Business angel exits: A theory of planned behaviour perspective

Tiago Botelho, Richard Harrison, Colin Mason

Research output: Contribution to journalArticlepeer-review

9 Citations (Scopus)
46 Downloads (Pure)


Although there are a handful of studies on business angel investment returns, the business angel literature has given little or no attention to exits and the exit strategy. This is surprising given that a primary objective of investing is to achieve a capital gain through some form of liquidity event. Using the theory of planned behaviour (TPB) as an interpretative heuristic, we examine how exits happen: specifically, what are the motivations to seek an exit and to what extent are they planned or opportunistic? Based on multiple case studies in which business angels were invited to tell the story of their most recent exit(s), the evidence suggests that the majority of liquidity events are the outcome of planned behaviour. We propose a typology of angel-backed investment exits as the basis for identifying future directions for research and developing practical advice to angels on effective business practices.

Original languageEnglish
Pages (from-to)583–602
Number of pages20
JournalSmall Business Economics
Issue number1
Early online date14 Dec 2019
Publication statusPublished - Jun 2021


  • Business angels
  • Entrepreneurial exit
  • Harvest event
  • Investment returns
  • Theory of planned behaviour

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