Abstract

Academia has recently identified entrepreneurial exit as a critical component of the entrepreneurial process due to its strong implications for founders, firms, and economy. While the main body of research still focuses on more static triggers of exit intentions, Collewaert (2011) was the first to tackle complex interpersonal dynamics between entrepreneurs and their investors. Her study reveals that entrepreneurial exit intentions are higher for those entrepreneurs who face more conflict with their business angels. However, these findings are limited to one investor class, exclude underlying mechanisms and do not fully reflect the multidimensionality of entrepreneurial exit. Our study aims to extend this research stream by addressing several limitations of prior studies. Firstly, we analyze the impact of entrepreneur-investor conflict – not only on founders’ intentions to leave their venture– but also on the different exit strategies they pursue. Secondly, we expand knowledge on the conflict-exit intention relationship through the investigation of a new entrepreneurinvestor setting: entrepreneur - venture capitalist (VC). Thirdly, we include confidence in investor cooperation into the conflict-exit equation to further deepen the understanding of the underlying processes.

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