Conceptual Model of Institutional Antecedents to Entrepreneurial Exit: A Synthesis and Extension

Abstract

Entrepreneurial exit – which encompass options such as family succession, employee buyout, independent sale, acquisition, initial public offering (IPO), and liquidation – is a critical event that occurs at the very end of the entrepreneurial process. Capitalising on a growing convergence of the two research fields of entrepreneurship and family business, this paper synthetises and extends the current literature on the antecedents to exit routes. It proposes a conceptual multidimensional model based on the holistic investigation of the exit phenomenon via the lenses of institutional theory.