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The capital structure has been extensively analysed in the empirical literature. Despite of the great contribution of the technological industry to the global economy, little research has been conducted regarding corporate finance of ICT firms. Moreover, the previous literature barely considers the effect of macroeconomic variables on financial decisions, focusing much more on internal determinants, such as cash flow, firm’s size or growth opportunities. The objective of this work is to reduce this gap by disentangling the reasons behind the financial decisions of technological firms. The sample included 1,510 public ICT firms from 23 countries over the period 2004 – 2019 (17,342 observations). The variables used in this study are obtained from S&P Capital IQ, World Development Indicators, Main Science and Technology Indicators from OECD, and FMI dataset. The two-step system generalized method of moments (GMM) was used as methodology. Consistent with the extant literature, more profitable and liquid ICT firms and those with an increased non-debt tax shields are less leveraged. However, the companies which present higher risk, measured as volatility of EBIT, increase their use of debt financing. Contrary to the findings of many other studies, the analysis of a firm’s size and tangible assets shows non-conclusive results. Regarding macroeconomic determinants, only economic growth and foreign direct investment inflows were found to generate a positive effect on financial decisions of ICT firms. The findings of this work can be used to design and develop policies, measures, and facilitate mechanisms for optimal management of the financing decisions of ICT firms.

[Abstract] This paper presents the first exploratory results of a research inte-grated in a more global project on digital and entrepreneurial skills of students at the University Europea del Atlantico. The study reveals gaps in professional skills such as problem solving, strategic thinking and creativity. For this reason, a pedagogical project is created integrating the use of social media in training (entrepreneurship), research (knowledge management) and university transfer. The aim is to develop skills in digital talent, (techno)creativity and to implement work methodologies, such as design thinking and growth hacking. In addition, it will encourage self-learning of the students, improve their e-competences, crea-tive capacity and practical skills for a better adaptation to the needs of social demand, where knowledge transfer generates development and growth scenarios (startup) and fosters innovation (competitive capacity). This innovative initiative will enable Higher Education students to acquire the most demanded skills in a multidisciplinary labour market that also requires specific ones in creativity, stra-tegic capacity, project management, product innovation, solution generation and entrepreneurship. This is what forms the basis of an integral project of triangular synergy between University, Business and Society Universidad Europea del Atlántico; CEI-23/2020