CEO Exit after IPO: Which Wealth Matters?

IPOs are typically viewed as the peak of entrepreneurial success. However, CEOs in those entrepreneurial firms often leave after the IPOs to harvest their investment. The understanding of such voluntary exit remains rudimentary in small business and entrepreneurial settings. We examine the impact of both CEOs' financial and socioemotional wealth on their exit decisions after IPOs. The findings show that CEOs with greater financial wealth are more likely to stay with the firm initially, but they become more likely to leave after certain threshold. We also find that socioemotional wealth negatively moderates the predications of financial wealth on exit.