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This study aims to untangle how perceived barriers provoke entrepreneurial exit intentions during an entrepreneurial engagement. Drawing on the social cognitive theory (SCT), the study also theorizes the mediating role of self-efficacy and moderating effects of the nature of entrepreneurship activity (regular versus sustainable entrepreneurship) on the barriers–exit relationship.

The survey data were collected from 302 entrepreneurs in the UK in two waves using a time-lagged method and analyzed through the structural equation modeling technique

The results indicate that perceived barriers positively related to entrepreneurial exit intentions, whereas self-efficacy served as an effective intervening mechanism to untangle the barriers–exit relationship. In addition, consistent support was found for the moderating role of the nature of entrepreneurship activity for the hypothesized relationships.

The investigation unfolds that perceived barriers lead entrepreneurs to stimulate exit intentions. Therefore, it is recommended that all the stakeholders, including government, industries and academia, must collaborate and provide a favorable institutional environment where sustainable entrepreneurship can thrive and nourish.

Unlike studies that exhibited perceived barriers as an inhibitor to entrepreneurial intentions, the study theorizes the relevance of perceived barriers during entrepreneurial engagement and demonstrates how it determines entrepreneurial exit intentions. The study also comprehends the exiting knowledge by underpinning the SCT construct self-efficacy as an intervening factor in explaining the barriers–exit relationship.

This study examines the family- and non-family-related reasons that may determine the choice of the anticipated entrepreneurial exit strategy (exit intention).

The study is based on a survey of 267 owner-managers of micro-and small-sized firms in Poland and focuses on their exit intentions (rather than actual actions) as precursors to entrepreneurial exit. Structural equation modelling (SEM) was used to test the hypotheses.

The results show that family-related reasons may encourage entrepreneurs to choose the stewardship strategy over the financial harvest or voluntary cessation strategies, while non-family-related reasons such as maintaining financial independence and health may encourage the choice of the financial harvest or the voluntary cessation strategy.

This research contributes to both the entrepreneurial exit literature and psychological ownership theory by demonstrating the potential relevance of psychological ownership in the selection of exit strategies.

The purpose of this paper is to investigate how stress appraisals (i.e. cognitive evaluations) influence entrepreneurial outcomes like expected financial well-being, life satisfaction, business growth and exit intentions.

This study uses a mixed-methods approach to provide methodological triangulation by analyzing data from two independent samples (qualitative data from 100 entrepreneurs in Study 1; quantitative regression analysis of a sample of 142 entrepreneurs in Study 2).

Results from the qualitative exploration (Study 1) show that entrepreneurs appraised venture-related stressors differently as a challenge, threat or hindrance. The quantitative study (Study 2) found that challenge stress appraisals were positively related to expected financial well-being and expected life satisfaction, threat stress appraisals were negatively related to expected financial well-being and positively related to business exit intentions, and hindrance stress appraisals were positively related to expected business growth and negatively related to business exit intentions.

Most entrepreneurship research focuses on stressors rather than appraisals of the stressor. Drawing upon the transactional theory of stress that explains how stress appraisals are an important consideration for understanding the stress process, these two studies showed that stress appraisals differ for each entrepreneur (Study 1) and that stress appraisals explain more variance in many entrepreneurial outcomes than stressors (Study 2).

This study aims to explore the dynamics of resilience in tourism and hospitality enterprises by investigating the influence of internal and external contextual factors (i.e. adaptive performance and institutional orientation) on the relationship between entrepreneurs’ resilience and business continuity indicators (i.e. perception of career insecurity and business exit intention).

In the Covid-19 pandemic context, quantitative data were collected using self-administrated questionnaires from entrepreneurs (founders of small-sized restaurants and travel agents in Egypt) using structural equation modeling.

The study reveals that entrepreneurs’ resilience under adversities directly correlates with business continuity indicators, with adaptive performance and institutional orientation functioning as mediators.

The socio-demographic characteristics of entrepreneurs could be further investigated to observe the differences based on age, education and region. The type of business (i.e. restaurants and travel agents) could have an impact on the examined relationships. Therefore, further studies can use multi-group analysis to examine such differences between various sub-sectors of the hospitality business. Finally, the cross-sectional sample method used in this study is another limitation. In any study in which causality is inferred, longitudinal research confirms stronger inferences (Morgan & Hunt, 1994).

An instant implication is that entrepreneurs can take proactive actions to enhance their resilience. Entrepreneurs should seek to influence their own skills and abilities through various educational and training programs. For example, they can take advantage of business seminars, workshops and executive education courses. Entrepreneurs who have the chance of enhancing their skills in solving complex problems, identifying their strengths, managing their emotions are better able to adapt to unfavorable circumstances.

