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The Role of Information Asymmetry for the Choice between Family External and Internal Exit Routes

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abstract In our quantitative study we investigate the antecedents of two distinct exit routes. Building on information asymmetry theory, we discuss that the owner’s inferior knowledge about the ability of potential family external (in contrast to family internal) successors renders a family internal transition more likely. However, this information asymmetry can be mitigated by activities such as owners’ screening and successors’ signaling efforts to unveil the successor’s ability. Our data exhibits a positive effect of signaling and an inverted u-shaped effect of screening on the probability of an external succession. Socioemotional wealth, generated by long ownership duration, moderates these effects.
   
type conference paper (English)
   
keywords Succession, entrepreneurial exit, family firms, socioemotional wealth
   
project Unternehmensnachfolge
name of conference 12th Annual IFERA World Family Business Research Conference (Bordeaux France)
date of conference 26-6-2012
page(s) 40
volume / edition 1. Auflage
publisher IFERA c/o College of Business & Management (Springfield IL)
review double-blind review
   
citation Dehlen, T., Zellweger, T., Halter, F., Kammerlander, N., & Durst, S. (2012). The Role of Information Asymmetry for the Choice between Family External and Internal Exit Routes. In , 1. Auflage, pp.40. Springfield IL: IFERA c/o College of Business & Management.