TY  - JOUR
A1  - Schickinger, Antonia
A1  - Bertschi-Michel, Alexandra
A1  - Leitterstorf, Max P.
A1  - Kammerlander, Nadine
T1  - Same same, but different: capital structures in single family offices compared with private equity firms
T2  - Small Business Economics
N2  - Despite the increasing interest in single family offices (SFOs) as an investment owned by an entrepreneurial family, research on SFOs is still in its infancy. In particular, little is known about the capital structures of SFOs or the roots of SFO heterogeneity regarding financial decisions. By drawing on a hand-collected sample of 104 SFOs and private equity (PE) firms, we compare the financing choices of these two investor types in the context of direct entrepreneurial investments (DEIs). Our data thereby provide empirical evidence that SFOs are less likely to raise debt than PE firms, suggesting that SFOs follow pecking-order theory. Regarding the heterogeneity of the financial decisions of SFOs, our data indicate that the relationship between SFOs and debt financing is reinforced by the idiosyncrasies of entrepreneurial families, such as higher levels of owner management and a higher firm age. Surprisingly, our data do not support a moderating effect for the emphasis placed on socioemotional wealth (SEW).
KW  - Single family office
KW  - Entrepreneurial family
KW  - Capital structure
KW  - Private equity
Y1  - 2021
UR  - https://pub.h-brs.de/frontdoor/index/index/docId/5322
SN  - 0921-898X
N1  - This article is licensed under a Creative Commons Attribution 4.0 International.
Open Access funding enabled and organized by Projekt DEAL.
PB  - Springer
CY  - Dordrecht
ER  -