From the perspective of the domestic capital markets, there have been little researches on the financial characteristics of the firms belonging to the KOSDAQ(Korea Securities Dealers Automated Quotation), in comparison with those of the firms classified into the KOSPI(Korea Composite Stock Price Index). For robustness, this study has performed the following three hypotheses for further investigations: (1)To find any financial characteristics on the capital structure regarding the firms' leverage ratios listed in the KOSDAQ utilizing the ‘panel data’ analysis. (2)To examine any structural changes of the firms in the leverage determinants, covering the sample periods between the pre- and post-U.S. financial crisis (3)To further analyze the statistically significant variables (or components) such as profitability by utilizing the DuPont system. Given the global economic circumstances related to the bilateral or trilateral FTA pact among the associated nations, multinational corporations headquartered in either advanced or emerging capital regions, may examine the results obtained from this study, when taking into account establishing new business entities and implementing their optimal capital structures in the Korean capital markets.