This study aimed to investigate factors that determine the structure of capital and its impact on firm performance. Variable used include debt ratio, return on asset, tangibility, size, growth, and liquidity. This study uses a quantitative approach to the analysis and uses two stages least square (TSLS) as a model. This study used a target all sector of listed companies in Indonesian Stock Exchange on 2011-2015, unless financial sector. The number of observations used in This study was 1370

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... rvations. The result showed that tangibility has a positive and significant impact on the capital structure. While size, growth, and liquidity had a negative and significant impact on the capital structure. For the second model, tangibility has a negative and significant impact on firm performance, while size and growth have a positive and significant impact on firm performance. Debt ratio has no impact on firm performance.