The inhabited environment. Entrepreneurs should be institutionally oriented by building strong communications and networks with key actors and business-to-business customers. This would help entrepreneurs to understand the rules of the game, adapt to the environment, gain market legitimacy and accordingly acquire the social and financial support when hazards occur.

The extant literature lacks evidence about the internal and external contextual factors underlying the process of resilience in small and medium-sized enterprises and its outcomes. Research on entrepreneurship has rarely discussed the antecedents of business withdrawal. This study contributes to addressing this research gap.

本研究通过考察内部和外部环境因素(即适应性绩效和制度导向)对企业家弹性与企业持续经营指标(即职业不安全感与离职意愿)。

在Covid-19大流行的背景下, 采用结构方程模型, 通过对企业家(埃及小型餐馆和旅行社的创始人)的自我管理问卷收集定量数据。

企业家逆境韧性与企业持续经营指标直接相关, 适应性绩效和制度导向发挥中介作用。

现有文献缺乏中小企业弹性过程及其结果的内外部环境因素的证据。关于创业的研究很少讨论企业退出的原因。本研究有助于解决这一研究差距。

Esta investigación explora la dinámica de la resiliencia en las empresas de turismo y hotelería mediante la investigación de la influencia de factores contextuales internos y externos (es decir, desempeño adaptativo y orientación institucional) en la relación entre la resiliencia de los emprendedores y los indicadores de continuidad empresarial (es decir, percepción de carrera inseguridad e intención de salida del negocio).

En el contexto de la pandemia de Covid-19, se recopilaron datos cuantitativos mediante cuestionarios autoadministrados de empresarios (fundadores de pequeños restaurantes y agentes de viajes en Egipto) utilizando modelos de ecuaciones estructurales.

El estudio revela que la resiliencia de los emprendedores ante las adversidades se correlaciona directamente con los indicadores de continuidad del negocio, con el desempeño adaptativo y la orientación institucional funcionando como mediadores.

La literatura existente carece de evidencia sobre los factores contextuales internos y externos que subyacen al proceso de resiliencia en las pequeñas y medianas empresas y sus resultados. La investigación sobre el espíritu empresarial rara vez ha discutido los antecedentes de la retirada de empresas. Este estudio contribuye a abordar esta brecha de investigación.

The study aims to investigate whether the perceived problems in exiting a business—as well as the scope of and access to external support—may impact an entrepreneur's decision regarding the exit strategy, that is, the choice between the stewardship and harvest exit strategy.

The authors have collected data from 302 entrepreneurs using a novel survey instrument and subjected the sample to structural equation modeling (SEM) and ordered logit regressions.

The results reveal that potential difficulties in implementing an exit strategy, the scope of external support anticipated by the exiting entrepreneur and access to such support influence the potential choice of an exit strategy. Furthermore, the findings indicate that the stewardship exit strategy is preferred over the harvest exit strategy by entrepreneurs who face potential difficulties in obtaining external support or foresee problems related to a potential exit strategy.

This study provides new insights into an entrepreneur's exit phenomenon by adding new elements, such as perceived problems involved in exiting a business as well as the scope of and access to external support, to the list of factors that may affect the choice of an exit strategy.

The purpose is to examine the relationship between entrepreneurs’ exit strategies and modes of entry. The topic of exit strategies in the context of approaching retirement warrants further attention.

We apply logistic regression to analyse 1,192 responses to an online survey of firms with entrepreneurs aged over 55.

Family successors are more likely to choose family succession and buyers to choose to sell, but the association between founding and exit mode cannot be confirmed. Firm size is also significant. Our findings suggest that entry and exit via a business transfer are linked. Entrepreneurs might be influenced by their form of entry when choosing their exit strategy.

The data were collected from a single European country, limiting generalisation. Future research should incorporate intervening variables not controlled for here, such as, entrepreneurial experience. Future studies should also seek to test the existence of imprinting directly, as it is implied rather than verified here.

If the entry mode has a lasting effect on the entrepreneur as our results suggest, thus influencing the exit strategy selected, entrepreneurs could benefit from greater awareness of the imprinting mechanism. Increasing awareness of imprinted biases could unlock the benefits of exit strategies previously overlooked.

The study is the first to consider sale, family succession and liquidation as exit strategies in relation to the original entry mode of ageing owners. It contributes to the understanding of exit strategies of ageing entrepreneurs and proposes using entrepreneurial learning and imprinting as lenses to clarify the phenomenon.

Literature on entrepreneurial finance has long overcome the view of an investor as a sole provider of financial capital. Entrepreneurs need to consider more aspects when deciding on an investor. Especially the depiction of corporate venture capital (CVC) investors has long highlighted advantages and disadvantages compared to independent VC (IVC) investors. The authors investigate what drives entrepreneurs' preferences for CVC relative to IVC and thereby focus on two key issues in the entrepreneur's consideration – the role of resource requirements and exit strategies.

