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

DOI
Publisher DOI
Abstract
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.
Date Issued
2014-02
Publication Type
Article
Subject(s)
Language(s)
en
Author(s)
Wessel, Stephan
Decker, Carolin
Lange, Knut
Additional Credits
Journal
European Management Journal
Publisher
Elsevier
ISSN
0263-2373
Access(Rights)
restricted
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