The role of social networks in shaping entrepreneurial exit strategies

Kaciak, Eugène; Koładkiewicz, Izabela; Thongpapanl, Narongsak; Wojtyra, Marta

doi:10.1007/s11365-020-00668-9

Cited by 13 publications

(10 citation statements)

References 108 publications

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“…Corporate governance in family firms is specific in nature in accordance with the lack of separation between ownership and control (Kaciak et al ., 2020). Consequently, joint ownership and control converges organisational authority in the hands of a businessperson, a family or group of families.…”

Section: Thematic Groupsmentioning

confidence: 99%

“…Consequently, joint ownership and control converges organisational authority in the hands of a businessperson, a family or group of families. Kaciak et al . (2020) argue that this governance system results in three dominant trends that they label as follows: (1) parsimony (the likelihood of parsimony arises from family firms making strategic decisions as a function of the family's personal wealth, tending to be more prudent with their property); (2) personalism (due to joint ownership and control, agents operate with fewer internal restrictions as they are free from internal bureaucratic restrictions that limit management authority in other forms of governance) and (3) particularism (owners hire professional managers hoping they will deploy more rational and more calculating criteria in decision-making and management processes, which may imply greater variability in exercising authority).…”

Section: Thematic Groupsmentioning

confidence: 99%

See 1 more Smart Citation

The socioemotional wealth of leaders in family firm succession and corporate governance processes: a systematic literature review

Marques

Leitão²,

Ferreira³

et al. 2023

IJEBR

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PurposeAdopting the research concept of socioemotional wealth (SEW) as applied to family firm leaders, this study aims to analyse the literature on succession and corporate governance processes in family firms in keeping with this still developing concept and thereby not only contributing to advancing knowledge on this field but also proposing a conceptual model of analysis and a future research agenda.Design/methodology/approachThe authors carried out a review and systematisation of the literature according to its different thematic groups through recourse to VOSviewer software and content analysis to establish a systematised and integrated structure of the reference literature based on a sample of 218 studies published and indexed on the Web of Science and SCOPUS databases between 2010 and 2021.FindingsThe results portray five leading clusters, specifically, (1) SEW and family firm performance; (2) SEW and the focus on leadership as a precursor to succession; (3) family firms, SEW and corporate social governance; (4) family firm innovation and performance; and (5) family ownership and management. The authors then put forward a conceptual model of analysis both to better integrate these topics and as a proposition for application in future research projects.Originality/valueThe study provides a new and solid systematisation of the literature and supports the argument that family firms concentrating on developing the leader's SEW increase the probability of structuring a successful succession process as well as the likelihood of achieving higher quality corporate governance.

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Section: Thematic Groupsmentioning

confidence: 99%

Section: Thematic Groupsmentioning

confidence: 99%

The socioemotional wealth of leaders in family firm succession and corporate governance processes: a systematic literature review

Marques

Leitão²,

Ferreira³

et al. 2023

IJEBR

View full text Add to dashboard Cite

show abstract

“…(2015) presented one typology of exit strategies that is based on a thorough literature review. This typology was also followed by other researchers (Kaciak et al. , 2020; Mathias et al.…”

Section: Theoretical Foundations and Hypothesesmentioning

confidence: 73%

Entrepreneurs' exit strategies and their determinants: the role of perceived exit challenges

Koładkiewicz

Kozłowski

Wojtyra-Perlejewska

2022

IJOEM

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PurposeThe study aims to investigate whether the perceived problems in exiting a business—as well as the scope of and access to external support—may impact an entrepreneur's decision regarding the exit strategy, that is, the choice between the stewardship and harvest exit strategy.Design/methodology/approachThe authors have collected data from 302 entrepreneurs using a novel survey instrument and subjected the sample to structural equation modeling (SEM) and ordered logit regressions.FindingsThe results reveal that potential difficulties in implementing an exit strategy, the scope of external support anticipated by the exiting entrepreneur and access to such support influence the potential choice of an exit strategy. Furthermore, the findings indicate that the stewardship exit strategy is preferred over the harvest exit strategy by entrepreneurs who face potential difficulties in obtaining external support or foresee problems related to a potential exit strategy.Originality/valueThis study provides new insights into an entrepreneur's exit phenomenon by adding new elements, such as perceived problems involved in exiting a business as well as the scope of and access to external support, to the list of factors that may affect the choice of an exit strategy.

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Section: Introductionmentioning

confidence: 99%

“…In this study, we examined factors that may influence the choice of an anticipated exit strategy. Researchers have identified the key determinants of this process: the entrepreneur's human and social capital (DeTienne and Cardon, 2012;Kaciak et al, 2021); gender (Justo et al, 2015;Williams et al, 2013); characteristics of the business, that is, the size of the firm and its founding team (DeTienne et al, 2015), the age of the firm and its sector of operation (Ryan and Power, 2012); and the external environment (Parastuty, 2018).…”

Section: Introductionmentioning

confidence: 99%

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

Koładkiewicz

Kaciak

Wojtyra-Perlejewska

2022

BJM

Self Cite

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PurposeThis study examines the family- and non-family-related reasons that may determine the choice of the anticipated entrepreneurial exit strategy (exit intention).Design/methodology/approachThe 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.FindingsThe 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/valueThis 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.

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The role of social networks in shaping entrepreneurial exit strategies

Cited by 13 publications

References 108 publications

The socioemotional wealth of leaders in family firm succession and corporate governance processes: a systematic literature review

The socioemotional wealth of leaders in family firm succession and corporate governance processes: a systematic literature review

Entrepreneurs' exit strategies and their determinants: the role of perceived exit challenges

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

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