Ever since the middle of the 20th century there has been an increasing demand of energy. This increased energy consumption entails the need for new energy projects in both developed and developing countries. This thesis aims to map the impact an energy project has regarding the UN’s Sustainable Development Goals (SDGs). It is known that both small- and large-scale energy projects creates synergies and trade-offs with the SDGs and its relating targets. By implementing the framework “Sustainable Development Goals Impact Assessment Framework for Energy Projects” (SDG-IAE), this study will investigate the possible synergies and tradeoffs of four different energy projects located in Uganda, Kenya, Denmark, and Sweden. SDG-IAE qualitatively assess each energy project with a questionnaire. To conduct the questionnaire the authors held remote interviews with stakeholders involved in each of the projects. The framework’s result for the four projects differ for each project but also have both synergies and trade-offs that are in common. The result also clearly demonstrates the difference in introducing an energy project in a developed contra a developing country, as the developing countries generate more synergies that are relevant for the project and its location. However, the result also demonstrates trade-offs that are relevant to the projects regardless its location. By implementing SDG-IAE the authors reckon areas of improvement mainly regarding the phrasing and definitions of the questions in the framework’s questionnaire. Lastly, this thesis emphasizes the importance of assessing energy projects from a perspective of the SDGs and too continue develop SDG-IAE, because of its crucial role in attaining a sustainable development and to meet Agenda 2030. / Sedan mitten av 1900-talet har efterfrågan på energi stigit. Denna ökade efterfrågan medför ett behov av nya energiprojekt i både låg- och höginkomstländer. Detta kandidatarbete syftar till att kartlägga vilken påverkan ett energiprojekt har på FN:s Globala Mål då både småskaliga och storskaliga energiprojekt skapar synergier och avvägningar med målen samt dess delmål. Arbetet utreder vilka synergier och avvägningar fyra olika energiprojekt har som är placerade i Uganda, Kenya, Danmark och Sverige, genom att implementera verktyget “Sustainable Development Goals Impact Assessment Framework for Energy Projects” (SDG-IAE). Verktyget bedömer projekten kvalitativt genom ett frågeformulär. Författarna har besvarat formuläret genom att hålla intervjuer med olika intressenter involverade i respektive projekt. Verktygets resultat varierar för samtliga projekt men visar också synergier och avvägningar som projekten har gemensamt. Resultatet visar också tydligt skillnaden mellan att utföra ett energiprojekt i ett låginkomstland jämfört med i ett höginkomstland då låginkomstländernas synergier ofta är mer relevanta för projekten och dess placering i världen. Dock visar också resultatet avvägningar som är relevanta för alla projekt oavsett dess placering. Efter implementeringen av SDG-IAE ser författarna potentiella utvecklingsområden för verktyget, framförallt gällande frågeformulärets formulering och definitioner av dess frågor. Till sist vill arbetet betona hur viktigt det är att bedöma energiprojekt utifrån de Globala Målen och fortsätta utveckla SDG-IAE då det spelar en avgörande roll för att uppnå en hållbar utveckling och Agenda 2030.

Yes / Huntington’s disease (HD) is associated with impairments in dual-task performance. Despite that, only a few studies have investigated dual-tasking in HD. We examined dual-task performance in 15 participants in the early stages of HD and 15 healthy controls. Participants performed direct circle tracing (able to view arm) and indirect circle tracing (arm obscured) either on their own (single tasks) or paired with serial subtraction by twos or threes (dual tasks). Overall, our results suggested that HD participants were significantly slower and less accurate than controls. Both groups were slower and less accurate when performing indirect circle tracing compared with direct circle tracing. HD participants experienced greater dual-task interference in terms of accuracy when performing direct circle tracing compared with indirect circle tracing. Despite that, controls were more inclined to speed–accuracy trade-offs compared with HD participants. Importantly, unlike controls, HD participants were not disproportionately faster when performing direct circle tracing as a single task compared with the dual-task conditions. Our results suggest that simple tasks place greater attentional demands on HD participants compared with controls. These findings support that impaired automaticity may be responsible for some of the attentional deficits manifested in HD. / Supported by the School of Psychological Sciences, Monash University.

