Determining structural relationships and ranking effecting factors on entrepreneurial exit in knowledge-based (technology oriented) companies within biotechnology area

Exit is a multi-dimensional concept that plays a critical role in entrepreneurial process. Entrepreneurial exit and its affecting factors rise in importance when it comes to knowledge-based companies, however related literature is not rich and deep enough. Current research is conducted with the purpose of determining the factors influencing entrepreneurial exit for knowledge-based (technology oriented) companies within the area of biotechnology. Therefore, present study is targeted on establishing structural relationships and ranking of the influencing factors on entrepreneurial exit in knowledge-based, technology oriented companies within the biotechnology area. From the purpose point of view, this is an applied and developmental research, and from the research method point of view it is a regression descriptive survey, conducted through hierarchical Structural Equation Modeling (SEM) technique. Statistical community for this study is comprised of 450 managers and shareholders of knowledge-based companies from which, 208 samples were selected based on the table of Kergsey and Morgan, and the sampling technique was Stratified Random Sampling. Research results have indicated that personal factors (0.210), investor-related factors (0.172), company specifications (0.140), investee company performance (0.112), managerial and administration problems (0.090), emotional factors (0.072), non-supportive conditions environmental and legal conditions for business (0.056), identification of business opportunities (0.042), financial problems (0.035), partnership problems (0.029), not predicting a positive vision (0.023), and demographic specifications (0.020) were respectively in priority as influencing factors of entrepreneurial exit.