The debate for an optimal capital structure among scholars has been fierce. In this heat of global economic meltdown, a strategic financing decision for companies becomes inevitable. Hence, this study is an extension but distinct from prior empirical studies. It stimulates new thoughts of concern on the dynamics of corporate capital structure and what seems optimal for individual firms. It makes up for the paucity of scholarly studies in third world nations on related issues. Also,the findings of this study will foster an effective and efficient financing decision for firms in third world nations. Both consultants and financial analysts will find the study helpful in their financial and advisory services to failing and distressed companies. Likewise, academic scholars as well as students of corporate finance and financial management will find this study helpful in addressing issues in corporate finance relating to corporate capital structure and firms’ market values. Other researchers in related field and discipline will find the study helpful as it will serve as a basis for further study.