Article1994

Retrenchment remains the foundation of business turnaround

131 citations0/0 files storedStrategic Management Journal

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Organizational Downsizing and Restructuring Corporate Insolvency and Governance Organizational Management and Leadership

Abstract

Abstract In the preceding article, Barker and Mone raised questions about the methodological adequacy of an article that we published in 1992 in this journal. After careful consideration of their ‘replication’ and reassessment of our work, we reached surprising conclusions. First. Barker and Mone failed to accurately represent many major elements of our study. Second, viewed independently, their conclusions can be attributed to unusual and selectively applied operational definitions, disregard for company‐specific and industry contexts, and exclusive reliance on secondary data. Nevertheless, their results also add strong support for the emerging theory of a two‐stage turnaround process involving retrenchment and recovery, as modeled by Robbins and Pearce (1992).

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References

1993Barriers to the Advance of Organizational Science: Paradigm Development as a Dependent Variable 1991The relative power of ceos and boards of directors: Associations with corporate performance 1983Corporate financial distress : a complete guide to predicting, avoiding, and dealing with bankruptcy 1988Planned patterns of strategic behavior and their relationship to business‐unit performance 1992Turnaround: Retrenchment and recovery 1980TURNAROUND STRATEGIES 1983Turnaround Strategies for Mature Industrial-Product Business Units 1987The impact of grand strategy and planning formality on financial performance

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