Contenido principal del artículo

Eduardo Curto Rodríguez
Universidade de Santiago de Compostela, Departamento de Organización de Empresas e Comercialización, Campus Universitario Norte, 15782 Santiago de Compostela, España
España
https://orcid.org/0000-0002-3252-4453
Biografía
Romina García Chas
Universidade de Santiago de Compostela, Departamento de Organización de Empresas e Comercialización, Campus Universitario Norte, 15782 Santiago de Compostela, España
España
https://orcid.org/0000-0002-8171-1001
Biografía
Vol. 30 Núm. 2 (2021), Artículos, Páginas 1-17
DOI: https://doi.org/10.15304/rge.30.2.6617
Recibido: 14-02-2020 Aceptado: 15-12-2020 Publicado: 09-06-2021
Derechos de autoría Cómo citar

Resumen

Este trabajo realiza una revisión de la investigación en el ámbito de la reflotación y del declive empresarial desde mediados de los años setenta del siglo pasado hasta la actualidad. Tomando como base los trabajos de Pearce y Robbins (1993) y de Trahms, Ndofor y Sirmon (2013), se presentan los principales hallazgos realizados por la investigación previa junto con las carencias fundamentales de este campo de investigación. Además, se muestran también los avances sucedidos con posterioridad a la revisión de Trahms et al. (2013), junto con la perspectiva futura de la investigación en el área.

Citado por

Detalles del artículo

Referencias

Abebe, M. A., e Tangpong, Ch. (2018). Founder-CEOs and corporate turnaround among declining firms. Corporate Governance: An International Review, 26(1), 45-57. DOI: https://doi.org/10.1111/corg.12216

Altman, E. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. Journal of Finance, 23(4), 589-609. DOI: https://doi.org/10.2307/2978933

Anand, J., e Singh, H. (1997). Asset redeployment, acquisitions and corporate strategy in declining industries. Strategic Management Journal, 18(S1), 99-118. Recuperado de: https://www.jstor.org/stable/3088212

Arogyaswamy, K., Barker, III, V. L., e Yasai-Ardekani, M. (1995). Firm turnarounds: An integrative two-stage model. Journal of Management Studies, 32(4), 493-525. DOI: http://doi.org/10.1111/j.1467-6486.1995.tb00786.x

Audia, P. G., e Greve, H. R. (2006). Less likely to fail? Low performance, firm size, and factory expansion in the shipbuilding. Management Science, 52(1), 83-94. DOI: https://doi.org/10.1287/mnsc.1050.0446

Barbero, J. L., Di Pietro, F., e Chiang, C. (2017a). A rush of blood to the head: Temporal dimensions of retrenchment, environment and turnaround performance. Long Range Planning, 50(6), 862-879. DOI: https://doi.org/10.1016/j.lrp.2017.02.004

Barbero, J. L., Martínez, J. A., e Moreno, A. M. (2018). Should declining firms be aggressive during the retrenchment process? Journal of Management, 46(5), 694-725. DOI: https://doi.org/10.1177/0149206318811563

Barbero, J. L., Ramos, A., e Chiang, C. (2017b). Restructuring in dynamic environments: A dynamic capabilities perspective. Industrial and Corporate Change, 26(4), 593-615. DOI: https://doi.org/10.1093/icc/dtw042

Barker III, V. L., e Duhaime, I. M. (1997). Strategic change in the turnaround process: Theory and empirical evidence. Strategic Management Journal, 18(1), 13-38. DOI: https://doi.org/10.1002/(SICI)1097-0266(199701)18:1<13::AID-SMJ843>3.0.CO;2-X

Barker III, V. L., e Mone, M. A. (1994). Retrechment: Cause of turnaround or consequence of decline? Strategic Management Journal, 15(5), 395-405. DOI: https://doi.org/10.1002/smj.4250150506

Barker III, V. L., e Patterson, Jr., P. W. (1996). Top management team tenure and top manager causal attributions at declining firms attempting turnarounds. Group & Organization Management, 21 (3), 304-336. DOI: https://doi.org/10.1177/1059601196213004

Barker III, V. L., Patterson, Jr., P. W., e Mueller, G. C. (2001). Organizational causes and strategic consequences of the extent of top management team replacement during turnaround attempts. Journal of Management Studies, 38(2), 235-269. DOI: https://doi.org/10.1111/1467-6486.00235

Beeri, I., e Navot, D. (2014). Turnaround management strategies in local authorities: Managerial, political and national obstacles to recovery. Journal of Management & Organization, 20(1), 121-138. DOI: https://doi.org/10.1017/jmo.2014.17

Bettis, R. A. (1991). Strategic management and the straightjacket: An editorial essay. Organization Science, 2(3), 315-319. DOI: https://doi.org/10.1287/orsc.2.3.315

Bibeault, D. B. (1982). Corporate turnaround: How managers turn losers into winners. New York, NY: McGraw-Hill.

