This research aimed to the effect of Asset Structure, Profitability, Liquidity, Institutional Ownership, and Operational Diversification on Capital Structure. This study used a quantitative research and secondary data in the form of financial statements of manufacturing companies listed on the Indonesian Stock Exchange for 3 years during 2016-2018 period. This research used purposive sampling method which resulting of 36 companies with 108 observasional data. The analysis technique used multiple regression the results showed that Asset Structure has a positive effect on capital structure. Profitability, Institutional Ownership, and Operational Diversification have not effect the capital structure and Liquidity has a negative effect on capital structure.