Systematic Review of Research on Exit: A Bibliometric Analysis and Future Directions

Abstract

Exit is an important element of the entrepreneurial process. However, until recently research on exit, especially at the individual level, had received relatively little attention. This article aims to map the development of research on exit and intersecting topics such as failure and survival. Applying a systematic literature review using a bibliometric and a qualitative analysis, this article reviews 243 articles that have been published between 2009 and 2015 in the Social Science Citation Index outlets. Using a bibliometric software package (BibExcel) and a large network analysis program (Pajek), this review provides a bibliometric map of research on exit. The generated clusters represent interconnected yet distinct subfields within the landscape, i.e. industry dynamics, firm exit and entrepreneurial exit. Our review shows that firm-level exit has received substantial attention within the field of exit. In contrast, our understanding of exit at the levels of individuals and teams is still limited. In particular, the present review calls for future research not only on the decision making process in relation to exit but also on how the process of exit is carried out and the impact of exit on entrepreneurs, teams and firms. Finally, theoretical perspectives on the phenomenon of exit are discussed in this paper which range from economics and organizational behaviour to psychological aspects of exit.

Keywords: firm exit, entrepreneurial exit, failure, survival, bibliometric analysis, review

JEL Codes: L10, L22, L26