Firm resource characteristics and human capital as predictors of exit choice: An exploratory study of SMEs

Authors Lorraine Uhlaner, Lex van Teeffelen
Published in Entrepreneurship Research Journal
Publication date 2013
Type Article


This research focuses on exit choices within SMEs. In this study, “exit choice” refers to the decision to opt for either liquidation or sale of the firm. The predictions focus on human-capital and firm-resource variables. The hypotheses are tested on a set of 158 owners of small firms, the majority of which are micro-firms with 0–9 employees. The results of a series of binominal logistic regression analyses show that firm-resource characteristics (previous sales turnover, the firm’s independence from its owner, and firm size), together with one aspect of the owner’s specific human capital (the owner’s acquisition experience), predict exit choice. The conclusions have been made with caution, as the dataset is relatively small and the number of predictors is limited.

On this publication contributed

  • Lex van Teeffelen
    Lex van Teeffelen
    • Professor
    • Research group: Financial-Economic Advice in Innovation

Language English
Published in Entrepreneurship Research Journal
Year and volume 3 1
Page range 84-108