Firms will have different capital structure according to the changes in the market value and the leverage level will be difference from one firm to another. Previous literature and theories have conducted cross sectional analysis to analyse the factors affecting capital structure and also examine the variation. There is no particular theory or literature tells you the best choice of capital structure level to be maintained by the firm. Most of the previous studies and literature suggest different outcomes and the evidence also is different to different theories, for example the pecking order theory, the analysis results from different literature provide inconsistent results. Dimitrios Vasiliou, Nikolaos Eriotis, & Nikolaos Daskalakis (2003), Myers (1984). If one examines how firm capital structure is distributed within industry, there are lots of differences. Firms in some industry have same capital structure and in other industry firm's capital structure are different.