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dc.contributor.authorAchleitner, Ann-Kristinen_US
dc.contributor.authorLutz, Evaen_US
dc.contributor.authorSchraml, Stephanieen_US
dc.description.abstractThe paper analyzes internal factors which influence the use of equity - and mezzanine-based financing instruments in German privately held family firms. Based on a sample of 195 surveys of family firms, we investigate the impact of family specific goals and corporate governance structures on the use of financial instruments such as retained earnings, private equity and silent partnerships. We find that family goals have a complex impact on the decision to use or not to use these instruments and parallel existing goals can result in diverging financing preferences. Furthermore, we find that the impact of corporate governance structures on financing decisions is mainly driven by the existence of an advisory board and the involvement of external managers in the management board. Our findings contribute to a better understanding of financing decisions in family firms and demonstrate the necessity to include family firm specific characteristics such as family goals and corporate governance structures in the analysis of financing decisions.en_US
dc.publisherCenter for Entrepreneurial and Financial Studies (CEFS) Munichen_US
dc.relation.ispartofseriesCEFS working paper series 2009-14en_US
dc.subject.keywordentrepreneurial financeen_US
dc.subject.keywordfamily firmsen_US
dc.subject.keywordretained earningsen_US
dc.subject.keywordprivate equityen_US
dc.subject.keywordsilent partnershipen_US
dc.titleInfluence of internal factors on the use of equity- and mezzanine-based financing in family firmsen_US
dc.typeWorking Paperen_US
Appears in Collections:CEFS Working Paper Series, Center for Entrepreneurial and Financial Studies, Technische Universität München

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