Principal Topic In previous entrepreneurship research, the effects of specific human capital (e.g., education, age, work experience), rather than general human capital (e.g., industry experience, task environment similarity), have been shown to be of superior significance for entrepreneurial pursuits (e.g., new venture performance–see Unger et al. (2011) for a review).

Regarding the research on entrepreneurial exit, existing studies have so far focused on the impact of human capital on the exit route. For instance, DeTienne & Cardon (2012) find that general as well as specific human capital have a significant impact on the intended exit route. Regarding realized exits, van Teeffelen & Uhlaner (2013) find evidence that only specific human capital is relevant for exit choice.

However, previous research has not considered the relationship between human capital and the success of the exit from the entrepreneur’s perspective. Our study aims at closing this gap by examining the influence of human capital on Entrepreneurial Exit Success (EES; Feierabend & Gebhard, 2015 BCERC).