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Entrepreneurial voluntary exits of small business founders by liquidation: An exploratory study
Affective events theory
Cognitive dissonance reduction behavior
|Issue Date: ||2019-11-06 15:24:43 (UTC+8)|
Entrepreneurial exit is an issue that cannot be neglected because every entrepreneur is destined to exit his or her venture one day. While much literature on entrepreneurship has developed rich insights into entrepreneurial intention, studies focusing on entrepreneurial exits remain scarce. Moreover, many previous studies regarded exits as the failure of a new venture; nevertheless, many entrepreneurs withdrew from the ventures not because of poor performance, but personal-related reasons.
To capture the essence of the process of entrepreneurial exit and explore why and how entrepreneurs exit their ventures, we conducted in-depth interviews with five nascent entrepreneurs of partnership exiting through liquidation without financial loss. Specifically, we aim to know how psychological states affect entrepreneurial exit, which has been neglected by researchers.
The findings suggest that entrepreneurial exits can be explained by accumulated emotions resulted from financial and non-financial entrepreneurial events and lead to negative attitudes toward the ventures. What’s more, exit is also a struggling and cumulative process. When entrepreneurs experience negative emotions, they will start positive regulation mechanisms. They will recall the accumulated positive attitudes toward the venture and look for other consonant information or decrease the importance of those discrepancies between undesirable events and expectations to reduce the dissonance and accumulated negative emotions. The entrepreneurs who experience cumulative negative emotions will not exit the business right away. Only when the total negative emotions perceived accumulate above the tolerable threshold, which meaning at the moment the reduction of dissonance fails and the attitude toward the venture was negative, an entrepreneur will make the decision to exit regardless of the financial status of the venture. Based on the findings, the study combined Affective Events Theory (AET) with Cognitive Dissonance Theory to provide a theoretical framework for entrepreneurial exits. We believe that our insights can contribute to the growing literature on entrepreneurial exits as well as AET and can give some future suggestions. Moreover, our findings have implications for entrepreneurs themselves. If entrepreneurs suffering negative emotions can learn from the emotions through self-discovery and further develop a new positive mind-set, the chance of exit by dissolution will decline.
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|Source URI: ||http://thesis.lib.nccu.edu.tw/record/#G0099355506|
|Data Type: ||thesis|
|Appears in Collections:||[企業管理學系] 學位論文|
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