One size does not fit all: Entrepreneurial families’ reliance on family offices

Hack, Andreas; Wessel, Stephan; Decker, Carolin; Lange, Knut (2014). One size does not fit all: Entrepreneurial families’ reliance on family offices. European Management Journal, 32(1), pp. 37-45. Elsevier 10.1016/j.emj.2013.08.003

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Family offices are organisations dedicated to the management of entrepreneurial families’ private wealth. Based on agency theory, we analyse types of family offices with regard to the families’ goals and the control mechanisms used to ensure goal achievement. Family-dominant management and private client structures involve stronger emphasis on non-financial goals in single and multi-family offices than in non-family-dominant management and open client structures. Variations in family involvement, ranging from family dominance to the complete absence of family ownership and/or management, and diverse client structures justify the differential reliance on formal and informal control mechanisms.

Item Type:

Journal Article (Original Article)

Division/Institute:

03 Faculty of Business, Economics and Social Sciences > Department of Business Management > Institute of Organization and Human Resource Management > Human Resource Management

UniBE Contributor:

Hack, Andreas

Subjects:

600 Technology > 650 Management & public relations

ISSN:

0263-2373

Publisher:

Elsevier

Language:

English

Submitter:

Andreas Hack

Date Deposited:

19 Mar 2014 12:32

Last Modified:

28 Dec 2014 00:17

Publisher DOI:

10.1016/j.emj.2013.08.003

BORIS DOI:

10.7892/boris.42431

URI:

https://boris.unibe.ch/id/eprint/42431

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