Business angel exits: A theory of planned behaviour perspective

Botelho, Tiago, Harrison, Richard and Mason, Colin (2021) Business angel exits: A theory of planned behaviour perspective. Small Business Economics, 57 (1). 583–602. ISSN 0921-898X

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Although there are a handful of studies on business angel investment returns, the business angel literature has given little or no attention to exits and the exit strategy. This is surprising given that a primary objective of investing is to achieve a capital gain through some form of liquidity event. Using the theory of planned behaviour (TPB) as an interpretative heuristic, we examine how exits happen: specifically, what are the motivations to seek an exit and to what extent are they planned or opportunistic? Based on multiple case studies in which business angels were invited to tell the story of their most recent exit(s), the evidence suggests that the majority of liquidity events are the outcome of planned behaviour. We propose a typology of angel-backed investment exits as the basis for identifying future directions for research and developing practical advice to angels on effective business practices.

Item Type: Article
Uncontrolled Keywords: business angels,entrepreneurial exit,harvest event,investment returns,theory of planned behaviour,business, management and accounting(all),economics and econometrics ,/dk/atira/pure/subjectarea/asjc/1400
Faculty \ School: Faculty of Social Sciences > Norwich Business School
UEA Research Groups: Faculty of Social Sciences > Research Groups > Strategy and Entrepreneurship
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Depositing User: LivePure Connector
Date Deposited: 03 Dec 2019 02:12
Last Modified: 22 Oct 2022 05:31
DOI: 10.1007/s11187-019-00292-0


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