribution behaviors. Additionally, this investigation also discusses the limitations of the current research, future research directions, and the theoretical and practical implications of the empirical analysis.

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