In Europe, there is evidence of a significant change in debt ratios towards an increase in
ratios and in the value of liabilities (LANTTO; SAHLSTRÖM, 2009: COSTA, 2008; LUEG;
PUNDA; BURKERT, 2014). Similar evidence was found in New Zealand and Australia
(STENT; BRADBURY; HOOKS, 2010; GOODWIN ET AL., 2008).