Yes / The aim of this study was to investigate age-related differences in dual task performance by using an upper limb proprioceptive task. Twenty-eight younger (18–30 years) and 28 older (>60 years) healthy adults performed circle tracing and serial subtraction tasks separately and concurrently. The tasks had two levels of difficulty: easy and hard. The circle tracing task included direct (easy) and indirect (hard) visual feedback conditions, and it was paired with serial subtraction by twos (easy) or threes (hard). We found that older adults were significantly slower than younger adults across all conditions and had significantly greater dual task costs when they performed circle tracing with easy serial subtraction. Higher levels of task difficulty were associated with slower speed in both groups. We found no age differences in accuracy. Participants either traded speed for accuracy or accuracy for speed regardless of age group. Overall, the findings suggest that speed and accuracy may be affected differently during dual tasking. In addition, older adults may rely more extensively on proprioceptive feedback to guide upper limb movement compared with younger adults. / Financial support for this study was obtained from the School of Psychology and Psychiatry, Monash University.

Det här examensarbetet utformas inom TBLT forskningsområdet, dvs. uppgiftsbaserad språkundervisning (Task-based Language Teaching) och utvecklingen av inlärares skriftliga målspråksperformans. TBLT-forskning har bevisat att kognitiv uppgiftskomplexitet manipulation har en tydlig påverkan på inlärares produktions. Detta visas i specifika aspekter i målspråksproduktionen. TBLT-forskning präglas dock av motstridiga studieresultat när det gäller hur den kognitiva manipulationen påverkar lingvistiska dimensioner. I syfte att undersöka effekten av uppgiftskomplexitets manipulation, presenteras detta examensarbete med empiriskt fokus på de lingvistiska dimensionerna korrekthet, komplexitet och flyt (CAF dimensions) i skolelevers skriftliga produktioner. Dessutom undersöker examensarbetet hur elevernas språkliga kompentens ytterligare kan påverka effekten av manipulationen. Examensarbetets bakgrund, diskussion och slutsats grundas på två teoretiska modeller, Cognition Hypothesis (Robinson, 2003, 2005, 2007) och Trade-off Hypothesis (Skehan, 1998, 2015). Dessa förklarar manipulationseffekten i uppgiftskomplexitet på olika och kontrasterande sätt. I detta examensarbete undersöks 72 svenska gymnasieelevers skriftliga produktioner i engelska genom två versioner (enkel vs. komplex) av en argumenterande uppgift. Resultaten visar att den komplexa versionen bara har få skillnader och inom dessa visas en större effekt i lexikalisk komplexitet. Manipulationen av uppgiftskomplexitet visar ytterligare större effekt bland elever med högre språklig kompetensnivå. Sådana resultat innefattar betydelsefulla pedagogiska tillämpningar för klassrummets praktik, för uppgiftsutformning och val, samt för lärares arbete.

Denna uppsats utforskar och analyserar kapitalstrukturen hos börsnoterade fastighetsbolag på Nasdaq Stockholm under åren 2017–2022. Studien fokuserar på att identifiera eventuella samband mellan bolagens skuldsättningsgrad och en rad faktorer: storlek, lönsamhet, tillväxt, samt styrräntans inverkan under den valda tidsperioden. Genom att analysera dessa faktorer i relation till den rådande ekonomiska miljön, avser studien att ge insikter i hur fastighetsbolagen kan utforma sina strategier inför framtida finansiella fluktuationer. Den teoretiska ramen inkluderar grundläggande kapitalstrukturteorier som Modigliani-Miller, Trade-off Theory, Pecking order Theory och Market Timing Theory. Med dessa teorier som grund, har studien utfört kvantitativ dataanalys för att testa hypoteser om sambanden mellan de oberoende variablerna (storlek, lönsamhet, tillväxt, styrränta och TestEtt), och den beroende variabeln (skuldsättningsgrad). Dessa insikter är inte bara relevanta för akademiska ändamål utan också värdefulla för investerare och företagsledare i beslutsprocessen om investeringar. Studien bidrar till den befintliga forskningen genom att ge en djupare förståelse för hur externa ekonomiska förhållanden, som förändrade styrräntor, påverkar kapitalstrukturer inom fastighetssektorn. Slutligen presenterar uppsatsen förslag för framtida forskning för att bygga vidare på de upptäckta trenderna och relationerna. / This essay explores and analyzes the capital structure of publicly traded real estate companies on Nasdaq Stockholm during the years 2017–2022. The study focuses on identifying potential correlations between the companies' leverage ratios and a range of factors: size, profitability, growth, as well as the impact of the policy rate during the chosen period. By analyzing these factors in relation to the prevailing economic environment, the study aims to provide insights into how real estate companies can shape their strategies in anticipation of future financial fluctuations. The theoretical framework includes fundamental capital structure theories such as Modigliani-Miller, Trade-off Theory, Pecking order Theory, and Market Timing Theory. Building on these theories, the study conducted quantitative data analysis to test hypotheses regarding the relationships between the independent variables (size, profitability, growth, policy rate and TestEtt) and the dependent variable (leverage ratio).  These insights are not only relevant for academic purposes but also valuable for investors and corporate decision-makers in the investment decision-making process. The study contributes to existing research by providing a deeper understanding of how external economic conditions, such as changing policy rates, affect capital structures within the real estate sector. Finally, the essay presents suggestions for future research to build upon the discovered trends and relationships.

