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Objective- The objective of this study is to determine the influence of Business risk and Non Tax shield on Capital structure. Methodology- This study is based on panel data of20 companies from the cement sector of Pakistan. Panel regression is applied for statistical analysis. Conclusion- This study concludes that business risk and non-tax shield has insignificant effect on capital structure (debt to equity ratio), whereas the interest coverage has positive effect on debt to equity ratio. Policy Implication- As per this study the volatility and business risk involved in the cement sector may have some serious issues if the exports is continuously decline and at the same time raising leverage funds may hurt the performance of the company.

THE ROLE OF BUSINESS RISK AND NON DEBT TAX SHIELDS ON CAPITAL STRUCTURE: A STUDY BASED ON CEMENT SECTOR IN PAKISTAN