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date: 05 March 2021

Abstract and Keywords

Family firms have an important role in economies around the globe. For instance, in Germany the majority of companies can be considered to be family firms, and other countries, particularly in continental Europe, show similar patterns. Family firms usually follow an overall business strategy targeted toward sustainability, which is a success model in line with the preferences of different stakeholders of the company as well as policy makers. However, the complex interplay of the family and the business may not only be a source of competitive advantage, but may also pose specific challenges on family firm owners. It is necessary to solve family conflicts and to focus on policies that safeguard the long-term existence of the company. In this context, financing decisions are important, as they are the basis for future company growth and survival. It is particularly important to understand internal drivers of financing decisions in the specific context of a family firm.

Keywords: family firm, internal factors, equity, policy makers, stakeholders, competitive advantage, company growth

Ann-Kristin Achleitner

Ann-Kristin Achleitner holds the chair in entrepreneurial finance, supported by KfW Bankengruppe, and is scientific co-director at the Center for Entrepreneurial and Financial Studies (CEFS) at Technische Universität München (TUM) in Germany. Previously, she was professor of banking and finance at the European Business School (ebs), Oestrich-Winkel,, and worked as a consultant for McKinsey & Company, Inc., and MS Management Service AG, St. Gallen. She earned her degrees and her PhD in both law and business administration from the University of St. Gallen (HSG) in Switzerland. Her research focuses on venture capital and private equity, family firms, and social entrepreneurship. She is a supervisory board member of Metro AG and Linde AG.

Eva Lutz

Eva Lutz is assistant professor at the Chair in Entrepreneurial Finance, supported by KfW-Bankengruppe, at Technische Universitat Munchen in Germany. Prior to joining CEFS in November 2006, she worked for L.E.K Consulting in London as a consultant. She holds a doctorate from Technische Universitat Munchen and a graduate degree in business administration from the University of Goettingen in Germany. Her main research and teaching focus is on entrepreneurial finance, company valuation, and family firms.

Stephanie Schraml

Stephanie Schraml is working as a member of the management board in the family firm Schraml GmbH. She holds a doctorate degree from the Chair in Entrpreneurial Finance, supported by KfW-Bankengruppe, at Technische Universitat Munchen in Germany. In her doctoral thesis, she analyzed financial management in family firms. She graduated from the Technische Universitat Munchen with a degree in management and technology.

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