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The purpose of this study is to provide a comprehensive understanding regarding corporate turnaround. An integrated discussion regarding different corporate failure factors, conditions, symptoms followed by turnaround strategies and its results have been provided.

Authors have done a comprehensive systematic and integrated literature review study of research articles on corporate turnaround. The paper reviewed discussed different dimensions of turnaround management. The authors applied thematic reductionist categorisation with logical arguments to develop an integrated turnaround canvas (ICT).

An ICT has been developed. ICT is a holistic framework to comprehend turnaround strategy. Impact of precondition and turnaround levers on cash flow dynamics and the operational and strategic levers for successful turnaround performance of the firm has also been presented. Authors have also tabulated the entire spectrum of corporate turnaround.

This conceptual work would help researchers interested in turnaround research to anchor their study at different points in ICT canvas. This could be at the decline precondition stage, corporate failure state, turnaround levers (strategic and operational) application phase and in terms of turnaround performance.

The ICT canvas would help managers to identify the set of corporate failure preconditions which might lead their firm to decline phase. The ICT canvas would also help managers based upon the identification of decline preconditions to select an appropriate turnaround interventions required to arrest the corporate failure. Finally, the ICT canvas would help in identifying the operational and strategic levers for successful turnaround implementation and thus achieving the desired corporate performance.

This is one of the first studies to provide an integrated perspective on corporate turnaround as the developed ICT canvas consisted of identification of decline preconditions, corporate failure, turnaround levers (strategic and operational ) and turnaround performance.

Managing Executives occupy a pivotal role in the acquisition process. It is virtually inconceivable that major Merger and Acquisitions (M&As) could proceed without their personal sponsorship (Hayward & Hambrick, 1997). They are central to the negotiation and signing for such deals and it is these negotiations that raise questions over how the target company should be run post-acquisition, how it should be configured to fit within the newly expanded group and what sort of strategy may be appropriate for the future. Managing Executives embody their firm’s strategies and so are intimately connected with these issues of organisational fit and strategic rational. With negotiations focussed upon the future of their businesses and their personal places in corporate history, these contests can be very dramatic. The high stakes are evident in the substantial levels of acquired Managing Executive departure post-acquisition. Whilst we can observe that many acquired Managing Executives subsequently leave the enlarged firm, little evidence to date answers the question of why they have been retained or replaced?

A neglected area of research in ODC is the turnaround of poorly performing firms such as those under bankruptcy protection. We researched 142 companies that attempted reorganization under bankruptcy protection between 1983 and 2003. Firms deployed one or more of four distinct strategies to turnaround: rationalizing existing resources, developing existing resources, generating new resources, and investing in future resources. Firms that generated new resources, and developed and rationalized existing resources, had the highest probability of emergence. Interestingly firms that sustained their turnaround post-emergence invested in future resources in addition to generating, developing, and rationalizing resources. Implications for ODC are discussed.

This paper aims to identify strategies used by companies during the recent global recession and to investigate the effectiveness of offensive and defensive strategies. It also investigates how these different types of strategies are sequenced.

The paper draws on cases from seven publicly listed Indian information technology (IT) and information technology-enabled services (ITESs) companies. This longitudinal study draws on 32 semi-structured interviews with top management. The data were triangulated using annual and quarterly reports, emails, organization profiles and customer satisfaction reports.

Offensive and defensive strategic responses were deployed concurrently, not sequentially. Offensive responses were crucial in turning around a firm. Identical strategies can yield different results in product and service companies.

The findings of this paper should be generalized with care because of the sampling scope. Future studies should include quantitative research over different recession periods.

The paper provides insights for practitioners on how to respond to economic recession and prepare for recovery.

The paper enriches the corporate turnaround and business cycle management literature by analyzing the behavior of firms from India and from the high-tech industry.

