Capital structure of single family office-owned firms

IF 9.5 1区 管理学 Q1 BUSINESS
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引用次数: 0

Abstract

Single family offices (SFOs) manage trillions of dollars worldwide. The enormous value of assets under management highlights their key role as a cohesive wealth management tool globally. Despite the increasing relevance of SFOs, research on SFOs is still in its early stages. Particularly little is known about the capital structure of the firms owned by SFOs. By drawing on a hand-collected sample of 173 SFO-owned firms in the DACH (Germany, Austria, Switzerland) region, we compare the capital structure of SFO-owned firms with the capital structure of family-owned firms. Our empirical results show that SFO-owned firms display a higher long-term debt ratio than family-owned firms, indicating that SFO-owned firms follow trade-off theory, similar to private equity-owned firms. Additionally, we show that this effect is stronger for SFOs that sold their original family firm. In contrast, family-owned firms tend to be more conservative in their financial decision-making and seem to follow the logic of the pecking order theory.

单一家族办公室所有公司的资本结构
单一家族办公室(sfo)在全球管理着数万亿美元。所管理资产的巨大价值凸显了它们作为全球凝聚力财富管理工具的关键作用。尽管SFOs的相关性越来越大,但对SFOs的研究仍处于早期阶段。人们对sfo旗下公司的资本结构尤其知之甚少。通过对DACH(德国、奥地利、瑞士)地区173家sfo所有企业的手工采集样本,我们比较了sfo所有企业与家族企业的资本结构。我们的实证结果表明,sfo控股企业的长期负债率高于家族企业,这表明sfo控股企业遵循权衡理论,类似于私募股权控股企业。此外,我们还发现,对于出售原有家族企业的sfo来说,这种效应更强。相比之下,家族企业在财务决策方面往往更为保守,似乎遵循着等级顺序理论的逻辑。
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来源期刊
CiteScore
11.40
自引率
19.40%
发文量
53
期刊介绍: The Journal of Family Business Strategy takes an international perspective, providing a platform for research that advances our understanding of family businesses. Welcoming submissions across various dimensions, the journal explores the intricate interplay between family dynamics and business operations, contributing new insights to this specialized field.
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