The world is experiencing a large degree of change and that is no different for the banking industry in Sweden. With a higher level of communication happening through digital channels combined with the lowering of bank offices, questions arise about how advisors are communicating, what the advisors' demands and recommendations are for firms applying for credit as well as who their customers are and their demands.  The purpose of this paper is to find out what communication channels advisors are using and how they are used. Based on the demands that they present during this communication, what capital structure theory seems to fit the behavior of both the advisor and the firms. Results from this purpose indicate that advisors use a myriad of different ICTs daily and that the use of them is widespread and growing over time, but there still exist situations where physical meetings and contact occur. Furthermore, the demands and actions of the advisor point them towards communicating in preference for the pecking order theory mainly and the use of internal funds, though exceptions exist of the opposite. The demands observed by firms are more widespread but trade-off theory seems to explain the actions of larger firms better with there being a split in the evidence of support of pecking order theories explanation of firms behavior. Previous work related to this field has previously been done by looking at the firm's behaviors in connection to capital structure theory, but to our knowledge, work related to the observed demands seen from a banking advisor's perspective seems to be lacking. Previous work involved in ICT is also apparent but with the nature of the subject and the rapid advancement of the technologies, new information is always needed. Therefore, how the capital structure theories and ICT explain the behavior and communication of advisors and bank customers are a needed area of research.

Mikroföretagens roll är av stor betydelse för den svenska ekonomin. Dock visar statistik att var tredje mikroföretag går i konkurs kort efter uppstarten. Detaljhandelsbranschen visar sig vara den näst mest konkurrensutsatta branschen i Sverige samt att mikroföretag upplever finansieringsproblematik. En orsak till detta kan bero på företagares bristande kunskap om vilka finansieringalternativ som finns. Syftet med studien är att undersöka vilka val av finansieringsmetoder mikroföretag inom detaljhandeln väljer, samt hur andra finansieringsmetoder kan användas för att öka ett företags kapitalbehov. Studien har genomförts med en kvalitativ forskningsmetod och semistrukturerade intervjuer som insamlingsmetod. Studien har utgått från teorierna pecking order-teorin, trade-off teorin, det finansiella gapet samt olika finansieringsmetoder. Det insamlade materialet består av tre stycken semistrukturerade intervjuer med respondenter från tre mikroföretag inom detaljhandelsbranschen. Studiens slutsatser visar på att mikroföretag inom detaljhandelsbranschen väljer att finansiera sin verksamhet främst genom eget kapital. De undersökta mikroföretagen uppfattar svårigheter med banklån som finansieringsmetod på grund av informationsasymmetrin som råder mellan företagare och finansiärer. Samtliga mikroföretag upplever att det råder hög konkurrens inom detaljhandelsbranschen. / The role of microenterprises is of significance for the Swedish economy, however statistics show that every third microenterprise goes bankrupt shortly after the startup. The retail sector is proving to be the second most exposed sector for competition in Sweden. One of the reasons for this may be because of the entrepreneur’s lack of knowledge about existing financial options. The purpose of this study is to investigate the choice of financing methods for microenterprises within the retail sector and how other financing methods can be used to increase a company’s capital. The study was conducted through a qualitative research method with semistructured interviews as a collection method. The study has been based on theories such as pecking order-theory, trade-off theory, financial gap and various financing methods. The empiricism in the study consists of three semistructured interviews with respondents from three microenterprises within the retail sector. The study’s conclusion shows that microenterprises within the retail sector choose to finance their operations mainly with equity. The study’s investigated microenterprises perceive difficulties with bankloans as a financing method due to information asymmetry between entrepreneurs and financiers. All investigated microenterprises experience high competition in the retail sector.