The study here responds to the view that the crucial problem in strategic management (research) is firm heterogeneity – why firms adopt different strategies and structures, why heterogeneity persists, and why competitors perform differently. The present study applies complexity theory tenets and a “neo-configurational perspective” of Misangyi et al. (2016) in proposing complex antecedent conditions affecting complex outcome conditions. Rather than examining variable directional relationships using null hypotheses statistical tests, the study examines case-based conditions using somewhat precise outcome tests (SPOT). The complex outcome conditions include firms with high financial performances in declining markets and firms with low financial performances in growing markets – the study focuses on seemingly paradoxical outcomes. The study here examines firm strategies and outcomes for separate samples of cross-sectional data of manufacturing firms with headquarters in one of two nations: Finland (n = 820) and Hungary (n = 300). The study includes examining the predictive validities of the models. The study contributes conceptual advances of complex firm orientation configurations and complex firm performance capabilities configurations as mediating conditions between firmographics, firm resources, and the two final complex outcome conditions (high performance in declining markets and low performance in growing markets). The study contributes by showing how fuzzy-logic computing with words (Zadeh, 1966) advances strategic management research toward achieving requisite variety to overcome the theory-analytic mismatch pervasive currently in the discipline (Fiss, 2007, 2011) – thus, this study is a useful step toward solving the crucial problem of how to explain firm heterogeneity.

Organizations in need of strategic turnaround often seek charismatic leaders to lead change efforts. With the growing popularity of democratizing workplaces, team‐based approaches to strategic change are emerging. The literature on each of these change approaches is reviewed. Several research propositions are offered which suggest that strategic teams can be a better choice than charismatic leaders for turning around an organization. The authors also note the need for future research to compare the effectiveness of charismatic leaders with the effectiveness of strategic teams in planning and initiating strategic change.

Discussions about the elimination of apparel quotas have focused on countries that obviously benefit or are harmed by their demise. Little attention has been paid to countries for which the post-quota environment is uncertain – and vital. As quotas were lifted in January 2005, uncertainty loomed particularly large for Turkey, the world's fourth largest apparel exporting nation. This paper utilizes secondary data and a survey to chronicle Turkish apparel exporters’ strategic expectations, preparations, and responses to the post-quota environment. The case details the unexpected consequences of quota elimination for the industry, including how the new competitive environment catalyzed many manufacturers to locate production in foreign lands.

This paper aims to investigate the role of resource orchestration in turnaround attempts following the organizational decline in the context of an emerging economy.

Multicase study of three Brazilian textile firms, following their trajectory from 1997 to 2009. We did a “historical reconstruction using the methodology” proposed by Mintzberg and McHugh (1985) to guide our data collection and analysis procedures. The methodology is geared towards the study of the evolution of organizations over a past period, wherein the researcher reconstructs the events after they have occurred, having developed them from documentary analysis and oral history.

The results indicate that resource orchestration is a critical capability for ensuring the coordinated implementation of operational and strategic actions in a turnaround. Moreover, in a context involving severe environmental jolts, the conservation of organizational slack appears to influence the effectiveness of resource orchestration and explains the different outcomes the firms in this study achieved in their turnaround attempts.

This paper may be useful to practitioners involved in turnarounds, helping them evaluate the consequences of decisions involving the acquisition, reconfiguration, bundling and divestment of firm resources.

Besides contributing to the advancement of theory-informed research on decline and turnaround, this paper may be useful to practitioners involved in turnarounds, when they consider the consequences of decisions involving firm resources.

This paper helps advance theory-informed research on decline and turnaround in developing economies, helping address a gap in the extant literature, primarily focused on firms in developed countries.

Investigar, en el contexto de una economía emergente, el papel de la orquestación de recursos en los intentos de recuperación después del declive organizacional`.

Estudio multicaso de tres empresas textiles brasileñas siguiendo su trayectoria desde 1997 hasta 2009. Hicimos una “reconstrucción histórica utilizando la metodología” propuesta por Mintzberg y McHugh (1985) para guiar nuestra recopilación de datos y procedimientos de análisis. La metodología está orientada hacia el estudio de la evolución de organizaciones en un período pasado, en el que el investigador reconstruye los eventos después de que han ocurrido, habiéndolos desarrollado a partir del análisis documental y la historia oral.

