Purpose

In this paper, the author attempts to answer an important question upon founder-CEOs' exiting: How do they sell their remaining ownership shares? The literature has largely been silent on this question, and therefore is missing an important piece of the puzzle on the final stage of the founding entrepreneurs' involvement in their companies.

Design/methodology/approach

The author uses both theoretical models and empirical methods to examine how founder-CEOs sell their remaining ownership shares.

Findings

The author finds that founder-CEOs of high-growth firms and those with high managerial ability are more likely to sell remaining ownership shares gradually rather than suddenly. Moreover, if either the growth or the managerial ability is high, founder-CEOs managing firms with high volatility tend to sell gradually.

Originality/value

This paper provides insights into the final stage of founding entrepreneurs' involvement in companies. The methodology of pattern recognition also helps investors and regulators in tracking and monitoring stock trading of founders and other company insiders.

中文翻译：

---

创始人兼首席执行官如何出售剩余的所有权股份？理论与证据

目的

在本文中，作者试图回答创始人CEO退出后的一个重要问题：他们如何出售剩余的股权？文献在很大程度上对这个问题保持沉默，因此在创始企业家参与其公司的最后阶段遗漏了一个重要的难题。

设计/方法/方法

作者使用理论模型和实证方法来检验创始人兼 CEO 如何出售其剩余的所有权份额。

发现

作者发现，高增长公司的创始人兼首席执行官和具有高管理能力的人更有可能逐渐出售剩余的所有权股份，而不是突然出售。此外，如果增长或管理能力高，则管理具有高波动性公司的创始人兼首席执行官往往会逐渐出售。

原创性/价值

本文提供了对创始企业家参与公司的最后阶段的见解。模式识别方法还有助于投资者和监管机构跟踪和监控创始人和其他公司内部人员的股票交易。