Entrepreneurial Exit Strategies: The Impact of Human Capital

13 Pages Posted: 17 Dec 2008 Last revised: 10 Mar 2009

See all articles by Dawn R. DeTienne

Dawn R. DeTienne

Colorado State University, Fort Collins - College of Business; Utah State University

Melissa S. Cardon

Pace University; Case Western Reserve University

Date Written: December 3, 2008


Although researchers in such diverse fields as economics and organizational sociology have explored firm exit, little research has explored entrepreneurial exit - the decision by the majority - owner founders of privately-held firms to harvest their profits and remove themselves from the primary ownership and decision-making structure of the firm. Yet, all entrepreneurs in one way or another will leave the firm they created. Using theories of goal-setting and human capital we explore two specific questions: (1) why do some entrepreneurs consider an exit strategy while others do not, and (2) under what conditions are entrepreneurs most likely to utilize a specific strategy.

Keywords: Entrepreneurship

JEL Classification: M13

Suggested Citation

DeTienne, Dawn R. and Cardon, Melissa S., Entrepreneurial Exit Strategies: The Impact of Human Capital (December 3, 2008). Babson College Entrepreneurship Research Conference (BCERC) 2006 Paper; Frontiers of Entrepreneurship Research 2006. Available at SSRN: https://ssrn.com/abstract=1310922 or http://dx.doi.org/10.2139/ssrn.1310922

Dawn R. DeTienne (Contact Author)

Colorado State University, Fort Collins - College of Business ( email )

Fort Collins, CO 80523
United States

Utah State University

Logan, UT 84322
United States

Melissa S. Cardon

Pace University ( email )

One Pace Plaza
White Plains, NY New York 10603
United States

Case Western Reserve University

10900 Euclid Ave.
Cleveland, OH 44106
United States

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