Family offices

Rivo-López, Elena; Villanueva-Villar, Mónica; García, Alberto Vaquero; Peñas, Santiago Lago

doi:10.1016/j.orgdyn.2017.03.002

Cited by 16 publications

(8 citation statements)

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“…This may elucidate why non-family employees in family firms display higher levels of organizational commitment compared to employees in non-family firms (Pimentel et al, 2020). Furthermore, socioemotional wealth has been employed to clarify why family firms adopt a more cautious approach to firing practices during crises, resulting in enhanced social welfare and happiness within these firms (Rivo-López et al, 2022). This lends support to our proposition of an improved ability to manage burnout under crisis situations.…”

Section: Theoretical Backgroundmentioning

confidence: 67%

Navigating job satisfaction in family firms during crisis

Ibañez,

Andrade-Valbuena,

Llanos-Contreras

2024

Front. Psychol.

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Occupational health is one of the aspects significantly affected during crisis periods. It is essential to learn about the factors that improve organizational capacity in coping with such shocks. This study investigates how the working environment of a family business influences job satisfaction during crises. Conducting a survey with 516 employees at the peak of the pandemic, the research utilizes structural equation analysis, revealing that family business environments can mitigate burnout, enhance affective commitment, and consequently, boost job satisfaction. The study highlights the need to manage burnout and utilize resources, such as employee commitment, for family firms to sustain job satisfaction amidst disruptions. It deepens the comprehension of family businesses’ crisis response, emphasizing the significance of human resource commitment and management. The investigation illuminates the dynamic interplay between the work environment, employee well-being, and organizational resilience, providing valuable insights for both theoretical understanding and practical application.

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Section: Theoretical Backgroundmentioning

confidence: 67%

Navigating job satisfaction in family firms during crisis

Ibañez,

Andrade-Valbuena,

Llanos-Contreras

2024

Front. Psychol.

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“…Family offices, just like family firms, are affected by family influence. While the main objective of a family office is to preserve the family's wealth and maintain its legacy, many family offices also place priority on objectives such as family harmony, cohesion and general continuity (Rivo-López, Villanueva-Villar, Vaquero-García, & Lago-Peñas, 2017). As such, they take a long-term view on investment and understand the importance of the continuation of family legacy and values.…”

Section: Quadrant 3: Replacement Capitalmentioning

confidence: 99%

Governance Implications of Attracting External Equity Investors in Private Family Firms

Neckebrouck

Meuleman

Manigart

2021

AMP

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While research commonly assumes business-owning families are concerned about the preservation of control, more and more families seek cooperation with external investors to accomplish firm-and/or family level-goals. In this paper, we provide a conceptual configuration of the different governance scenarios that may arise when family owners attract outside capital.Combining two important family objectives -its objective to provide liquidity either to the family or to the firm, and its objective to cede or to retain long-term family control -we identify four scenarios with different governance implications and preferred types of external investors.Our analysis contributes to an increased understanding of the evolving structures of ownership in private family firms, the effectiveness and efficiency of governance arrangements in family firmexternal investor cooperations and the increasingly heterogeneous private equity funding landscape.

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“…First, although SFOs are generally well diversified in terms of their overall portfolio (Rivo-López et al 2017), they often suffer from an inadequately diversified allocation of DEI due to their large investments in single portfolio firms and their frequent aversion to external financing, corresponding with pecking-order theory. In contrast, as PE firms, which frequently following the trade-off theory, draw capital from multiple external investors, their assets under management in DEI are generally higher than those of an SFO (Block et al 2019), which enables PE firms to better diversify regarding firm size or firm life cycle (Rottke and Thiele 2018).…”

Section: The Impact Of Sfos Versus Pe Firms On Capital Structurementioning

confidence: 99%

“…However, to date, there is a lack of research on the capital structures of SFOs, as previous studies are primarily descriptive (e.g., Lange 2013, Rivo-López et al 2017) or qualitatively analyze (e.g., Welsh et al 2013) the investment behavior of SFOs but fail to investigate the drivers of capital structure decisions quantitatively. This research gap is surprising given that scholars stress the need for more research on SFOs (Welsh et al 2013) due to their unique exposition at the intersection between family financial decisions and family ownership idiosyncrasies (Rivo-López et al 2017;Wessel et al 2014).…”

Section: Implications For Research and Practicementioning

confidence: 99%

“…Building on this, the behavioral agency model (BAM) suggests that debt financing decisions are not static but are largely driven by loss aversion (Wiseman and Gómez-Mejía 1998), which is higher when an owning family is involved (Gómez-Mejía et al 2007). This finding is particularly salient in the context of the capital structure decisions of entrepreneurial families outside the family firm (i.e., in an SFO), as SFOs are at the intersection between financial decision-making and family cohesion and thus constitute a fruitful context for debt discussions (Rivo-López et al 2017;Wessel et al 2014). Furthermore, SFO decision-making is affected by the unique aspects of family involvement, such as combined ownership management (e.g., Hutchinson 1995;Pierce et al 2001), transgenerational intentions (e.g., González et al 2013;Schulze et al 2003), and the pursuit of noneconomic goals related to socioemotional wealth (SEW) (e.g., Gómez-Mejía et al 2007;Molly et al 2019).…”

Section: Introductionmentioning

confidence: 99%

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

et al. 2021

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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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Family offices

Cited by 16 publications

References 0 publications

Navigating job satisfaction in family firms during crisis

Navigating job satisfaction in family firms during crisis

Governance Implications of Attracting External Equity Investors in Private Family Firms

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

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