Selling, Passing on or Closing? Determinants of Entrepreneurial Intentions on Exit Modes

Exit is an important part of the entrepreneurial lifecycle. In contrast to numerous previous studies on entry, however, little attention has been paid to entrepreneurial exit, and much less on exit modes thus far. Using a recent original survey data on small business owners in New Zealand, where a large majority of them prefer selling their firms when they exit, we empirically investigate the determinants of intended entrepreneurial exit modes: selling out, succession, or closure. Estimation results of multinomial logit analysis suggest that the intention to sell the business is significantly affected by the size and performance of the firm, the involvement of family and how the owner entered the business. Moreover, we find that the intention to liquidate the business is significantly affected by the size and performance of the firm and partly by family involvement in the business.entrepreneurial exit, liquidation, small and medium enterprise (SME), New Zealand

Managerial learning and management development in New Zealand SMEs

Objectives: Managerial capability in New Zealand SMEs has been perceived by policy makers as a factor that has constrained SME growth and development (MED, 2008). The New Zealand Centre for SME Research (NZSMERC) has undertaken a programme of research on managerial capability in New Zealand SMEs. This paper reports findings from the Centre’s 2009 annual survey of 1500 SMEs, the BusinesSMEasure. The survey builds on a previous qualitative study and is part of a programme of research which had the following objectives: (1) to understand how SME owner-managers assess their development needs and how they meet these needs; (2) to assess the extent of participation in management development; and (3) to assess the perceived impact of management development on their business. Prior Work: Previous literature and research evidence with SME owner managers suggests a low take up of formal managerial development programmes and a reliance on incidental and informal managerial learning processes (Massey et al, 2005). NZSMERC’s previous qualitative study with 25 SME owner-managers (Battisti, et al, 2009), enabled the development of a conceptual framework and typology to explain orientation to learning and management development. Further, it allowed the identification of variables that affected attitudes to managerial learning and participation in management development. The survey has enabled the testing of some of the propositions from the qualitative stage, such as the importance of sources of managerial learning and the importance of variables that influence owner manager participation in management development. Approach: The 2009 BusinesSMEasure survey involved 4,165 firms (including 694 firms who responded in the 2007 and 743 firms who responded in 2008 survey). There were 1447 usable responses after excluding 297 ineligible and unreachable firms, which gave an overall response rate of 35%, Building on the previous qualitative study and utilising the adapted theoretical framework, we have applied non-parametric analysis to examine the significance of SME profile characteristics affecting against typologies of learning and management development. Exploratory factor analysis has been undertaken on the range of variables affecting managerial learning and development to reveal clusters of variables driving managerial learning and development. Hypotheses generated by literature and theory have been tested and regression modelling completed. Results: Survey findings suggest incidental and informal managerial learning processes were predominant modes of owner-manager learning. These types of learning were associated with practice-based and proximal sources of learning, as opposed to more distal sources. Significant variables that affected the type and sources of SME managerial learning were gender, age, learning orientation and a belief of self improvement. There was a strong link between innovation and engagement in management development. Firms with at least one type of innovation activity reported to be more engaged in management development across all three types of learning i.e. incidental, informal and formal. Theoretical developments in the literature are used to provide the basis for testing hypotheses associated with learning orientation and belief in self improvement Implications: The research undertaken by the Centre was driven by a policy imperative: to investigate the causes of an underlying trend in New Zealand SMEs which suggested that there was a lack of managerial capability in SMEs and a failure of SMEs to engage with formal management development initiatives. Having revealed the drivers of managerial development and sources of learning we develop implications for supply side management development programmes and policy interventions

Entrepreneurial skill and regulation:evidence from primary sector rural entrepreneurs

Purpose – The purpose of this paper is to undertake a qualitative case-based analysis of the factors affecting the capability of primary sector rural entrepreneurs to manage regulation. The authors suggest a conceptual framework to aid understanding of their skill and capability when managing regulation. Design/methodology/approach – Using a multiple case study approach the entrepreneurial skill of rural entrepreneurs is examined in light of three sets of factors: institutional regulatory, social capital and economic market. Findings – The case analysis indicates diversity in the skill of rural entrepreneurs to manage regulation across sub-sectors including dairy and stock farming, fruit growers and vegetable/horticultural producers. The conceptual framework indicates that there are three areas that influence entrepreneurial skill: relationships with national cooperatives, relationships with the institutional regulatory environment and relationships with the economic market environment. This provides the authors with a conceptual framework to aid understanding of the interplay of factors affecting entrepreneurial skill and capability to manage regulation. Originality/value – This study contributes to the emerging stream of literature highlighting the importance of industry sector context for understanding the complex and differing regulatory effects on entrepreneurs’ skill and hence capability to manage. Case comparisons allow the authors to explain and understand why entrepreneurs that operate similar businesses within the same sector respond differently to regulation