The data were collected in an online survey that gathered information on several characteristics of entrepreneurs and their ventures. The resulting data set of 105 German entrepreneurs was analyzed using logistic regression and revealed important drivers for entrepreneurs' investor preferences.

The study’s findings confirm that the venture's resource needs, specifically the need for marketing resources and access to the corporate network, which play a significant role in the decision on whether a CVC or IVC investor is preferred. Moreover, the analysis debunks the hypothesis that entrepreneurs view a CVC investment as the first step toward acquisition. However, those entrepreneurs striving for an IPO are less likely to prefer CVC.

The study expands the literature on CVC attractiveness and specifically considers the entrepreneurs' intentions and needs. The results confirm but also debunk some widespread perceptions about why entrepreneurs choose to pursue financing from a CVC investor.

This study investigates the relationship between emotional exhaustion and entrepreneurial exit, particularly how this relationship might be invigorated by two critical psychological factors, namely cognitive well-being (CWB) and affective well-being (AWB).

Binary logistic regression analysis was employed on a longitudinal data set of 997 self-employed individuals taken from the German Socio-Economic Panel (GSOEP) during years 2012-2013.

Greater level of emotional exhaustion increases the likelihood of entrepreneurial exit. However, individuals with higher levels of affective or/and cognitive well-being are less likely to engage in the actual entrepreneurial exit behaviors.

Entrepreneurial exit is one of the crucial managerial decisions made by entrepreneurs. The decision to quit is not only triggered by poor firm performance but also by various psychological factors. The authors found subjective well-being as an essential mechanism promoting entrepreneurs’ overall well-being, thus recommending that entrepreneurs psychologically distance themselves from work during off times.

First, the study discovered emotional exhaustion as a crucial psychological precursor of entrepreneurial exit by focusing on actual exit instances rather than intentions and strategies to exit. That contributes to understanding the psychological mechanism involved in resource gain and loss while making exit decisions. Second, affective and cognitive well-being are found to be two crucial enablers that work as a recovery process to deal with emotional exhaustion.

The purpose of this paper is to respond to the call by McMullen and Dimov (2013) for a clearer understanding of entrepreneurial journeys by investigating the entrepreneurial capitals and micro-processes of seven young early stage entrepreneurs who all exited their businesses within 3 years of start-up.

The authors analysed empirical data from concurrent in-depth interviews which generated rich longitudinal case studies. Theory-building then led to a proposed “Longitudinal Dynamic Process Framework” of entrepreneurial goals, processes and capitals.

The framework builds on prior studies by integrating entrepreneurial processes and decisions into two feedback loops based on continuous review and learning. It thereby enhances understanding of the dynamics of new business development and unfolds the early stage ventures entrepreneurs' business exits.

The findings are based on a small purposive sample. However, the main implication for research and theory is showing how the entrepreneurial capitals are dynamic and influenced by entrepreneurs' environment, and also separating entrepreneurs' personal issues from their business issues.

The findings challenge some assumptions of policymakers and offer new insights for practitioners and early stage entrepreneurs. These include having more realistic case-studies of the entrepreneurial journey, recognizing the need to be agile and tenacious to cope with challenges, understanding how capitals can interact in complementary ways and that entrepreneurial processes can be used to leverage them at appropriate stages of the start-ups.

The concurrent longitudinal analysis and theory-building complements extant cross-sectional studies by identifying and analysing the detailed processes of actual business start-ups and exits. The proposed framework thereby adds coherence to earlier studies and helps to explain early stage entrepreneurial development, transformation of capitals and business exit.

This study aims to explain the relationship of employee voice and turnover intention with the mediating role of top management team (TMT) conflicts. Moreover, this study also aims to find the moderating influence of union instrumentality among employee voice and TMT conflicts.

The study was conducted by using a quantitative approach and data was collected from 300 employees of the manufacturing sector of Pakistan through questionnaires. Data were analyzed by applying different statistical tools and tests through SPSS-21 and AMOS.

Results demonstrate that employee voice has a significant negative impact on employee turnover intention; TMT conflicts significantly mediate employee voice and intention to quit. However, union instrumentality is only initiated to moderate the relationship between employee voice and cognitive conflict.

This research focuses on the manufacturing sector and data have been collected from manufacturing firms situated in Gujranwala, Pakistan only. Moreover, the sample size of the study is also small. Therefore, the current study is an addition to the knowledge and understanding of the studied variables.

This study is of great use for managerial level employees because the adequate implication of employee voice can reduce turnover intention.

This study aims to add value to the existing exit-voice theory and discuss the internal organizational factors that generate quitting intentions. Moreover, it provides insights about union instrumentality and its significant role as a moderator and the significant mediating role between employee voice and intention to quit paving new ways for future researchers.