Drivers for liquidation and transfer in small firms
Recently Leroy et al. (2008) tested if the Theory of Planned Behavior (TPB) predicts exit behavior of entrepreneurs: liquidation or transfer. He added the purchasers view to the TPB: firm viability and intangible assets. We retested Leroy et al. hypotheses on a more refined dataset of 136 firms in another country. Our study confirms the finding of Leroy et al.. We find though that the firm’s viability, the intangible assets and the client base are better predictor than intentions from the TPB.