Исследование факторов выхода из бизнеса (на материалах проекта GEM)

In this thesis, the focal point is to discover if predetermined antecedents influence Entrepreneurial Exits – either Voluntary based or Failure based. Entrepreneurs exit their business endeavors either voluntarily or forcibly. This generally means that the entrepreneurs either sell their companies/are offered more rewarding options, or the company faces bankruptcy procedures. Considering the impact that these outcomes have on society. Therefore, it is understandable to ask, “How do Entrepreneurs’ Personal Attributes influence the probability of voluntary exit versus failure-based Entrepreneurial Exits?”
To answer this question, this thesis has an objective to analyze several antecedents that can influence Entrepreneurial Exits.
Research Gap: Entrepreneurial Exit is an area that is gaining more significant importance not only Academically but also within the Government and Business sectors. This occurs because of the importance that is being recognized to Entrepreneurial Exits due to the impact that Entrepreneurial Exits have on Societies. For example, Entrepreneurial Exits have a very strong influence on innovation. Publicly listed companies have lower innovation quality than private companies (Aggarwal & Hsu, 2014). The reason for this is because when a company is publicly listed, there is a strong focus on short- term results, while a private company is more focused on the long term. Another critical aspect of Entrepreneurial Exists is the situation that occurs with family businesses. Since these businesses are not simply a “job” for the entrepreneur – because the entrepreneur is either the founder of the company, has its relatives working on the business, or the entrepreneur has the responsibility of managing the company until the next generation takes over, it is only a matter of time until there is an “interference” among family members
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due to the company. Due to these conflicts, some entrepreneurs have stronger selling intentions than others, and, in general, female entrepreneurs have stronger intentions of having exits than male entrepreneurs (Hsu et al., 2016). Even though many people believe that when Entrepreneurs have an exit, they are likely to pleasantly retire or start a Venture Capital Fund – many actually keep working on the same company or go to work for a new company.
After analyzing all the previous points, I realized that there is a Research Gap, and I developed the following question:
1. How can entrepreneurs’ antecedents influence Entrepreneurial Exits?
The reason why I believe this question is relevant is because clearly Entrepreneurial Exits are a pertinent topic, and presently there is a gap about how the entrepreneurs’ background influences the Entrepreneurial Exit’s outcomes. Since the result of Entrepreneurial Exits can have a meaningful impact on the local economies, the relevant stakeholders should be aware of the more likely backgrounds to originate volunteer-based entrepreneurial exits.
Research Goal: The Objective of this thesis is to discover if Entrepreneurs’ Personal Attributes influence Entrepreneurial Exits.
Research Objectives: To fulfill the purpose of this research, several objectives were set:
1. To conduct a literature review on the nature of the voluntary and failure- based entrepreneurial exit
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2. To develop a theoretical model and justify research hypotheses
3. To conduct an empirical analysis of GEM data
4. To develop the implications based on the research
Research Strategy:
In this research, I used a quantitative research strategy. The data was obtained through three different data sets:
● World Bank Ease of Doing Business Index 2019
● GEM NES global national level 2019
● GEM APS 2019 global national level 2019
The World Bank Ease of Doing Business Index was launched in 2002 to analyze and measure business regulations in 190 countries and at several regions and Subregions (“About Doing Business”, n.d.).
The Global Entrepreneurship Monitor does survey-based research on entrepreneurship and entrepreneurship ecosystems around the world. GEM has the support of the top academic institutions and obtains the data from individual entrepreneurs (“GEM Mission and Values”, n.d.)
Posteriorly, the results explain which antecedents interfere positively with volunteer based entrepreneurial exits – Opportunity Recognition and Prior Intrapreneurial Experience.

Structure:
The research paper is organized in the following structure. Firstly I examined the relevant literature for the development of the theory. Posteriorly I created a research model and set of hypotheses with the literature review as the appropriate foundation. Following this, I performed Logistic Regression and I present the research results and the suitable conclusion in which I mention the implications of the study and its limitations.