Abstract:
Purpose
We examine the impact of capital structure determinants on firm financial performance
together with the mediation effect offirm leverage in cement industry over the period of 2009
to 2019. Our results show that certain ofthe capital structure determinants directly affect firm
financial performance. We also observe that only the Pakistan sample has a positive significant
correlation between firm leverage and firm financial performance. Pakistani cement
manufacturer firms use external financing instead of internal financing to heighten
performance. Our results also show that firm size plays a key role. The asset structure, liquidity,
and infltion rate are the attributes that were indirectly influenced by firm performance
