Tappeiner, Florian; Howorth, Carole; Achleitner, Ann-Kristin - In: Journal of Family Business Strategy 3 (2012) 1, pp. 38-51
Private equity is invested mostly in established firms, of which family businesses are the dominant form. Under the pecking order hypothesis, private equity is a finance of last resort. Tests of the pecking order and its assumptions have provided conflicting results. For family firms, the...