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Article
Publication date: 19 July 2024

Izabela Koładkiewicz and Marta Wojtyra-Perlejewska

This study investigates whether a firm’s character as a mature micro and small family or non-family business may impact the managing owner’s choice of a potential exit strategy.

Abstract

Purpose

This study investigates whether a firm’s character as a mature micro and small family or non-family business may impact the managing owner’s choice of a potential exit strategy.

Design/methodology/approach

The empirical evidence was provided through a sample of 302 entrepreneurs (170 respond-ents from mature micro and small family businesses and 132 from non-family businesses) who participated in a survey on potential exit strategies.

Findings

The primary finding indicates that there is no significant difference in exit strategy preferences between family and non-family entrepreneurs from mature micro and small-sized firms. It was found that both groups of entrepreneurs mostly opt for internal succession.

Originality/value

This paper presents a novel perspective, demonstrating that while non-family firms are not typically anticipated to adopt the same exit strategies as family firms, they may still opt for internal succession. Furthermore, we provide an insight into potential exit strategy decisions made in smaller firms, which have been less frequently analyzed compared to larger firms in the field of entrepreneurial exit.

Details

Journal of Organizational Change Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0953-4814

Keywords

Open Access
Article
Publication date: 6 October 2023

Judit Csákné Filep, Olga Anna Martyniuk and Marta Wojtyra-Perlejewska

The institutional context in which family firms operate influences their behaviour and performance, yet literature reviews seldom analyse family firms on a regional basis. To fill…

1245

Abstract

Purpose

The institutional context in which family firms operate influences their behaviour and performance, yet literature reviews seldom analyse family firms on a regional basis. To fill this gap, this review aims to present research on family entrepreneurship in the transition economies of the Visegrád countries (V4). In this particular group of European economies, the current formal institutions have largely evolved along Western European lines. However, the transformation of informal institutions appears to be still in its infancy.

Design/methodology/approach

In order to identify the most representative authors, the methodologies used, the main research topics and to establish a future research agenda, the authors selected, through a systematic process, 112 papers from the Web of Science up to the year 2022. The authors performed a bibliographic analysis using clustering algorithms, complemented by a traditional literature review.

Findings

The performance of family firms in transition economies has been the subject of very little research. The results allowed the authors to identify four main areas of research: governance, innovation, sustainability, competitive advantage and considering the influence of the region's characteristics on family business behaviour.

Originality/value

Studies from transition economies can contribute to a broader understanding of family firms in terms of the impact of the institutional environment (especially the influence of sociological changes and specific historical experiences of family members) on their long-term planning, socioemotional wealth (SEW) protection and ethics. In light of recent events, research from the region may also contribute to the understanding of how and to what extent “familiness” influences crisis management or socially responsible behaviour in family firms.

Details

Journal of Family Business Management, vol. 14 no. 3
Type: Research Article
ISSN: 2043-6238

Keywords

Article
Publication date: 9 October 2023

Marta Wojtyra-Perlejewska and Izabela Koładkiewicz

This study explores the roles of formal advisors (FAs) in the succession process of family firms and the factors that determine them.

Abstract

Purpose

This study explores the roles of formal advisors (FAs) in the succession process of family firms and the factors that determine them.

Design/methodology/approach

Data for this study were collected through interviews with 38 FAs, including lawyers, tax advisors, financial ad-visors and others.

Findings

FAs play multiple roles simultaneously in succession processes (both internal and external), which the authors call role hybridity. Among them, the authors differentiated roles, such as educators, sherpas, initiators, experts, managers, consiglieres and protectors. Additionally, the authors demonstrated that the critical factors shaping these roles are trust, communication, human capital and willingness to take on the role. To explain the role hybridity phenomenon, the authors used stewardship theory's assumptions and formulated propositions for further research.

Originality/value

This study provides insight into both internal and external succession processes from the perspective of various types of FAs. The authors indicate their roles and the factors that determine them.

Details

Journal of Family Business Management, vol. 14 no. 3
Type: Research Article
ISSN: 2043-6238

Keywords

Article
Publication date: 5 August 2022

Izabela Anna Koładkiewicz, Eugene Kaciak and Marta Wojtyra-Perlejewska

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

Abstract

Purpose

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

Design/methodology/approach

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.

Findings

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.

Originality/value

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.

Details

Baltic Journal of Management, vol. 17 no. 5
Type: Research Article
ISSN: 1746-5265

Keywords

Article
Publication date: 27 January 2022

Izabela Koładkiewicz, Łukasz Kozłowski and Marta Wojtyra-Perlejewska

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…

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Originality/value

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.

Details

International Journal of Emerging Markets, vol. 18 no. 10
Type: Research Article
ISSN: 1746-8809

Keywords

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