Entrepreneurial Exit : Research Perspectives and Challenges

• Autorzy: Izabela Koładkiewicz , Marta Wojtyra

Warianty tytułu

Wyjście przedsiębiorcy - perspektywy i wyzwania badawcze

• Języki publikacji: EN

Abstrakty

EN

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. (original abstract)

Celem artykułu jest dokonanie charakterystyki wybranych wymiarów zjawiska wyjścia przedsiębiorcy z perspektywy innych strategii, jak sukcesja w firmie rodzinnej. Na potrzeby realizacji celu został dokonany przegląd światowej literatury przedmiotu. W analizie zostały uwzględnione takie wymiary, jak: definicja zjawiska, identyfikacja motywów wychodzącego przedsiębiorcy, identyfikacja strategii wyjścia i czynników decydujących o jej wyborze oraz wskazanie potencjalnych skutków jej realizacji.Na podstawie przeprowadzonej analizy można stwierdzić, że przez wyjście przedsiębiorcy należy rozumieć "przecięcie" dotychczasowych więzów właścicielskich oraz zaprzestanie pełnienia funkcji zarządczych w przedsiębiorstwie. Wyjście to może nastąpić poprzez różne strategie. Strategie te można ogólnie podzielić na takie, które zapewniają kontynuację działania firmy (na tym samym lub innym rynku) oraz na takie, których realizacja powoduje jej przejście w gospodarczy niebyt. Do pierwszej grupy należą: wykup menedżerski, wykup przez pracowników, fuzje i przejęcia, sprzedaż firmy oraz wejście na giełdę. Podstawową strategią w drugiej grupie jest likwidacja firmy (dobrowolna lub wymuszona). O wyborze danej strategii decydują czynniki związane z osobą przedsiębiorcy oraz z samą firmą.Skutków wybranej strategii wyjścia z firmy nie ponosi jedynie odchodzący z niej przedsiębiorca, mają one również przełożenie na samą firmę oraz jej interesariuszy. (abstrakt autora)

Słowa kluczowe

EN

Entrepreneur; Strategic decisions; Literature review

PL

Przedsiębiorca; Decyzje strategiczne; Przegląd literatury

• Czasopismo: Problemy Zarządzania
• Rocznik: 2016
• Numer: vol. 14, nr 3 (62), t. 2 Rozwój badań nad przedsiębiorczością w kontekście globalnym
• Strony: 89--106

