The decision pertaining of the capital structure is one of the most strategic, perpetual and at the same time challenging corporate decisions. Having an optimum capital structure is an important aspect of the financing of firms. Firms often struggle to create an optimum balance between their debt and equity. The current paper aims to explore whether the capital structure impacts the performance (financial and non-financial) and the financial risks of the firms in Finland. The current study is based on the secondary data of 50 large-cap Finnish public firms listed at the Helsinki stock exchange for the period 2011 to 2017. The findings of the research disclose that leverage affects most of the accounting, market, and hybrid performance measures negatively. On the other hand, the effect of leverage on the non-financial measures has been found to be insignificant. Similarly, a high level of leverage leads to increase in the total risk, while the systematic risk remains unaffected by it. The current article is one of the fewest studies that employed comprehensive analysis through multiple measures of firm performance, risk and capital structure in the context of the Finnish corporate sector.