This study examines how institutional factors influence capital structure and debt maturity choices of firms across 39 developed and developing countries. The research finds that legal and tax systems, corruption, and capital supplier preferences significantly affect leverage and debt maturity ratios. Firms in more corrupt countries and those with weaker laws tend to use more short-term debt. Explicit bankruptcy codes and deposit insurance are associated with higher leverage and longer-term debt. Countries with greater tax benefits from leverage also use more debt. The legal system's strength and public governance significantly affect firm capital structure, with weaker laws and higher corruption linked to higher debt ratios and shorter maturities. Countries with deposit insurance or explicit bankruptcy codes have higher debt ratios and longer maturities. Capital supplier preferences also influence capital structure, with larger banking sectors associated with shorter maturities, while higher defined benefit pension fund assets correlate with more long-term debt. Larger government bond markets are linked to lower debt ratios and shorter maturities. The study uses a panel regression with industry fixed effects and firm-level variables to analyze cross-country differences in capital structure. It finds that country-level factors are more influential than industry affiliations in determining financing choices. The results suggest that institutional factors such as legal systems, tax policies, and financial institution regulations significantly affect capital structure decisions. The study also highlights the importance of investor protection, financial distress resolution, and the role of capital suppliers in shaping debt maturity choices. The findings reinforce the importance of legal systems, investor rights enforcement, and financial distress resolution in corporate financing decisions. The study concludes that institutional factors play a crucial role in determining capital structure and debt maturity choices across countries.This study examines how institutional factors influence capital structure and debt maturity choices of firms across 39 developed and developing countries. The research finds that legal and tax systems, corruption, and capital supplier preferences significantly affect leverage and debt maturity ratios. Firms in more corrupt countries and those with weaker laws tend to use more short-term debt. Explicit bankruptcy codes and deposit insurance are associated with higher leverage and longer-term debt. Countries with greater tax benefits from leverage also use more debt. The legal system's strength and public governance significantly affect firm capital structure, with weaker laws and higher corruption linked to higher debt ratios and shorter maturities. Countries with deposit insurance or explicit bankruptcy codes have higher debt ratios and longer maturities. Capital supplier preferences also influence capital structure, with larger banking sectors associated with shorter maturities, while higher defined benefit pension fund assets correlate with more long-term debt. Larger government bond markets are linked to lower debt ratios and shorter maturities. The study uses a panel regression with industry fixed effects and firm-level variables to analyze cross-country differences in capital structure. It finds that country-level factors are more influential than industry affiliations in determining financing choices. The results suggest that institutional factors such as legal systems, tax policies, and financial institution regulations significantly affect capital structure decisions. The study also highlights the importance of investor protection, financial distress resolution, and the role of capital suppliers in shaping debt maturity choices. The findings reinforce the importance of legal systems, investor rights enforcement, and financial distress resolution in corporate financing decisions. The study concludes that institutional factors play a crucial role in determining capital structure and debt maturity choices across countries.