Diversas teorias ao longo do tempo apresentam explicações sobre as estruturas de capital das organizações. As principais são a teoria Pecking Order, Teoria Trade Off e Teoria Free Cash-Flow, com base na teoria de Agência. Todas essas teorias apresentam relações teóricas entre alguns determinantes de estruturas de capital vinculadas a firma que poderiam interferir na decisão de financiamento. Uma segunda linha de estudos, vinculada a esta, apresenta que determinantes externas a firma também interferem nesta estrutura de capital, porém as variáveis de firma comportam-se de forma semelhante em diferentes cenários econômicos. (RAJAN e ZINGALES, 1995; BOOTH et. al., 2001; de JONG et. al., 2008; GURCHARAN, 2010; KAYO e KIMURA, 2011). Considerando as pesquisas anteriores, desenvolveu-se uma investigação para a confirmação desta hipótese, com o objetivo de identificar quais variáveis são mais importantes na tomada de decisão financeira e se há variabilidade em cenários temporais e ambientes econômicos distintos. Para tal foram analisadas 10.243 empresas sediadas em 61 países distintos no período de 2002-2011, totalizando o número de 58.423 observações firma ano, por meio de um modelo de regressão linear hierárquica de três níveis com medidas repetidas, verificando qual a importância das variáveis de firma e país no endividamento, se há variação das mesmas em países com diferentes contextos econômicos e em períodos de crescimento e retração econômica. Foram analisadas cinco determinantes clássicas de firma (lucratividade, tangibilidade, proteção fiscal não advinda da dívida, tamanho e oportunidades de crescimento), e onze variáveis de país que possuem relação com o endividamento (PIB, inflação, taxa de impostos, volume negociado em ações, liquidez de bolsa, capitalização das empresas listadas, índice risco país, taxa de juros, enforcement jurídico, nível de proteção ao investidor e nível de disclosure de negócios). A partir das análises realizadas, foi identificado que o endividamento está ligado em maior grau a características das firmas e ao tempo, e em menor grau, porém significante, às características do ambiente. Foi identificado que não há mudanças extremamente significativas no comportamento das variáveis de firma entre economias desenvolvidas e em desenvolvimento, assim como entre períodos pré e pós-crise financeira de 2008. Em relação as determinantes de país analisadas, observa-se que as mesmas apresentam comportamento adverso em função da crise de 2008, perdendo capacidade explicativa, e não apresentam comportamento de mudança de sinal dos coeficientes quando comparados países com desenvolvimento econômico distinto. Identifica-se que características do desenvolvimento econômico ficam mais evidentes no processo de financiamento, como acesso a recursos em economias com menor desenvolvimento. Os resultados apresentam convergência com os estudos anteriores como os de Moore (1986), Rajan e Zingales (1995), Booth et. al. (2001), Kayo e Kimura (2011), Bebzcuk e Galindo (2011), Akbar et. al (2012), entre outros. / Several theories over time present explanations of the capital structures of organizations. The main theories are the Pecking Order Theory, Trade Off and Free Cash-Flow Theory, based on the Agency Theory. All these theories have some theoretical relationships between determinants of capital structures linked to firm that could interfere in the financing decision. A second line of studies, linked to this, shows that determinants outside the firm also interfere in capital structure, but the firm variables behave similarly in different economic scenarios (RAJAN and ZINGALES, 1995; BOOTH et. al., 2001; de JONG et. al., 2008; GURCHARAN, 2010; KAYO and KIMURA, 2011). Considering previous researches, we developed an investigation to confirm this hypothesis, identifying which variables are the most important in financial decision-making and there is variability in temporal scenarios and different economic environments. To this end, we analyzed 10,243 companies based in 61 different countries in the period 2002-2011, a total number of 58,423 firm year observations, through a hierarchical linear regression model of three levels with repeated measures, checking the importance of the variables firm and country in debt, if there is variation in the same countries with different economic contexts and periods of growth and downturn. We analyzed five firm classical determinants ( profitability , tangibility, non-debt tax shield , size and growth opportunities) , and eleven variables that are related to country debt ( GDP , inflation, taxes , trading volume in shares , stock liquidity , capitalization of listed companies, country risk index , interest rate , law enforcement , level of investor