Entrepreneurial exit in manufacturing firms: The role of export performance, firm attributes, and founder characteristics

Abstract

Objective: The objective of the article is to identify the multi-level determinants that influence the exit route preferences of founders and partners in the Turkish manufacturing sector. Beyond a binary success-failure narrative, the study employed an integrated three-block framework to examine how international performance, organisational attributes, and individual human capital jointly shape strategic exit decisions. Research Design & Methods: This study used a quantitative methodology, and I tested the hypotheses developed from the study’s objectives using data from 210 individuals surveyed by questionnaire. The analysis comprised a t-test, correlation analysis, and hierarchical multiple linear regression run in Jamovi 2.3.28. Findings: Export performance correlates significantly and positively with IPO preference, while education level is the strongest predictor of professionalised exit routes. Family business status and industry experience correlate strongly with family succession preference, which reflects the tension between financial value realisation and socio-emotional legacy. Implications & Recommendations: The study underscores the need for exit literacy among entrepreneurs, stressing that exit planning should be proactive and integrated into the firm’s growth phase. For policymakers, the findings point to institutional frameworks that support transparent M&A markets preserving productive knowledge during ownership transitions. Contribution & Value Added: This is the first quantitative study in the Turkish context to analyse entrepreneurial exit through a multivariate lens. Its novelty lies in identifying international market integration as a critical factor in professionalised exit strategies, thereby reframing the discourse from business closure as failure to exit as a strategic mechanism for value realisation.