Animali da festa: ipotesi sul rituale mitraico a partire dai resti ossei

Lo studio dei resti faunistici all’interno dei contesti cultuali ha portato negli ultimi anni a un ampliamento del campo di indagine dell’archeologia del sacro. In questo contributo si esamina il ruolo dei resti faunistici nella ricostruzione del rituale mitraico, raccogliendo i dati provenienti dai mitrei di alcune regioni dell’Impero romano in cui l’apporto dell’archeozoologia ha permesso di gettare nuova luce sulla presenza di sacrifici e sulle abitudini alimentari in questi luoghi di culto. In aggiunta ai dati osteologici, l’ausilio della documentazione architettonica, iconografica e letteraria, ha permesso di approfondire le dinamiche del banchetto e la sua importanza nel culto di Mitra.Over the last years a surge of scholarly interest in animal remains has fostered significant developments of the archaeology of the sacred spaces. I locate this paper within this literature and examine the roles of animal remains in the Mithraic ritual. Based on data from some mithraea of the Roman Empire, such an archaeozoological analysis sheds light on the presence of sacrifices and on food behaviour inside the temples. Along with osteology data, architectural, iconographic and literary evidences allow us to reconstruct the ritual banquet and its relevance within the cult of Mithras

Psychological Contract and Quality of Organizational Life : An Empirical Study on Workers at a Rest Home

This study assesses psychological contract using a feature-oriented approach which measures perceptions about employer and employee obligations along the dimensions of duration, tangibility, scope, stability/flexibility, contract level and exchange symmetry. Questionnaires were administered to 170 workers (23 males, 147 females) employed at a rest home in Northern Italy. The results confirm the hypothesized relation between the employee’s perceptions of employer obligations and the organizational role component of organizational life (in terms of low role ambiguity and high development expectations). Similarly, the hypothesized relation between the employee’s perceived obligations to the employer and the affective and motivational area is supported (in terms of affective commitment and perceived organizational justice). The results also show the importance of assessing the employee’s perceptions both of employer obligations and of her/his own obligations to the employer, considering the differentiated influence that each of them has on organizational life.La notion de contrat psychologique joue à l’heure actuelle un rôle de plus en plus important dans le domaine de la psychologie du travail et des organisations. Le contrat psychologique se rapporte aux croyances sur les obligations réciproques existant entre l’employé et l’organisation : ces croyances reposent sur la perception que des promesses ont été faites par l’employeur (salaires compétitifs, avancement de carrière, formation professionnelle) en échange d’autres promesses faites par l’employé (loyauté, honnêteté, engagement) (Rousseau, 1989 ; Rousseau et Tijoriwala, 1998).Dans cette recherche, le contrat psychologique a été analysé en utilisant la méthode de mesure axée sur les caractéristiques créée par Sels, Janssens et Van den Brande (2004). Celle-ci analyse le contrat psychologique sur la base de six éléments, à savoir la durée, la tangibilité, le but, la stabilité, le niveau du contrat et la symétrie de l’échange. Cette échelle révèle les perceptions de l’employé sur deux aspects : par rapport aux obligations que l’employeur a envers lui, et par rapport aux obligations qu’il estime avoir lui-même envers l’employeur. La perception du travailleur de son propre contrat psychologique est donc analysée à travers deux grilles de questions. Cependant, les perceptions de l’employeur n’ont pas été prises en compte.Dans la présente étude, l’hypothèse était que les caractéristiques du contrat psychologique ont des conséquences spécifiques dans le rapport de travail. En particulier, on s’attendait à ce que les obligations perçues de l’employeur soient en rapport avec les attitudes et les perceptions de l’employé en ce qui concerne son rôle professionnel (à savoir, les attentes d’avancement et l’ambiguïté de rôle). Nous avons formulé l’hypothèse que les obligations perçues de l’employé étaient liées à la composante affective et motivationnelle du rapport de travail et, notamment, aux perceptions de justice organisationnelle et à l’engagement affectif.Cette étude se base sur une recherche menée dans une maison de retraite de l’Italie du Nord. Un questionnaire a été soumis à 170 individus employés dans cette structure avec des tâches différentes (principalement des travailleurs dans le domaine de l’assistance sociale et des infirmiers) : 147 femmes et 23 hommes ; 33,3 % âgés de moins de 36 ans ; 34,5 % d’âge compris entre 36 et 45 ans ; 32,2 % âgés de plus de 45 ans. Le questionnaire a été autorempli. Le traitement statistique des données a été effectué à l’aide des programmes SPSS (pour les statistiques descriptives et les analyses de la variance) et AMOS (pour vérifier les modèles expérimentaux supposés).En ce qui concerne le rapport entre le contrat psychologique et les résultats organisationnels, les hypothèses énoncées ont été confirmées : la perception des obligations de l’employeur a un lien positif avec les attentes d’avancement et négatif avec l’ambiguïté de rôle, tandis que les obligations perçues de l’employé sont liées à la justice organisationnelle et à l’engagement de type affectif. La tangibilité constitue une exception : dans ce cas, les obligations de l’employé n’ont aucun lien ni avec la justice, ni avec l’engagement affectif, mais, au contraire, elles sont liées aux attentes d’avancement. Il paraît donc que la tangibilité est liée aux perspectives de progrès de l’employé à l’intérieur de son propre rôle professionnel, indépendamment du fait que l’on mesure la perception des obligations de l’employeur ou de l’employé.Ces résultats nous montrent que plus l’employé perçoit que l’employeur a des obligations fortes envers lui, plus il aura le sentiment de maîtriser sa tâche professionnelle (en termes de faible ambiguïté de rôle); en outre, il considérera l’organisation comme un lieu dans lequel il peut avancer et développer ses compétence et sa carrière professionnelle (en termes d’attentes d’avancement). Par contre, plus le travailleur perçoit qu’il a pris des obligations fortes envers l’organisation, plus il considérera celle-ci comme un lieu où s’engager ; par conséquent, il développera des sentiments d’attachement affectif et il considérera comme plus équitables et justes les modalités par lesquelles l’organisation prend ses décisions et les communique.Cette recherche montre encore une fois l’importance du contrat psychologique dans la formation de la qualité du rapport de travail. Elle montre également que la perception des obligations de l’employeur et de l’employé contribuent de façon significative à la création d’un rapport de travail satisfaisant et gratifiant pour les deux parties. Il devient donc fondamental pour les gestionnaires d’avoir pleine conscience de l’importance de cette notion et des conséquences positives pouvant découler d’une correcte interprétation et du respect des conditions qui la composent.Este estudio evalúa el contrato sicologico utilizando una perspectiva caracterial que permite medir las percepciones respecto a las obligaciones del empleador y de los empleados a través las dimensiones de duración, tangibilidad, ambito, estabilidad / flexibilidad, nivel de contrato y simetría de intercambio. Se administraron cuestionarios a 170 trabajadores (23 hombres y 147 mujeres) empleados de una casa de reposo en el Norte de Italia. Los resultados confirman la hipotesis sobre la relación entre las percepciones de los empleados sobre las obligaciones de los empleadores y el rol orgnizacional componente de la vida organizacional (en terminos de ambiguedad de rol limitada y espectativas de desarrollo elevadas). Asi mismo, la hipotesis de la relación entre las percepciones de las obligaciones de los empleados para con el empleador y el area afectiva y motivacional es también confirmada (en terminos de implicación afectiva y percepción de justicia organizacional). Los resultados muestran tambien la importancia de evaluar la percepción de los empleados sobre las obligaciones del empleador y sus respectivas obligaciones para con el empleador, considerando la influencia diferencial que cada una de ellas tiene sobre la vida organizacional

