Exit Strategies in Family Firms: How Socioemotional Wealth Drives the Threshold of Performance
基于阈值理论和社会情感财富视角，研究家族企业及其投资组合中退出策略的形成原因与差异，为理解家族企业退出行为提供理论解释。
Although research has shown the ability to exit from both successful and unsuccessful ventures is important to founders, families, firms, industries, and overall economic health, exiting from a family firm can be especially challenging. In this paper, we examine exit strategies in the context of the family firm and the family firm portfolio. Drawing upon threshold theory and the socioemotional wealth perspective, we develop a model that provides guiding theoretical explanations for exit strategies. We address two questions: (1) why do family owners develop specific exit strategies, and (2) how do these strategies differ within family firms and family firm portfolios? In doing so, we contribute to family business, portfolio entrepreneurship, and exit literatures.