The current study explains the capital structure effects on the firm’s value. This study has analysed 18 cement companies listed in Pakistan Stock Exchange (PSX) over the period of 2009-2019. Two different estimation models i.e. one for Returns on Assets (ROA) and the other for Returns on Equity (ROE) have been used. The determinants used are Debt to Equity, Share Capital, Current Ratio, Return on Capital-Employed (ROCE) and Firm Size. Following the literature, the researcher start from simpler pooled OLS regression model chronologically and reached to the conclusion that fixed effect models are best for both ROE and ROA based on Hausman test. The estimated results indicate that current ratio and return on capital-employed have positive influence on the ROA while for ROE, capital ratio and equity have negative influence and finally the return on capital-employed secure positive impact. Supervisor :- Dr. Farhat Mahmood