Nuestros resultados indican que la orquestación de recursos es una capacidad crítica para garantizar la implementación coordinada de acciones operativas y estratégicas en un processo de recuperación. Adicionalmente, en un contexto que implica impactos ambientales significativos, mantener la holgura organizacional parece influir sobre la eficacia de la orquestación de recursos y explica la diferencia de los resultados que las empresas encuestadas alcanzaron en sus tentativas de recuperación.

Este artículo puede ser útil para los profesionales implicados en procesos de recuperación, ayudándoles a evaluar las consecuencias de las decisiones que implican la adquisición, reconfiguración, agrupación y desecho de recursos de la empresa.

Este estudio contribuye al avance de la investigación de base teórica sobre declive y recuperación en economías en desarrollo, ayudando a eliminar una laguna en la literatura existente, la cual se a centrado principalmente en empresas en países desarrollados.

Investigar o papel da orquestração de recursos nas tentativas de turnaround após o declínio organizacional, no contexto de uma economia emergente.

Estudo multicaso de três empresas têxteis brasileiras, seguindo sua trajetória de 1997 até 2009. Fizemos uma “reconstrução histórica usando o metodologia” proposta por Mintzberg e McHugh (1985) para guiar nossa coleta de dados e procedimentos de análise. A metodologia é voltada para o estudo da evolução de organizaçöes ao longo de um período passado, em que o pesquisador reconstrói os eventos após ocorreram, tendo-os desenvolvido a partir da análise documental e da história oral.

Nossos resultados indicam que a orquestração de recursos é uma capacidade crítica para garantir a implementação coordenada de ações operacionais e estratégicas num turnaround. Adicionalmente, num contexto envolvendo choques ambientais significativos, a preservação da folga organizacional parece influenciar a eficácia da orquestração de recursos e explicar a diferença dos resultados que as empresas pesquisadas alcançaram nas suas tentativas de turnaround.

Este artigo pode ser útil para profissionais envolvidos em turnarounds, ajudando-os a avaliar as consequências de decisões envolvendo a aquisição, reconfiguração, agrupamento e descarte de recursos da empresa.

Este estudo contribui para o avanço da pesquisa de base teórica sobre declínio e turnaround em economias em desenvolvimento, ajudando a eliminar uma lacuna na literatura existente, focada principalmente em empresas em países desenvolvidos.

The three cases (Case A: JSW Steel's Ispat Acquisition: The Opportunity; Case B: JSW Steel's Ispat Acqusition: The Setback & Case C: JSW Steel's Ispat Acquisition: The Turnaround Strategy) describe the business situation leading to acquisition of Ispat by JSW, the acquirer company's failure to realize synergies post-acquisition, and the subsequent turnaround initiatives to salvage the situation. The Case A details the potential synergies that were identified during due diligence process while the Case B details the setbacks which did not allow JSW to realize the anticipated synergies. Nevertheless, not deterred by the setback, JSW salvaged the situation by undertaking a massive turnaround program aimed at plugging strategic, operational and organizational gaps. Concurrently, several initiatives were also taken to integrate the processes and workforce of the two organizations. Eventually the JSW team succeeded in turning around Ispat and merged it with the parent group. Case C provides a rich description of the turnaround and integration initiatives by JSW.

The purpose of this paper is to consider the resilience of a national-level initiative (Improving Working Lives (IWL)) in the face of local-level initiative (Turnaround) in an NHS hospital and compare to Bach and Kessler’s (2012) model of public service employment relations.

Case study research consisting of 23 in-depth semi-structured interviews from a range of participants.

The principles behind IWL were almost entirely sacrificed in order to meet the financial objectives of Turnaround. This indicates the primacy of localised upstream performance management initiatives over the national-level downstream employee relations initiatives that form the basis of the NHS’ claim to model employer aspiration.

The case study was conducted between 2007 and 2009. While the case study falls under previous government regime, the dualised system of national-level agreements combined with localised performance management – and the continued existence of both Turnaround and IWL – makes the results relevant at the time of writing.

Some studies (e.g. Skinner et al., 2004) indicated a perception that IWL was not trusted by NHS staff. The present study offers reasons as to why this may be the case.