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Entrepreneurial Exit: Research Perspectives and Challenges (Wyjscie przedsiebiorcy – perspektywy i wyzwania badawcze)

Author

Listed:
  • Izabela Koladkiewicz

    (ALK, Department of Entrepreneurship, Kozminski University)

  • Marta Wojtyra

    (Department of Entrepreneurship, Kozminski University)

Abstract

The objective of this paper is to characterize selected dimensions of the phenomenon of entrepreneurial exit from the perspective of strategies other than succession in a family business. An overview of world topical literature presenting research results in this area was made to this end. The analysis took into account dimensions such as a definition of the phenomenon, identification of the motives of the exiting entrepreneur, and identification of exit strategy and factors leading to its choice as well as indications of the potential effects of its implementation. Pursuant to the conducted analysis, it may be stated that entrepreneurial exit should be understood as the “severing” of current ownership ties and the ceasing of any managerial functions in the company. Such a departure may take place by way of various exit strategies. In general, these strategies may be subdivided into those that guarantee the continued operations of the company (on the same or other market) and those whose implementation causes it to pass into business oblivion. The first group includes management buy-out, employee buy-out, mergers and acquisitions, and sale of the company or its public offering on the stock market. The basic strategy of the second group is the liquidation of the company (voluntary or involuntary). Selection of a given strategy is determined by factors related to the person of the entrepreneur and of the company itself. It is not only the departing entrepreneur who incurs the effects of the selected exit strategy. It also has an impact on the company and its stakeholders.

Suggested Citation

  • Izabela Koladkiewicz & Marta Wojtyra, 2016. "Entrepreneurial Exit: Research Perspectives and Challenges (Wyjscie przedsiebiorcy – perspektywy i wyzwania badawcze)," Problemy Zarzadzania, University of Warsaw, Faculty of Management, vol. 14(62), pages 89-106.
  • Handle: RePEc:sgm:pzwzuw:v:14:i:62:y:2016:p:89-106
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    References listed on IDEAS

    as
    1. Paul Davidson Reynolds, 2007. "Entrepreneurship in The United States," International Studies in Entrepreneurship, Springer, number 978-0-387-45671-3, December.
    2. Acs,Zoltan J. & Armington,Catherine, 2011. "Entrepreneurship, Geography, and American Economic Growth," Cambridge Books, Cambridge University Press, number 9781107402539, September.
    3. Andrew C. Corbett & Keith M. Hmieleski, 2007. "The Conflicting Cognitions of Corporate Entrepreneurs," Entrepreneurship Theory and Practice, , vol. 31(1), pages 103-121, January.
    4. Townsend, David M. & Busenitz, Lowell W. & Arthurs, Jonathan D., 2010. "To start or not to start: Outcome and ability expectations in the decision to start a new venture," Journal of Business Venturing, Elsevier, vol. 25(2), pages 192-202, March.
    5. Allan Discua Cruz & Carole Howorth & Eleanor Hamilton, 2013. "Intrafamily Entrepreneurship: The Formation and Membership of Family Entrepreneurial Teams," Entrepreneurship Theory and Practice, , vol. 37(1), pages 17-46, January.
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    More about this item

    Keywords

    entrepreneurial exit; exit strategy;

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General

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