| Summary: | This paper aims to investigate the capital structure determinants of North American firms and to analyze the impact of the 2008 financial crisis. To conduct the study, a panel data set from 2000 to 2019 comprisingabout434 North American was used and 3 models were estimated. The empirical results indicate that size and market-to-book value positively influence leverage, whereas profitability, growth opportunities, tangibility, and liquidity influence it negatively. Non-debt tax shields do not impact firm leverage. Regarding the crisis effect, the results demonstrate that it modified the influence that size, profitability, liquidity, and market-to-book value have on leverage.
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