TY - JOUR U1 - Zeitschriftenartikel, wissenschaftlich - begutachtet (reviewed) 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 JF - 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 - 2022 UN - https://nbn-resolving.org/urn:nbn:de:hbz:1044-opus-53228 SN - 0921-898X SS - 0921-898X U6 - https://doi.org/10.1007/s11187-021-00448-x DO - https://doi.org/10.1007/s11187-021-00448-x VL - 58 IS - 3 SP - 1407 EP - 1425 PB - Springer CY - Dordrecht ER -