The theory and practice of corporate finance has allocated over time an important field of study in favor of the main corporate decisions regarding financial structure and its implications over: the shareholders, the debt holders, other stakeholders and on the participants from inside the corporation. The first section of this paper contains a theoretical synthesis of several cornerstone studies on this subject. The second section is a research proposal which can be undertaken in order to materialize theory into practice, by testing these implications on the Romanian corporate environment.