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Same same, but different: capital structures in single family offices compared with private equity firms

  • 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).

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Document Type:Article
Author:Antonia Schickinger, Alexandra Bertschi-Michel, Max P. Leitterstorf, Nadine Kammerlander
Parent Title (English):Small Business Economics
First Page:1407
Last Page:1425
Place of publication:Dordrecht
Publishing Institution:Hochschule Bonn-Rhein-Sieg
Date of first publication:2021/01/29
Copyright:© The Author(s) 2021.
Funding:Open Access funding enabled and organized by Projekt DEAL.
Keyword:Capital structure; Entrepreneurial family; Private equity; Single family office
Departments, institutes and facilities:Fachbereich Wirtschaftswissenschaften
Dewey Decimal Classification (DDC):6 Technik, Medizin, angewandte Wissenschaften / 65 Management, Öffentlichkeitsarbeit / 650 Management und unterstützende Tätigkeiten
Entry in this database:2021/02/02
Licence (German):License LogoCreative Commons - CC BY - Namensnennung 4.0 International