Incumbent Strategic Behaviour in Financial Markets and The Exit of Entrepreneurial Start - Ups  

Oleh:

Huyghebaert, Nancy ; Gucht, Linda M. van de

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 25 no. 7 (Jul. 2004), page 669-688.
Topik: financial market; strategic behaviour; exit; entrepreneurial firms; start - up; capital structure; predation

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: SS30.16 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This paper empirically investigates the forces that shape the post - entry exit probability of entrepreneurial start - ups, with an emphasis on the impact of incumbents' strategic behaviour in financial markets. We find that entrepreneurial start - ups in highly competitive industries are more likely to exit and that leverage compounds this exit risk. However the latter result only holds when potential adverse selection and moral hazard problems in financial markets are large at start - up. Under these circumstances, competitors can negatively influence creditors' perceptions on entrepreneurial quality or behaviour through aggresive strategic actions to impede future financing and induce the start - up's exit.

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