Venture Exits: A Review and Future Research Agenda
这篇综述分析了1991至2025年间317篇关于创业退出的多学科文献，包括IPO、收购等事件，构建了涵盖退出前、中、后三阶段的统一模型，并提出了以过程视角为核心的研究议程，适合研究创业、战略或金融的学者判断是否深入阅读。
Exits are key events in the life cycles of entrepreneurial ventures. Venture exits have immense practical impacts on a variety of stakeholders, including founders, employees, organizations, resource providers, and broader ecosystems. As a result, the phenomenon of venture exits is of interest to a broad community of scholars across fields such as general management, entrepreneurship, finance and accounting, strategy, economics, organizational behavior, and psychology. We examine the multidisciplinary literature on venture exits, including initial public offerings, acquisitions, buy-outs, secondary sales, and related exit events, by analyzing 317 research articles published from 1991 to 2025. We integrate extant findings into a unified model describing the pre-exit, exit execution, and post-exit phases across multiple units of analysis: the individual, venture, resource provider, and environment. We identify common themes, predominant tensions, and important gaps, laying the foundation for a reinvigorated research agenda. Central to this agenda is embracing a process perspective that considers the fluidity of the actors, interests, and resources shaping venture exit decisions and outcomes. Grounded in our review, this perspective offers new insights into venture exits while creating opportunities to meaningfully challenge and advance existing approaches and theories.