protection and disclosure level) . From the analysis, it was identified the debt is linked to a greater degree the characteristics of firms and time, and on a lesser degree, but significant, with characteristics of the environment. It wasn\'t identified very significant changes in the behavior of firm variables between developed and developing countries, as well as between pre-and post- 2008 financial crisis. Regarding the determinants of country analyzed, it is observed that they present adverse behavior due to the 2008 crisis, losing explanatory power, and have no behavior change in sign of the coefficients when comparing countries with different economic development. Characteristics of economic development become more evident in the funding process, such as access to resources in less developed economies. The results show convergence with previous studies such as Moore (1986) , Rajan and Zingales (1995) Booth et al. al. (2001) Kayo and Kimura (2011) , Bebzcuk and Galindo (2011) , Akbar et al. al (2012 ), among others

Le système d'incompatibilité végétative a été décrit chez tous des champignons (Eumycètes) comme intervenant dans la limitation des fusions somatiques entre conspécifiques. Chez les champignons la fusion somatique est uniquement possible entre individus de même GCV (Groupe de Compatibilité Végétative). Comme tous les systèmes de reconnaissance du soi, le fonctionnement du système d'incompatibilité végétative des champignons est basé sur une grande diversité allélique. Cette thèse propose d'étudier la relation qui semble exister entre cette diversité des gènes impliqués dans l’incompatibilité végétative des champignons et la pression parasitaire exercée par des éléments cytoplasmiques délétères (ou DCE) transmis lors des fusions somatiques. Trois problématiques ont été abordées, avec trois approches différentes : (1) une approche conceptuelle générale portant sur l’évolution des systèmes de reconnaissance du soi, (2) une approche de modélisation sur le maintien de la diversité en GCV de la population de champignon par un DCE et (3) une approche expérimentale, pour étudier d’une part la perméabilité de la barrière d‘incompatibilité végétative et d’autre part l’interaction C. parasitica/CHV et les liens existant entre transmission et virulence du CHV. Ces études ont permis de montrer l'importance de la perméabilité de la barrière d'incompatibilité végétative à la fois au niveau du maintien de la diversité génétique de la population d'hôte et au niveau de la prévalence des DCE. Il semblerait donc que les DCE évoluent vers des niveaux de virulence faible du fait de la limitation de leur transmission par le système d'incompatibilité végétative de leur hôte. Nos résultats expérimentaux suggèrent que lorsque la diversité en GCV de la population d'hôte est faible, la virulence des DCE pourrait évoluer suivant le modèle du trade-off impliquant une évolution vers un niveau de virulence intermédiaire optimal. Ces travaux permettent donc de mieux comprendre les mécanismes agissant sur l'écologie et l'évolution des interactions champignon/DCE qui, au vu de cette étude, apparaissent comme de bon modèles pour l’étude des systèmes hôtes/parasites. / Vegetative incompatibility systems have been described in Fungi as controlling somatic fusion between conspecifics. For fungi, only fungi of the same vc type can fuse together. As other self recognition systems, this system involved high allelic diversity at specific genes. The issue of this work is to study the cause and effect relationship between the evolution of vegetative incompatibility systems and the selective pressure drove by cytoplasmic deleterious elements, transmitted during somatic fusion. Three problematics with three different approach were done : (1) a conceptual general framework on the evolution of self recognition systems (2) a theoretical work on the maintenance of vc type diversity by DCE and (3) an experimental work on the study of relationship between transmission and virulence in the C. parasitica/CHV host-parasite system. Ours results showed the key role of the permeability of the vegetative incompatibility barrier both for vc type diversity maintenance and on DCE prevalence. DCE would evolve toward avirulence in response to the transmission limitation by host incompatibility systems. Experimental work suggested a positive link between virulence and transmission in some population of CHV when host present a low vc type diversity, which could allow the evolution of the DCE toward an intermediate optimal virulence. This study would shed some light on mechanisms acting on the ecology and the evolution of fungi/DCE interaction which, according to our results, would be good study models for works on host-parasite systems.

