pub H-BRS | Search Deutsch Login Open Access Home Search Browse Publish Help Volltext-Downloads (blau) und Frontdoor-Views (grau) Schließen Author(s) All words At least one word None of the words Title All words At least one word None of the words Other Person(s) All words At least one word None of the words Referee(s) All words At least one word None of the words Abstract All words At least one word None of the words Fulltext All words None of the words Refine H-BRS Bibliography yes (1) Departments, institutes and facilities Fachbereich Wirtschaftswissenschaften (1) (remove) Document Type Article (1) (remove) Year of publication 2022 (1) Language English (1) Has Fulltext yes (1) Keywords Capital structure (1) Entrepreneurial family (1) Private equity (1) Single family office (1) 1 search hit 1 to 1 50 10 20 50 100 Same same, but different: capital structures in single family offices compared with private equity firms (2022) Schickinger, Antonia ; Bertschi-Michel, Alexandra ; Leitterstorf, Max P. ; Kammerlander, Nadine 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). 1 to 1 Contact Imprint and Privacy policy (in German) Sitelinks