Research has recently emphasized that the non-survival of entrepreneurs can be disaggregated into distinct exit routes such as merger and acquisition (M&A), voluntary closure and failure. Firm performance is an alleged determinant of exit route. However, there is a lack of evidence linking exit...

Empirical studies on small business survival and exits focus on endogenous firms and top manager characteristics, whereas few studies consider exogenous demand shocks and local consumer awareness and behavior, which are especially important for local hospitality industries. Therefore, this study...