Diversas teorias ao longo do tempo apresentam explicações sobre as estruturas de capital das organizações. As principais são a teoria Pecking Order, Teoria Trade Off e Teoria Free Cash-Flow, com base na teoria de Agência. Todas essas teorias apresentam relações teóricas entre alguns determinantes de estruturas de capital vinculadas a firma que poderiam interferir na decisão de financiamento. Uma segunda linha de estudos, vinculada a esta, apresenta que determinantes externas a firma também interferem nesta estrutura de capital, porém as variáveis de firma comportam-se de forma semelhante em diferentes cenários econômicos. (RAJAN e ZINGALES, 1995; BOOTH et. al., 2001; de JONG et. al., 2008; GURCHARAN, 2010; KAYO e KIMURA, 2011). Considerando as pesquisas anteriores, desenvolveu-se uma investigação para a confirmação desta hipótese, com o objetivo de identificar quais variáveis são mais importantes na tomada de decisão financeira e se há variabilidade em cenários temporais e ambientes econômicos distintos. Para tal foram analisadas 10.243 empresas sediadas em 61 países distintos no período de 2002-2011, totalizando o número de 58.423 observações firma ano, por meio de um modelo de regressão linear hierárquica de três níveis com medidas repetidas, verificando qual a importância das variáveis de firma e país no endividamento, se há variação das mesmas em países com diferentes contextos econômicos e em períodos de crescimento e retração econômica. Foram analisadas cinco determinantes clássicas de firma (lucratividade, tangibilidade, proteção fiscal não advinda da dívida, tamanho e oportunidades de crescimento), e onze variáveis de país que possuem relação com o endividamento (PIB, inflação, taxa de impostos, volume negociado em ações, liquidez de bolsa, capitalização das empresas listadas, índice risco país, taxa de juros, enforcement jurídico, nível de proteção ao investidor e nível de disclosure de negócios). A partir das análises realizadas, foi identificado que o endividamento está ligado em maior grau a características das firmas e ao tempo, e em menor grau, porém significante, às características do ambiente. Foi identificado que não há mudanças extremamente significativas no comportamento das variáveis de firma entre economias desenvolvidas e em desenvolvimento, assim como entre períodos pré e pós-crise financeira de 2008. Em relação as determinantes de país analisadas, observa-se que as mesmas apresentam comportamento adverso em função da crise de 2008, perdendo capacidade explicativa, e não apresentam comportamento de mudança de sinal dos coeficientes quando comparados países com desenvolvimento econômico distinto. Identifica-se que características do desenvolvimento econômico ficam mais evidentes no processo de financiamento, como acesso a recursos em economias com menor desenvolvimento. Os resultados apresentam convergência com os estudos anteriores como os de Moore (1986), Rajan e Zingales (1995), Booth et. al. (2001), Kayo e Kimura (2011), Bebzcuk e Galindo (2011), Akbar et. al (2012), entre outros. / Several theories over time present explanations of the capital structures of organizations. The main theories are the Pecking Order Theory, Trade Off and Free Cash-Flow Theory, based on the Agency Theory. All these theories have some theoretical relationships between determinants of capital structures linked to firm that could interfere in the financing decision. A second line of studies, linked to this, shows that determinants outside the firm also interfere in capital structure, but the firm variables behave similarly in different economic scenarios (RAJAN and ZINGALES, 1995; BOOTH et. al., 2001; de JONG et. al., 2008; GURCHARAN, 2010; KAYO and KIMURA, 2011). Considering previous researches, we developed an investigation to confirm this hypothesis, identifying which variables are the most important in financial decision-making and there is variability in temporal scenarios and different economic environments. To this end, we analyzed 10,243 companies based in 61 different countries in the period 2002-2011, a total number of 58,423 firm year observations, through a hierarchical linear regression model of three levels with repeated measures, checking the importance of the variables firm and country in debt, if there is variation in the same countries with different economic contexts and periods of growth and downturn. We analyzed five firm classical determinants ( profitability , tangibility, non-debt tax shield , size and growth opportunities) , and eleven variables that are related to country debt ( GDP , inflation, taxes , trading volume in shares , stock liquidity , capitalization of listed companies, country risk index , interest rate , law enforcement , level of investor protection and disclosure level) . From the analysis, it was identified the debt is linked to a greater degree the characteristics of firms and time, and on a lesser degree, but significant, with characteristics of the environment. It wasn\'t identified very significant changes in the behavior of firm variables between developed and developing countries, as well as between pre-and post- 2008 financial crisis. Regarding the determinants of country analyzed, it is observed that they present adverse behavior due to the 2008 crisis, losing explanatory power, and have no behavior change in sign of the coefficients when comparing countries with different economic development. Characteristics of economic development become more evident in the funding process, such as access to resources in less developed economies. The results show convergence with previous studies such as Moore (1986) , Rajan and Zingales (1995) Booth et al. al. (2001) Kayo and Kimura (2011) , Bebzcuk and Galindo (2011) , Akbar et al. al (2012 ), among others