Time to exit: Rational, behavioral, and organizational delays
研究整合了理性、行为和组织三种理论来解释企业退出延迟，利用1984-1997年美国银行数据发现，三种因素共同影响退出行为，其中行为偏差（忽视负面信号）和所有权与控制权分离会加剧延迟。
Existing studies of exit delay typically focus on rational, behavioral, or organizational explanations in isolation. We integrate these different theoretical explanations, develop testable hypotheses for each, and examine them using the population of US banks between 1984 and 1997. Banks' exit behavior is not consistent with theories emphasizing the option value of avoiding reentry costs. Patterns of exit do, however, support models of rational delay under ability uncertainty. Controlling for this source of rational delay, we find evidence of delay due to behavioral bias—firms discount negative signals of profitability relative to positive signals—and organizational considerations—delay increases with the separation of ownership and control. These results demonstrate that all three sets of theories are necessary to describe exit behavior . Copyright © 2014 John Wiley & Sons, Ltd.