Twórcy

autor

Izabela Koładkiewicz

• Kozminski University, Warsaw, Poland

autor

Marta Wojtyra

• Kozminski University, Warsaw, Poland

Bibliografia

• ACSMI. (2014). Supporting Successful Business Transfer in Europe: Highlighting the Challenges and Identifying Solutions. INTERREG IVC TOK TOC Project. Athens: ACSMI.
• Alberti, F.G. (2013). Comment on "Firm Resource Characteristics and Human Capital as Predictors of Exit Choice: An Exploratory Study of SMEs". Entrepreneurship Research Journal, 5(1), 134-140, http://dx.doi.org/10.1515/erj-2012-0029.
• Aldrich, H.E. (2015). Perpetually on the Eve of Destruction? Understanding Exits in Capitalist Societies at Multiple Levels of Analysis. In D.R. DeTienne and K. Wennberg (Editors), Research Handbook of Entrepreneurial Exit (vol. 1, pp. 11-41). Northampton: Edward Elgar Publishing, http://dx.doi.org/10.4337/9781782546979.
• Allinson, G., Braidford, P., Houston, M., Robson, P. and Stone, I. (2007). The Operation of the SME Transfer Market. Durham: Durham Business School.
• Amaral, A.M., Baptista, R. and Lima, F. (2007). Entrepreneurial Exit and Firm Performance. Frontiers of Entrepreneurship Research, 27(5), 1-15.
• Balcaen, S., Manigart, S., Buyze, J. and Ooghe, H. (2012). Firm Exit after Distress: Differentiating between Bankruptcy, Voluntary Liquidation and M&A. Small Business Economics, 39(4), 949-975, http://dx.doi.org/10.1007/s11187-011-9342-7.
• Bartkus, J.R., Hassan, M.K. and Ngene, G. (2013). Does Venture Capital Portfolio Size Matter? Studies in Economics and Finance, 30(3), 192-208, http://dx.doi.org/10.1108/ SEF-01-2012-0005.
• Battisti, M. and Okamuro, H. (2011). Small Business Owners' Exit Intentions. ICSB World Conference Proceedings, 1-12.
• Ben-Ner, A. and Jun, B. (1996). Employee Buyout in a Bargaining Game with Asymmetric Information. The American Economic Review, 83(3), 502-523.
• CECOP. (2013). Business Transfers to Employees under the Form of a Cooperative in Europe. Opportunities and Challenges. Brussels: The European Confederation of Cooperatives and worker-owned enterprises active in industry and services.
• Cefis, E. and Marsili, O. (2011). Born to Flip. Exit Decisions of Entrepreneurial Firms in High-Tech and Low-Tech Industries. Journal of Evolutionary Economics, 21(3), 473-498, http://dx.doi.org/10.1007/s00191-010-0210-4.
• Cefis, E. and Marsili, O. (2012). Going, Going, Gone. Exit Forms and the Innovative Capabilities of Firms. Research Policy, 41(5), 795-807, http://dx.doi.org/10.1016 /j.re- spol.2012.01.006.
• Chaplinsky, S., Niehaus, G. and Van de Gucht, L. (1998). Employee Buyouts: Causes, Structure, and Consequences. Journal of Financial Economics, 48(3), 283-332, http:// dx.doi.org/ 10.1016/S0304-405X(98)00013-0.
• Chin, C.L., Lee, P. and Kleinman, G. (2006). IPO Anomalies and Innovation Capital. Review of Quantitative Finance and Accounting, 27(1), 67-91, http://dx.doi.org/10.1007/ s11156-006-8543-7.
• Cieślik, J. (2014). Przedsiębiorczość, polityka, rozwój. Warsaw: SEDNO Academic Press.
• Credit Suisse. (2009). Effective Succession Management: A Study of Emotional and Financial Aspects in SMEs. Zürich: Credit Suisse.
• Cumming, D. (2008). Contracts and Exits in Venture Capital Finance. The Review of Financial Studies, 21(5), 1947-1982, http://dx.doi.org/10.1093/rfs/hhn072.
• DeTienne, D.R. (2010). Entrepreneurial Exit as a Critical Component of the Entrepreneurial Process: Theoretical Development. Journal of Business Venturing, 25(2), 203-215, http: //dx.doi.org/10.1016/j.jbusvent.2008.05.004.
• DeTienne, D.R. and Cardon, M.S. (2006). Entrepreneurial Exit Strategies: The Impact of Human Capital. Frontiers of Entrepreneurship Research, 26(5), 1-13.
• DeTienne, D.R. and Cardon, M.S. (2012). Impact of Founder Experience on Exit Intentions. Small Business Economics, 38(4), 351-374, http://dx.doi.org/10.1007/s11187- 010-9284-5.
