Heinrich
Liechtenstein

Professor of Financial Management

• Ph.D. in Business & Economic Sciences, University of Vienna
• Master in Business Administration, IESE, University of Navarra
• B.Sc. in Business Economics, University of Graz
• Certified European Financial Analyst (CEFA)

Heinrich Liechtenstein is Professor in the Financial Management Department. He holds a Ph.D. in Managerial Science and Applied Economics from The Economics School of Vienna, Austria, a Master’s degree in Business Administration from IESE Business School, IESE Business School, University of Navarra, and a B.Sc. in Business Economics from the University of Graz.

Professor Liechtenstein lectures in the MBA and Executive Programs at IESE and specializes in entrepreneurial finance, management of wealth and governance of entrepreneurial families. He is co-author on several publications on private equity. His ongoing research in this field focuses on operational value creation in private equity, impact investing and governance of entrepreneurial families.

As a consultant, he collaborated with leading families and financial institutions and serves on the board of family controlled foundations.

Prior to his academic career, Professor Liechtenstein was engaged in the family-owned Liechtenstein Global Trust (LGT) dealing with ultra-high net worth individuals. He also advised families within the Boston Consulting Group and established and sold two successful businesses.

Areas of interest.

• Entrepreneurial finance, private equity and Impact Investing
• Owners/Investors strategy and family governance

Publications

Journal Articles (refereed)

LUFT, V., HEIDER, A. K., LIECHTENSTEIN, H., EL SEHITY, T. (2025). From transmission to co-creation. Understanding family value composites in multigenerational business families. Journal of Family Business Strategy, 16 (3), Article 100686. doi:10.1016/j.jfbs.2025.100686. BRONK, K. C., LIECHTENSTEIN, H., EL SEHITY, T., MITCHELL, C., POSTLEWAITE, E., COLBY, A., DAMON, W., ... SWANSON, Z. (2024). Family purpose. An empirical investigation of collective purpose. Journal of Positive Psychology, 19 (4), 662-674. doi:10.1080/17439760.2023.2254738. GROH, A. P., LIECHTENSTEIN, H. (2011). Determinants for Allocations to Central Eastern Europe Venture Capital and Private Equity Limited Partnerships. Venture Capital, 13 (2), 175 - 194. doi:10.1080/13691066.2011.558359.

Working Papers

FERNÁNDEZ, P., AGUIRREAMALLOA ARIZAGA, J., LIECHTENSTEIN, H. (2009). The equity premium puzzle: High required equity premium, undervaluation and self fulfilling prophecy (DI-821-E). GROH, A. P., LIECHTENSTEIN, H. (2009). The first step of the capital flow from institutions to entrepreneurs: The criteria for sorting venture capital funds (DI-795-E). GROH, A. P., LIECHTENSTEIN, H., LIESER, K. (2008). The European venture capital and private equity country attractiveness index(es) (DI-773-E).

Books

PUEMPIN, C., LIECHTENSTEIN, H., HASHEMI, F., HASHEMI, B. (2014). The Empowered Investor. 7 Principles for Strategic Wealth Creation in a New Financial World. Basingstoke [England]: Palgrave Macmillan. FRODSHAM, D., LIECHTENSTEIN, H. (2010). Getting between the Balance Sheets. The Four Things Every Entrepreneur Should Know about Finance. Basingstoke [England]: Palgrave Macmillan. DAVID, A., LIECHTENSTEIN, H., STEVENSON, H. (2003). Winning angels. Mentoren im netzwerk des erfolges. Sieben bausteine für ein erfolgreiches risiko-investment. Wien: Signum Wirtschaftsverlag.

Book Chapters

GROH, A., LIECHTENSTEIN, H. (2012). Assessing Country Attractiveness in the Venture Capital and Private Equity Landscape in Emerging Markets. In Darek Klonowski (Ed.), Private Equity in Emerging Markets: The New Frontiers of International Finance (pp. 31 - 43). Basingstoke [England]: Palgrave Macmillan. GROH, A. P., LIECHTENSTEIN, H., LIECHTENSTEIN, K. (2009). How European countries attract institutional investors. Venture capital and private equity allocations. SECA Yearbook 2009 (pp. 34 - 40). Switzerland: Swiss Private Equity & Corporate Finance Association (SECA). LIECHTENSTEIN, H., AMIT, R., PRATS, M. J., MILLAY, T. (2008). Single family offices: The art of effective wealth management. In Josep Tàpies, John L. Ward (Eds.), Family values and value creation. The fostering of enduring values within family-owned businesses (pp. 166 - 193). Basingstoke [England]: Palgrave Macmillan.

Non-refereed articles

PUEMPIN, C., LIECHTENSTEIN, H., HASHEMI, F., HASHEMI, B. (2013). The Strategic Investor Takes the Driver's Seat. On the Road to Wealth Creation. IESE Insight (19), pp. 54 - 61. PUEMPIN, C., LIECHTENSTEIN, H., HASHEMI, F., HASHEMI, B. (2013). Siete principios para crear valor. Las reglas de oro del inversor estratégico. IESE Insight (19), pp. 54 - 61. GROH, A., LIECHTENSTEIN, H. (2012). An Undeniable Attraction. Africa investor, pp. 26 - 29.

Studies

LIECHTENSTEIN, H., GROH, A., LIESER, K., BIESINGER, M. (2021). The Venture Capital and Private Equity Country Attractiveness Index 2021. GROH, A., LIECHTENSTEIN, H., LIESER, K., BIESINGER, M. (2018). Venture Capital and Private Equity Country Attractiveness Index. 2018 Annual. GROH, A., LIECHTENSTEIN, H., LIESER, K., BIESINGER, M. (2016). Venture Capital and Private Equity Country Attractiveness Index. 2016 Annual.

Cases

LIECHTENSTEIN, H., ROMANCE HERNÁNDEZ, R. (2025). Arbolus at the crossroads: Growth, governance and going global. IESE, F-1011-E. LECONTE, C., LIECHTENSTEIN, H. (2025). The way into private equity. Do you have what it takes to be a successful private equity professional? IESE, F-1009-E. ROMANCE HERNÁNDEZ, R., LIECHTENSTEIN, H., MARTÍN CABIEDES, L. (2025). Shesha Pay? Balancing company growth and ownership. IESE, F-1007-E.

Technical Notes

FRODSHAM, D., LIECHTENSTEIN, H. (2023). Winning the VCIC. How to win the VCIC 3 times. IESE, FN-651-E. KRYLOVA, E., LIECHTENSTEIN, H. (2017). Ask the Right Questions and Build Rapport during Due Diligence. IESE, FN-632-E. FRODSHAM, D., LINZ, F., LIECHTENSTEIN, H. (2017). Choosing the Right Company in the Venture Capital Investment Competition. IESE, FN-631-E.

Outputs in other media

LIECHTENSTEIN, H. (2018). Brexit Scenarios for Investors. With the attractiveness of the U.K. expected to slip for investors, a smooth Brexit is in everyone's interest. IESE Insight. LIECHTENSTEIN, H. (2018). Inversión tras el 'brexit'. Dado que Reino Unido perderá atractivo para los inversores, un brexit suave es lo mejor para todos. IESE Insight. LIECHTENSTEIN, H., MEERKATT, H. (2010). New markets, new rules. Financial News. Private Equity News.