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Capital structure refers to a firm’s decision to finance its operation and growth using a blend of equity or debts. Thus, it is the different options used by a firm to finance its assets (Bhaduri, 2002). Public-listed firms are profit-oriented entities whose shares are traded on the stock market; thus, they significantly contribute to the country’s economic performance (Bryson, Forth, & Zhou, 2014). The stock market is considered the main source of raising capital and direct investments leading to economic growth. Thus, the capital structures of public-listed firms have a significant influence on the economy of the country where they operate. During the period between 2008 and 2012, the Malaysian economy experienced significant changes. In 2008, the country witnessed the lowest market capitalization of all the listed companies due to the stock market crash (FMA, 2013). At present, the Malaysian stock market is overvalued, making the market risky for investment. However, appropriate management of capital structure normally enhances corporate performance, which in turn would boost the economic growth in Malaysia. Figure 1 shows the market capitalization of listed companies in Malaysia between 2002 and 2012. Abstract

The relationship between Malaysian public-listed firms’ corporate governance and their capital structure