Bolton, M. K. (1993). Organizational innovation and substandard performance: When is necessity the mother of innovation? Organization Science, 4(1), 57-75. DOI: https://doi.org/10.1287/orsc.4.1.57

Boyne, G. A., e Meier, K. J. (2009). Environmental change, human resources and organizational turnaround. Journal of Management Studies, 46(5), 835-863. DOI: http://doi.org/10.1111/j.1467-6486.2008.00813.x

Bruton, G. D., Ahlstrom, D., e Wan, J. C. C. (2003). Turnaround in East Asian firms: Evidence form ethnic overseas Chinese communities. Strategic Management Journal, 24(6), 519-540. DOI: https://doi.org/10.1002/smj.312

Calvo Bernardino, A. A., e Martín de Vidales Carrasco, I. (2017). Crise financeira e reestruturación das caixas de aforro en España, 2003-2013. Revista Galega de Economía, 26(1), 5-16. Recuperado de: https://revistas.usc.gal/index.php/rge/article/view/4306

Casillas, J. C., Moreno-Menéndez, A. M., Barbero, J. L., e Clinton, E. (2019). Retrenchment strategies and family involvement: The role of survival risk. Family Business Review, 32(1), 58-75. DOI: http://doi.org/10.1177/0894486518794605

Cater, J., e Schwab, A. (2008). Turnaround strategies in established small family firms. Family Business Review, 21(1), 31-50. DOI: https://doi.org/10.1111/j.1741-6248.2007.00113.x

Chen, Ch-Y., Huang, H.-H., e Wey, S.-Ch. (2014). Interactive effect of turnaround strategy and firm-specific factor on turnaround performance. Actual Problems of Economics, 153(3), 230-237.

Chen, G. (2015). Initial compensation of new CEOs hired in turnaround situations. Strategic Management Journal, 36(12), 1895-1917. DOI: http://doi.org/10.1002/smj.2321

Chen, G., e Hambrick, D. C. (2012). CEO replacement in turnaround situations: Executive (mis) fit and its performance implications. Organization Science, 23(1), 225-243. DOI: https://doi.org/10.1287/orsc.1100.0629

Chowdhury, S. D. (2002). Turnarounds: A stage theory perspective. Canadian Journal of Administrative Sciences, 19(3), 249-266. DOI: https://doi.org/10.1111/j.1936-4490.2002.tb00271.x

Chowdhury, S. D., e Lang, J. R. (1996). Turnaround in small firms. An assessment of efficiency strategies. Journal of Business Research, 36(2), 169-178. Recuperado de: https://www.sciencedirect.com/science/article/abs/pii/0148296395001190

D’Aveni, R. A., e MacMillan, I. C. (1990). Crisis and the content of managerial communications: A study of the focus of attention of top managers in surviving and failing firms. Administrative Science Quarterly, 35(4), 634-657. DOI: https://doi.org/10.2307/2393512

Daily, C. M. (1995). The relationship between board composition and leadership structure and bankruptcy reorganization outcomes. Journal of Management, 21(6), 1041-1056. DOI: https://doi.org/10.1016/0149-2063(95)90021-7

Daily, C. M., e Dalton, D. R. (1994a). Bankruptcy and corporate governance: The impact of board composition and structure. Academy of Management Journal, 37 (6), 1603-1617. Recuperado de: https://www.jstor.org/stable/256801?seq=1

Daily, C. M., e Dalton, D. R. (1994b). CEO and director turnover in failing firms: An illusion of change? Strategic Management Journal, 16(5), 393-400. DOI: https://doi.org/10.5465/256801

Decker, C. (2016). Stakeholders’ impact on turnaround performance: The case of German savings banks. Journal of Small Business Management, 56(4), 534-554. DOI: https://doi.org/10.1111/jsbm.12274

Eastherby-Smith, M., Thorpe, R., e Lowe, A. (1991). Management research: An introduction. London, UK: Sage.

