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Authors
Advisor(s)
Abstract(s)
O objectivo deste estudo e inferir sobre os factores que conduzem a saida do mercado pelas start-ups, da perspectiva do individuo e da empresa. A literatura anterior tem-se apenas mais recentemente focado na saida como uma parte importante do ciclo economico e financeiro. No entanto, ha ainda um corpo estreito do pesquisa aplicado a pequenas empresas, ao contexto que integre fundador e start-up e a diferenciacao entre saida e morte ou falencia empresarial.
Neste sentido, conduzimos uma analise multivariada para os diferentes acontecimentos: continuacao, liquidacao e venda, distinguindo entre saida voluntaria ou involuntaria de acordo com a performance da start-up, medida atraves do Altman s Z-Score. Inferimos sobre a influencia das caracteristicas do fundador e start-up no tipo de saida, usando dados financeiros de empresas e fundadores, que contem informacao unica e detalhada de 2004 a 2009. Os resultados obtidos indicam que a dimensao da start-up e equipa de fundadores, educacao do fundador, idade e genero masculino afectam positivamente a probabilidade de continuacao e venda e negativamente a de liquidacao. Os mais jovens fundadores tem mais probabilidade de abandonarem os seus empreendimentos enquanto os mais velho tem menores probabilidade de liquidacao. Consistente com literatura antecedente, as start-ups de maior tamanho e com fundadores com maior nivel de educacao tem menos probabilidade de se liquidarem.
The aim of this study is to infer the factors that lead to start-up exit from the individual and firm perspective. Previous literature has only more recently focused on exit as an important part of the business and economic cycle. However, there is still a thin body of research applied to small companies, a framework of both founder and start-up exit and the differentiation between venture exit and death/bankruptcy. Regarding this, we conduct a multinomial analysis for different outcomes: continuation, liquidation and sale and distinguish between voluntary and distress exit, based on venture performance., which is measured using Altman?s Z-Score. We infer on the influence of start-up and founder characteristics, on the type of exit, using Portuguese firm-level financial data with the matched employer-employee database that contains unique and detailed information on start-ups and founders from 2004 to 2009. Our results indicate that the size of the start-up and funding team, founder education, age and male gender positively impact the probability of continuation and sale and negatively impact liquidation. Younger founders are more likely to leave than to continue their ventures and older founders have lower odds of liquidation. Consistent with previous literature, bigger start-ups with more knowledgeable founders are less likely to liquidate.
The aim of this study is to infer the factors that lead to start-up exit from the individual and firm perspective. Previous literature has only more recently focused on exit as an important part of the business and economic cycle. However, there is still a thin body of research applied to small companies, a framework of both founder and start-up exit and the differentiation between venture exit and death/bankruptcy. Regarding this, we conduct a multinomial analysis for different outcomes: continuation, liquidation and sale and distinguish between voluntary and distress exit, based on venture performance., which is measured using Altman?s Z-Score. We infer on the influence of start-up and founder characteristics, on the type of exit, using Portuguese firm-level financial data with the matched employer-employee database that contains unique and detailed information on start-ups and founders from 2004 to 2009. Our results indicate that the size of the start-up and funding team, founder education, age and male gender positively impact the probability of continuation and sale and negatively impact liquidation. Younger founders are more likely to leave than to continue their ventures and older founders have lower odds of liquidation. Consistent with previous literature, bigger start-ups with more knowledgeable founders are less likely to liquidate.
Description
Mestrado em Finanças
Keywords
Estrategias de Saida Empreendedorismo Start-Ups Exit Strategies Entrepreneurship
Pedagogical Context
Citation
Machado, Daniela Tavares (2014). "Exit strategies of start-ups". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Publisher
Instituto Superior de Economia e Gestão