| Hirigoyen and Basly (2019) | France, questionnaire survey, 69 responses, 2012 | Factors that influence family business sale decisions in the context of the 2008 crisis | Motives for exit/selling
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Lack of successors (MNG)
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Non-viability of the business (MNG)
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Benefit from an attractive offer (F)
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Industry concentration (S)
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Conflicts between active and non-active family members (MNG)
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| Becker et al. (2016) | Germany, 34 semi-structured interviews with owners and managers, 2012 | Various aspects of M&A transactions carried out by the German Mittelstand (including SME) | Motives for M&A
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Growth (S)
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Extend product portfolio (M/M)
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Improve competitive position (S)
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Access to customers (M/M)
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Expand capacity (T/O)
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Customer requirements (M/M)
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Synergy (S)
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Access to know-how/technology (T/O)
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Achieving critical operating size (T/O)
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Risk diversification (F)
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| Parastuty et al. (2016) | Austria, questionnaire survey among 212 entrepreneurs (41 exited their firms), 38 responses, 2009–2013 | Motives for entrepreneurial exit among young firms | Motives for exit/selling
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Another attractive activity/job or business opportunity (S)
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Problems with low demand and sales (M/M)
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Extreme competition (S)
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Failed to meet the expectations (M/M)
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Product/service exists in the market (M/M)
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Prevent more significant losses (F)
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Difficulties in acquiring resources (S)
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Need for more capital (F)
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Family issues, illness (MNG)
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Conflicts, internal or external (MNG)
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Bankruptcy (F)
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| Arvanitis and Stucki (2014) | Switzerland, questionnaire survey, 405 responses, 2011 | Firm characteristics that determine the innovation and economic performance of M&A | Motives for M&A
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Increase market share (M/M)
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Access networks (M/M)
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Lower average fixed costs (F)
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Entry into new businesses (S)
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Rationalisation of marketing and sales (M/M)
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Rationalisation of procurement (F)
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Broaden the product mix (M/M)
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Rationalisation of production (T/O)
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Spread the market risk (M/M)
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Obtain access to specific and innovation-related know-how (S)
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| Steen et al. (2014) | Australia, five semi-structured interviews with CEOs of microcap firms with M&A experience, 2014 | M&A experience of microcap businesses: determinants of success, pitfalls and problems with integration | Motives for buying
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Add complementary products/services (M/M)
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Achieve financial and operating synergies (F, O/T)
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Geographic expansion (M/M)
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Acquisition of intellectual property (S)
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| Nisar et al. (2012) | Norway, questionnaire survey among upper-level managers of multinational SME 53 responses, 2009 | Motives behind the equity modes of foreign market entry, including cross-border M&A of SME | Motives for (cross-border) M&A
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Reduce transaction cost (F)
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Access to management know-how (MNG)
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Reduce the risk of the exchange rate (F)
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Access to advanced technology
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Gain revenue/profit enhancement (F)
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Access to natural resources (S)
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Reduce competition (S)
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Level of management control (MNG)
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Cultural similarity (MNG)
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Research and development intensity (T/O)
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Enable product diversification (M/M)
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Reduce cost by globalised supply chains (F)
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Facilitate international expansion (M/M)
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| Harada (2007) | Japan, secondary data from the survey implemented by the Japan SME Corporation in November 2003, 1,743 observations, 2005 | Exit and post-exit behaviour of small firms and their managers | Motives for exit/selling
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Despairing perception for further business: decline of sales or orders (M/M); having a deficit, bankruptcy of the client company, rejection or reduction of the loan by the financial institution (F)
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Ageing of the manager (MNG)
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Illness or injury of the manager (MNG)
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Diminished motivation for the business (MNG)
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Take a new job or start up a new business (S)
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| Mickelson and Worley (2003) | The United States/Canada, 12 semi-structured interviews with key persons from both the buyer and seller sides, 1997 | Critical differences between typical M&A and those involving a family firm (the acquisition of a family business by a larger company) | Motives for buying
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Growth through new markets/products (M/M)
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Form a new strategic business unit (S)
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Achieve synergies between companies (O/T)
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Motives for exit/selling
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Other life goals, lack of internal succession, increase in family harmony (MNG)
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Realising financial goals (F)
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| Ronstadt (1986) | The US questionnaire survey among ex-entrepreneurs 95 responses, 1982 | Motives for the entrepreneurial exit, exit mode (e.g., selling out or liquidation), and timing | Motives for exit/selling
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Financial motives (F)
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Personal and family motives (MNG)
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Environmental and venture-related motives: idea/concept (S)
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Legal problems, competition, market decline, other opportunities (M/M)
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Fire, real estate/site problems (T/O)
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