• DeTienne, D.R. and Chirico F. (2013). Exit Strategies in Family Firms: How Socio-emotional Wealth Drives the Threshold of Performance. Entrepreneurship Theory and Practice, 37(6), 1297-1318, http://dx.doi.org/10.1111/etap.12067.
• DeTienne, D.R., McKelvie, A. and Chandler, G.N. (2015). Making Sense of Entrepreneurial Exit Strategies: A Typology and Test. Journal of Business Venturing, 30(2), 255-272, http://dx. doi.org/10.1016/j.jbusvent.2014.07.007.
• European Commission. (2003). Helping the Transfer of Businesses: A "Good Practice Guide" of Measures for Supporting the Transfer of Businesses to New Ownership. Brussels: European Commission.
• European Commission. (2006). Markets for Business Transfers Fostering Transparent Marketplaces for the Transfer of Business in Europe. Report of the Expert Group. Brussels: European Commission.
• Fackler, D., Schnabel, C. and Wagner, J. (2013). Establishment Exits in Germany: The Role of Size and Age. Small Business Economics, 41(3), 683-70, http://dx.doi. org/10.1007/ s11187-012-9450-z.
• Gimeno, J., Folta, T.B., Cooper, A.C. and Woo, C.Y. (1997). Survival of the Fittest? Entrepreneurial Human Capital and the Persistence of Underperforming Firms. Administrative Science Quarterly, 42(4), 750-783, http://dx.doi.org/ 10.2307/2393 656.
• GPW. (2016). Regulamin Giełdy [Stock market bylaws], unified wording pursuant to the legal state as of January 1. Warsaw: GPW Warsaw Stock Exchange Accessed at www. gpw.pl/pub/files/ PDF/regulacje/regulamin-gpw.pdf (accessed on January 4, 2016).
• Harhoff, D., Stahl, K. and Woywode, M. (1998). Legal Form, Growth and Exit of West German Firms: Empirical Results for Manufacturing, Construction, Trade and Service Industries. The Journal of Industrial Economics, 46(4), 453-488, http://dx.doi.org/10. 1111/1467-6451.00083.
• Harkins, J. and Forster-Holt, N. (2014). Resource Dependence and the Exits of Young Firms. Entrepreneurship Research Journal, 4(4), 323-349, http://dx.doi.org/10.1515/ eij-2013-0063.
• Hessels, J., Grilo, I., Thurik, R. and Van der Zwan, P. (2011). Entrepreneurial Exit and Entrepreneurial Engagement. Journal of Evolutionary Economics, 21(3), 447-471, http://dx. doi.org/ 10.1007/s00191-010-0190-4.
• Howorth, C., Westhead, P. and Wright, M. (2004). Buyouts, Information Asymmetry and the Family Management Dyad. Journal of Business Venturing, 19(4), 509-534, http:// dx.doi.org/ 10.1016/j.jbusvent.2003.04.002.
• IBR Family Business Institute. (2014). Barometr sukcesyjny i prognozowanie ścieżek kariery dzieci z firm rodzinnych [Barometer of succession and predicting the career paths of children from family businesses]. Poznań: IBR Family Business Institute and KPMG.
• Lehto, E. and Lehtoranta, O. (2004). Becoming an Acquirer and Becoming Acquired. Technological Forecasting and Social Change, 71(6), 635-650, http://dx.doi.org/10.1016 /S0040-1625(03)00086-6.
• Mason, C.M. and Harrison, R.T. (2006). After the Exit: Acquisitions, Entrepreneurial Recycling and Regional Economic Development. Regional Studies, 40(1), 55-73, http:// dx.doi. org/10.1080/00343400500450059.
• Meijaard, J. (2005). Business Transfer in the Netherlands. In J. Snijders and H. Haane (Editors), Entrepreneurship in the Netherlands. Business Transfer: A New Start, 3, 17-28. Zoetermeer: EIM Business & Policy Research.
• Murugesu, J. and Santhapparaj, A. S. (2009). Valuation Errors and the Initial Price Efficiency of the Malaysian IPO Market. IUP Journal of Applied Finance, 15(10), 19-38.
• Nelson, T. (2003). The Persistence of Founder Influence: Management, Ownership, and Performance Effects at Initial Public Offering. Strategic Management Journal, 24(8), 707-724, http://dx.doi.org/10.1002/smj.328.
• PARP. (2013). Kody wartości. Diagnoza sytuacji sukcesyjnej w przedsiębiorstwach rodzinnych w Polsce [Value codes: Diagnosis of the situation facing succession in family businesses in Poland]. Warsaw: PARP Polish Agency for Enterprise Development.
