Family- and non-family-related reasons for entrepreneurial exits

Purpose>This study examines the family- and non-family-related reasons that may determine the choice of the anticipated entrepreneurial exit strategy (exit intention).Design/methodology/approach>The study is based on a survey of 267 owner-managers of micro-and small-sized firms in Poland and f...

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Bibliographic Details
Published inBaltic journal of management Vol. 17; no. 5; pp. 671 - 687
Main Authors Koładkiewicz, Izabela Anna, Kaciak, Eugene, Wojtyra-Perlejewska, Marta
Format Journal Article
LanguageEnglish
Published Bradford Emerald Group Publishing Limited 30.09.2022
Subjects
Entrepreneurs
Entrepreneurship
Financial independence
Hypotheses
Identity
Management
Multivariate statistical analysis
Ownership
Precursors
Sale of a business
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Summary:Purpose>This study examines the family- and non-family-related reasons that may determine the choice of the anticipated entrepreneurial exit strategy (exit intention).Design/methodology/approach>The study is based on a survey of 267 owner-managers of micro-and small-sized firms in Poland and focuses on their exit intentions (rather than actual actions) as precursors to entrepreneurial exit. Structural equation modelling (SEM) was used to test the hypotheses.Findings>The results show that family-related reasons may encourage entrepreneurs to choose the stewardship strategy over the financial harvest or voluntary cessation strategies, while non-family-related reasons such as maintaining financial independence and health may encourage the choice of the financial harvest or the voluntary cessation strategy.Originality/value>This research contributes to both the entrepreneurial exit literature and psychological ownership theory by demonstrating the potential relevance of psychological ownership in the selection of exit strategies.
ISSN:1746-5265
1746-5273
DOI:10.1108/BJM-02-2022-0078