Signalling entrepreneurs’ credibility and project quality for crowdfunding success:cases from the Kickstarter and Indiegogo environments

In recent years, entrepreneurs have increasingly turned to crowdfunding, a new form of entrepreneurial finance, to fund projects. Whilst research has shown that signals originating from the entrepreneur and project can affect the outcome of crowdfunding, how different signals work together under different signalling environments remains underexplored. Drawing on signalling theory, we examine how signals of entrepreneurs’ credibility (success, failure, backer and industry experience) and project quality (preparedness and third-party endorsements) produce crowdfunding success in different signalling environments. We collected a unique dataset with matched projects listed on both Kickstarter and Indiegogo, but with different funding models, to represent two distinct signalling environments. Results based on qualitative comparative analysis (QCA) identify two distinct signalling patterns that show entrepreneur’s credibility and project quality signals can complement each other to produce crowdfunding success. In an environment with less uncertainty, entrepreneur’s credibility in terms of crowdfunding experience can also compensate absent project quality to produce crowdfunding success. In an environment with higher uncertainty, entrepreneur’s credibility and project quality need to be both present to establish the necessary legitimacy for crowdfunding to be successful. Furthermore, by integrating positive (i.e. success) and negative (i.e. failure) signals, we demonstrate how signal incongruence can enhance crowdfunding success. Plain English Summary: Failure experience is an important signal in achieving crowdfunding success, but its effectiveness depends on other signals as well as the signalling environment. Our study shows how crowdfunding success can be achieved in multiple ways and that the path to success depends on the funding model of the platform used. For entrepreneurs to demonstrate credibility, backer experience and project preparedness are important. Both are under the control of the entrepreneur and well worth considering investing effort into. Importantly, the study also shows that demonstrating failure experience is important in achieving crowdfunding success. Failure experience can either replace the lack of prior success experience by demonstrating a track record of learning or it can enhance prior success experience by producing a more realistic picture of the entrepreneurs. Thus, the study offers practical implications for entrepreneurs on how to use different signals to increase the likelihood of success in reward-based crowdfunding