This study examined the relationship between the determinants of capital structure and financial leverage of the surviving listed family and surviving non-family ownership of public listed companies in Malaysia. There are 474 publicly listed companies in the the Bursa Malaysia as at 31 December 1999, a longitudinal period of study was examined from year 2000 to 2015, total 16 years. After deducted finance related companies, those fall in PN4, PN17, delisted, non-survived and incomplete data, final samples are 151 surviving listed companies, consist of 72 surviving family and 79 surviving non-family listed companies. The econometric techniques, Pearson correlation matrix, panel data analysis (fixed effects model) and independent samples t-test have been applied. Financial accounting data as secondary data were derived from Datastream and annual report. This study applied four independent variables, namely asset tangibility (TANG), growth opportunities (GROWTH), profitability (PROF) and liquidity (LIQ), and one control variable firm size (SIZE). The short term debt ratio (STDR), long term debt ratio (LTDR) and debt ratio (DR) are dependent variables. The average mean value of leverages for the surviving family firms are slightly lower than surviving non-family firms, indicating that surviving family firms use lower debt as comparison. Based on the mean value statistic, it reported that surviving non-family companies perform slightly better than surviving family companies in term of asset tangibility, growth opportunities and profitability. However, surviving family companies’ liquidity and firm size are slightly larger than non-family companies.