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The most influential factors in venture capitals’ exit decision: A qualitative study among Spanish venture capitalists


The objective of this research is to determine and draw the attention of venture capitals toward the most important factors that they should consider for making a proper exit decision. A list of suggested influential factors in venture capitals’ exit decision was extracted from the literature. The list is refined and developed by the Delphi method through three rounds of Delphi with a Delphi group composed of 15 Spanish venture capitalists. A list of the 14 most influential factors in an exit decision is developed and is divided into four categories (venture capitals, investees, entrepreneurs and external environment). Some of the factors have been neglected in previous studies and some seldom have been studied. It is recommended that venture capitals consider a combination of the suggested factors to make an exit decision. Also when making the exit decision, venture capitals should not only pay attention to the factors regarding themselves and the investee, but also they should consider the factors regarding the entrepreneurs and external environment. The research brings together different factors in venture capitals’ exit decision from different categories, refines and develops them, and produces a precise and actionable list of the most important ones.


venture capital, divestment, exit decision, Delphi method, Spain



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