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The Role of Information Asymmetry in the Choice of Entrepreneurial Exit Routes

Kurzfassung Our quantitative study investigates the determinants of internal versus external exit routes in family firms. Building on information asymmetry theory, we examine how an owner’s inferior knowledge about the abilities of potential external entrants (in contrast to family internal successors) renders a family internal transfer more likely. This information asymmetry, however, can be mitigated by activities such as owners’ screening and transfer candidates’ signaling efforts to reveal the candidates’ abilities. Our data exhibits a positive effect of signaling and an inverted U-shaped effect of screening on the probability of external exit routes. Firm age, as a driver of emotional attachment, weakens these effects.
   
Typ Artikel (wissenschaftliche Zeitschrift)
   
Schlagwörter (Tags) Entrepreneurial exit, exit routes, succession, information asymmetry, firm age, emotional attachment
   
Projekt Unternehmensnachfolge
Sprache Englisch
Art des Artikels Journal Artikel
Erscheinungsdatum 8-11-2012
Zeitschrift Journal of Business Venturing
Verlag Elsevier Science Publishers (New York)
ISSN 0883-9026
ISSN (online) 1873-2003
DOI 10.1016/j.jbusvent.2012.10.001
Jahrgang bzw. Volume 2014
Nummer bzw. Issue 29
Seite(n) 193-209
Review Double-Blind Review
   
Zitation Dehlen, Tobias ; Zellweger, Thomas ; Kammerlander, Nadine ; Halter, Frank: The Role of Information Asymmetry in the Choice of Entrepreneurial Exit Routes. In: Journal of Business Venturing 2014 (2012), Nr. 29, S. 193-209, DOI:10.1016/j.jbusvent.2012.10.001.