“…Based on institutional theory, which contends that rules and regulations, societal norms, and culture influence the survival and legitimacy of an organization (Bruton et al, 2010; North, 1990), prior studies have examined the contextual drivers of entrepreneurial exit that allows entrepreneurs to harvest the value of their ventures (DeTienne, 2010; Wennberg and DeTienne, 2014; Wennberg et al, 2010). Among them, one stream of research has examined how entrepreneurial exit is associated with the legal structure of ventures, which is an important contextual driver of venture exit (Cotei and Farhat, 2018; Harhoff et al, 1998; Turk and Shelton, 2006). Although these studies have increased our understanding of the legal forms of ventures that exited their businesses, they mainly focused on either binary exit outcomes (i.e.…”