Entrepreneurs’ Exit Strategy Intentions and Their Final Exit Paths

Sascha Hohen () and Lars Schweizer ()
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Sascha Hohen: Goethe University Frankfurt
Lars Schweizer: Goethe University Frankfurt

Schmalenbach Journal of Business Research, 2021, vol. 73, issue 3, 443-477

Abstract: Abstract 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.

Keywords: Entrepreneurial Exit Intentions; Financial Harvest Exit Strategy; Stewardship Exit Strategy; Theory of Planned Behavior; Behavioral Agency Model; L26; G34; L14 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:spr:sjobre:v:73:y:2021:i:3:d:10.1007_s41471-021-00123-7

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DOI: 10.1007/s41471-021-00123-7

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