Entrepreneurs' exit strategy intentions and their final exit paths
- This paper explores entrepreneurs’ initially intended exit strategies and compares them to their final exit paths using an inductive approach that builds on the grounded theory methodology. Our data shows that initially intended and final exit strategies differ among entrepreneurs. Two groups of entrepreneurs emerged from our data. The first group comprises entrepreneurs who financed their firms through equity investors. The second group is made up of entrepreneurs who financed their businesses solely with their own equities. Our data shows that the first group originally intended a financial harvest exit strategy and settled with this harvest exit strategy. The second group initially intended a stewardship exit strategy but did not succeed. We used the theory of planned behavior and the behavioral agency model to analyze our data. By examining our results from these two theoretical perspectives, our study explains how entrepreneurs’ exit intentions lead to their actual exit strategies.
Author: | Sascha HohenORCiD, Lars SchweizerORCiDGND |
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URN: | urn:nbn:de:hebis:30:3-697710 |
DOI: | https://doi.org/10.1007/s41471-021-00123-7 |
ISSN: | 2366-6153 |
Parent Title (English): | Schmalenbach journal of business research |
Publisher: | Springer Fachmedien |
Place of publication: | Wiesbaden |
Document Type: | Article |
Language: | English |
Date of Publication (online): | 2021/11/23 |
Date of first Publication: | 2021/11/23 |
Publishing Institution: | Universitätsbibliothek Johann Christian Senckenberg |
Release Date: | 2023/11/28 |
Tag: | Behavioral Agency Model Entrepreneurial Exit Intentions; Financial Harvest Exit Strategy; Stewardship Exit Strategy; Theory of Planned Behavior |
Volume: | 73 |
Issue: | 3-4 |
Page Number: | 35 |
First Page: | 443 |
Last Page: | 477 |
Note: | Open Access funding enabled and organized by Projekt DEAL. |
HeBIS-PPN: | 515553972 |
Institutes: | Wirtschaftswissenschaften |
Dewey Decimal Classification: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
JEL-Classification: | G Financial Economics / G3 Corporate Finance and Governance / G34 Mergers; Acquisitions; Restructuring; Corporate Governance |
L Industrial Organization / L1 Market Structure, Firm Strategy, and Market Performance / L14 Transactional Relationships; Contracts and Reputation; Networks | |
L Industrial Organization / L2 Firm Objectives, Organization, and Behavior / L26 Entrepreneurship | |
Sammlungen: | Universitätspublikationen |
Licence (German): | Creative Commons - CC BY - Namensnennung 4.0 International |