• Pasanen, M. and Laukkanen, T. (2006). Team-Managed Growing SMEs: A Distinct Species? Management Research News, 29(11), 684-700, http://dx.doi.org/10.1108/014091 706107160 07.
• Pennings, J.M., Lee, K. and Van Witteloostuijn, A. (1998). Human Capital, Social Capital, and Firm Dissolution. Academy of Management Journal, 41(4), 425-440, http:// dx.doi.org /10.2307/257082
• Pichanic, M., Habrmanova, B., Srpova, J. and Stankova, A. (2012). The Importance of Factors and Forms for Entrepreneurs Exit from Founded SMEs. ICSB World Conference Proceedings, 2(2), 1-35.
• Poulsen, A.B. and Stegemoller, M. (2008). Moving from private to Public Ownership: Selling Out in Public Firms versus Initial Public Offerings. Financial Management (Wiley-Blackwell), 37(1), 81-101, http://dx.doi.org/10.1111/j.1755-053X.2008. 00005.x.
• Power, B. and Ryan, G. (2008). Influences on the entrepreneurs expected mode of exit. ICSB World Conference Proceedings, 1-46.
• Ryan, G. and Power, B. (2012). Small Business Transfer Decisions: What Really Matters? Evidence from Ireland and Scotland. Irish Journal of Management, 31(2), 99-125.
• Safin, K., Pluta, J. and Pabjan, B. (2014). Strategie sukcesyjne polskich przedsiębiorstw rodzinnych [Succession strategies in Polish family businesses]. Warsaw: Difin.
• Singh, H. (1990). Management Buyouts: Distinguishing Characteristics and Operating Changes Prior to Public Offering. Strategic Management Journal (1986-1998), 11(5), 111-129.
• Stone, I.E., Robson, P.J.A. and Braidford, P. (2008). Buying and Selling of SMEs: Identifying and Responding to Market Failure in the UK. ICSB World Conference Proceedings, 1-37.
• Sułkowski, Ł. and Marjański, A. (2009). Firmy rodzinne - jak osiągnąć sukces w sztafecie pokoleń [Family businesses: How to achieve success in the generational relay race]. Warsaw: Poltext.
• Surdej, A. and Wach, K. (2010). Przedsiębiorstwa rodzinne wobec wyzwań sukcesji [Family businesses in the face of the challenges of succession]. Warsaw: Difin.
• Van Teeffelen, L. and Leroy, H. (2009). Drivers for Liquidation and Transfer in Small Firms: Theory of Planned Behavior and Firm Conditions. ICSB World Conference Proceedings, 1-46.
• Van Teeffelen, L. and Uhlaner, L.M. (2013). Firm Resource Characteristics and Human Capital as Predictors of Exit Choice: An Exploratory Study of SMEs. Entrepreneurship Research Journal, 5(1), 84-108, http://dx.doi.org/10.1515/erj-2012-0008.
• Van Teeffelen, L., Weesie, E. and Uhlaner, L. (2014). Altering Students Preferences toward Takeover Entrepreneurship: Action Research Based on Threshold Theory. Conference Paper, Hogeschool Utrecht, 1-24.
• Wasilczuk, J.E. (2014). Starzejący się przedsiębiorca w Polsce i na świecie. Przedsiębiorstwo we współczesnej gospodarce - teoria i praktyka [The aging of entrepreneurs in Poland and the world: Theory and practice], (1), 51-59.
• Weir, C. (1996). Management Buyouts and Entrepreneurial Opportunities. Management Decision, 34(3), 23-28, http://dx.doi.org/10.1108/00251749610113631.
• Wennberg, K. and DeTienne, D.W. (2014). What Do We Really Mean when We Talk about "Exit"? A Critical Review of Research on Entrepreneurial Exit. International Small Business Journal 32(1), 4-16, http://dx.doi.org/10.1177/0266242613517126.
• Wennberg, K., Wiklund, J., DeTienne, D. R. and Cardon M.S. (2010). Reconceptualizing Entrepreneurial Exit: Divergent Exit Routes and Their Drivers. Journal of Business Venturing, 25(4), 361-375, http://dx.doi.org/10.1016/j.jbusvent.2009.01.001.
• Wennberg, K., Wiklund, J., Hellerstedt, K. and Nordqvist, M. (2011). Implications of Intra-Family and External Ownership Transfer of Family Firms: Short Term and Long Term Performance. Ratio Working Paper, (172), 1-50.
• Wright, M., Robbie, K., Romanet, Y., Thompson, S., Joachimsson, R., Bruining, J. and Herst, A. (1993). Harvesting and the Longevity of Management Buy-Outs and Buy-Ins: A Four-Country Study. Entrepreneurship Theory and Practice, 18(2), 90-109.
• ---

Identyfikatory

DOI

10.7172/1644-9584.62.6