Born to flip . Exit decisions of entrepreneurial firms in high-tech and low-tech industries

@inproceedings{Cefis2011BornTF,
  title={Born to flip . Exit decisions of entrepreneurial firms in high-tech and low-tech industries},
  author={Elena Cefis and Orietta Marsili},
  year={2011}
}
This paper examines the way that the exit behavior of entrepreneurial firms is shaped by their innovative capabilities, and the technology environment in which they operate. We distinguish between exit by closing down activity and exit by merger or acquisition (M&A). Using a large sample of Dutch manufacturing firms, we explore the relationship between firm exit, age and innovative capabilities, in high and low innovation intensive industries. We find that for entrepreneurial firms, innovation… CONTINUE READING

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