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Purpose: Startups have significant differences compared to other companies. They have many intangible assets (e.g., team tenure and experience of founders), are risky, and tend not to generate profits in their initial years (Heirman & Clarysse, 2007; Weber & Zulehner, 2009). Does the startups’ financing choice also differ from that of traditional companies? We analyzed the capital structure of startups in their first years of life based on the classic tradeoff and pecking order theories. Methodology/approach: We collected data on 40 startups in the city of Ribeirão Preto, São Paulo, Brazil, through a questionnaire on the profiles of the founders, company characteristics, bottom-line performance and financing sources. The data collected covered the year of founding and the three subsequent years. Findings: The results indicated that these startups mainly financed themselves through the founders’ capital in all four years covered. Only in the third year did they start using resources generated internally, indicating pecking order adherence. However, the presence of angel investors and government subsidies contrasted with the absence of bank debt. In line with the tradeoff theory, bank debt was not a viable financing option in the early years of these firms since they had low profitability and high risk. Theoretical/methodological contributions: We offer a theoretical contribution by analyzing the adequacy of traditional financial theories in the specific context of startups. Originality: The finance literature about startups is scarce, and few studies have analyzed these companies from the capital structure theoretical perspective. Social contributions / for management: We provide a panorama of the financing of startups to support their financial planning regarding fundraising.

It has been argued that if the cost of investment in cold resistance mechanisms detracts significantly from growth rates, then height growth tradeoffs should control species sorting on latitudinal temperature gradients. Applying the same logic to altitudinal temperature gradients, it can be predicted that species' upper altitudinal limits will be fixed by their degree of cold resistance, whereas the lower altitudinal limits of species growing higher up will be set by competition from faster-growing thermophilous species. We tested this prediction for three Nothofagus species on an altitudinal gradient (1,100 - 1,700 m) near Termas de Chillán, on the lower western slopes of the Andean Cordillera. We used retrospective methods to measure height increment during the previous growing season, for juvenile trees growing under open conditions at 12 sites. As expected, height growth rates generally decreased with increasing altitude. However, relationships between altitude and height growth did not differ among species. As growth rates of cold-resistant N. pumilio were very similar to those of its more thermophilous competitors N. obliqua and N. dombeyi, our initial prediction was not upheld by the data, and we can not explain what determines the lower altitudinal limit of N. pumilioSe ha postulado que, si la inversión de las especies arbóreas en mecanismos de resistencia al frío es a costa de la tasa de crecimiento, entonces la distribución de las especies a lo largo de los gradientes latitudinales de temperatura debería ser determinada por un compromiso entre el crecimiento en altura y la resistencia al frío. Aplicando la misma lógica a los gradientes altitudinales, se puede predecir que mientras los límites superiores de las especies serán fijados por su capacidad de resistir el frío, sus límites inferiores en el gradiente serán determinados por la competencia con especies de crecimiento más rápido. Pusimos a prueba esta idea con un sistema modelo de tres especies de Nothofagus, en un gradiente altitudinal (1100 - 1700 m) cerca de Las Termas de Chillán, en las faldas occidentales de la Cordillera de los Andes. Utilizamos métodos retrospectivos para medir el crecimiento en altura durante la temporada anterior, en árboles juveniles en 12 sitios con condiciones abiertas. De acuerdo a nuestras expectativas, por lo general las tasas de crecimiento en altura disminuyeron con el aumento en altitud. Sin embargo, las relaciones entre altitud y tasa de crecimiento no difirieron estadísticamente entre especies. Dado que las tasas de crecimiento de N. obliqua, resistente al frío, fueron muy similares a las de sus congéneres más termófilas N. obliqua y N. dombeyi, no se apoyó nuestra predicción inicial. Por ende, nuestros datos no permiten explicar las causas del límite altitudinal inferior de N. pumilio