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

version abrégée 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.
   
Genre Journal paper
   
mot-clé Entrepreneurial exit, exit routes, succession, information asymmetry, firm age, emotional attachment
   
Projet Unternehmensnachfolge
langue English
kind of paper journal article
date de sortie de la publication 8-11-2012
journal Journal of Business Venturing
maison d'édition Elsevier Science Publishers (New York)
ISSN 0883-9026
ISSN (online) 1873-2003
DOI 10.1016/j.jbusvent.2012.10.001
émission du journal 2014
numéro du journal 29
page(s) 193-209
Review Double-Blind Review
   
citation Dehlen, T., Zellweger, T., Kammerlander, N., & Halter, F. (2012). The Role of Information Asymmetry in the Choice of Entrepreneurial Exit Routes. Journal of Business Venturing, 2014(29), 193-209, DOI:10.1016/j.jbusvent.2012.10.001.