We analyze the post-acquisition performance of 384 unquoted entrepreneurial firms that have been acquired between 2000 and 2004, and compare it with 875 comparable, but independent entrepreneurial firms. Target firms in domestic acquisitions are less profitably and grow less than independent firms, both before and after the acquisition. Target firms in cross-border acquisitions are comparable to independent firms in growth and profitability, but they have higher margins and higher returns after the acquisition. Hence, especially cross-border acquisitions create operational synergies.
The Theory of Planned Behavior (TPB) is used in this paper to empirically study whether an entrepreneur successfully transfers his/her firm, conditional on exiting the firm. TPB posits that entrepreneurial intentions drive actions, being the transfer of a business. We expand the TPB framework with business characteristics (intangible assets and profitability) to further explain the gap between intentions to transfer and the transfer outcome. Based on survey responses of 198 Belgian entrepreneurs that exited their company between 2001 and 2006, we show that intentions drive transfer outcomes. Further, the personal desirability of a transfer, the perceived control over the transfer process and the level of intangible assets influence intentions. Business profitability has a direct positive effect on the probability of transferring a business, that is partially mediated through intentions.
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