Eichner, T. (2010). Restructuring and turnaround of distressed manufacturing firms: An international empirical study. Frankfurt am Main, Germany/New York, NY: Peter Lang.

Faghfouri, P., Kraiczy, N. D., Hack, A., e Kellermanns, F. W. (2015). Ready for a crisis? How supervisory boards affect the formalized crisis procedures of small and medium-sized family firms in Germany. Review of Managerial Science, 9(2), 317-338. DOI: https://doi.org/10.1007/s11846-014-0158-0

Filatotchev I., e Toms, S. (2003). Corporate governance, strategy and survival in a declining industry: A study of UK cotton textile companies. Journal of Management Studies, 40(4), 895-920. DOI: https://doi.org/10.1111/1467-6486.00364

Finkelstein, S., Hambrick, D. C., e Cannella, A. (2009). Strategic leadership: Theory and research on executives, top management teams, and boards. Oxford, UK: Oxford University Press.

Finkin, E. F. (1985). Company turnaround. Journal of Business Strategy, 5(4), 14-24. DOI: https://doi.org/10.1108/eb039082

Freeman, S. J., e Cameron, K. S. (1993). Organizational downsizing: A convergence and reorientation framework. Organization Science, 4(1), 10-29. DOI: https://doi.org/10.1287/orsc.4.1.10

Furrer, O., Pandian, J. R., e Thomas, H. (2007). Corporate strategy and shareholder value during decline and turnaround. Management Decision, 45(3), 372-392. DOI: DOI: https://doi.org/10.1108/00251740710745025

Golden, B. R. (1992). The past is the past–or is it? The use of retrospective accounts as indicators of past strategy. Academy of Management Journal, 35(4), 848-860. DOI: https://doi.org/10.5465/256318

Gómez-Mejía, L. R., Takács Haynes, K., Núñez-Nickel, M., Jacobson, K., e Moyano-Fuentes, J. (2007). Socioemotional wealth and business risks in family controlled firms: Evidence from Spanish olive oil mills. Administrative Science Quarterly, 52(1), 106-137. DOI: https://doi.org/10.2189/asqu.52.1.106

Goodman, S. (1982). How to manage a turnaround. New York, NY: Free Press. Grinyer, P. H., Mayes, D., e McKiernan, P. (1988). Sharpbenders: The secrets of unleashing corporate potential. Oxford, UK: Basil Blackwell.

Grinyer, P. H., Mayes, D., e McKiernan, P. (1990). The sharpbenders: Achieving a sustained improvement in performance. Long Range Planning, 23(1), 116-125. DOI: https://doi.org/10.1016/0024-6301(90)90013-T

Hambrick, D. C., e Schecter, S. M. (1983). Turnaround strategies for mature industrial-product business units. Academy of Management Journal, 26(2), 231-248. DOI: https://doi.org/10.2307/255972

Hannan, M. T., e Freeman, J. (1989). Organizational ecology. Cambridge, MA: Harvard University Press. Heany, D. F. (1985). Businesses in profit trouble. The Journal of Business Strategy, 5(4), 4-12. DOI: https://doi.org/10.1108/eb039081

Hofer, Ch. W. (1980). Turnaround strategies. Journal of Business Strategy, 1(1), 19-31. DOI: https://doi.org/10.1108/eb038886

Hrebiniak, L., Joyce, W., e Snow, C. (1989). Strategy, structure and performance: Past and future research. En C. Snow (Ed.), Strategy, organization design, and human resource management (pp. 3-54).

Greenwich, CT: JAI Press. Kahneman, D., e Tversky, A. (1979). Prospect theory: An analysis of decisions under risk. Econometrica, 47(2), 263-291. DOI: https://doi.org/10.2307/1914185

Ketchen, D. J., e Palmer, T. B. (1999). Strategic responses to poor organizational performance: A testing of competing perspective. Journal of Management, 25(5), 683-706. DOI: https://doi.org/10.1177/014920639902500504

Lai, J., e Sudarsanam, S. (1997). Corporate restructuring in response to performance decline: Impact of ownership, governance and lenders. European Finance Review, 1(2), 197-233. DOI: https://doi.org/10.1023/A:1009732309191

Laitinen, E. K. (2016). What does a CEO of a firm in crisis do? Evidence from Finnish firms. Archives of Business Research, 4(5), 1-34. DOI: https://doi.org/10.14738/abr.45.2182

Latham, S. F., e Braun, M. (2009). Management risk, innovation, and organizational decline. Journal of Management, 35(2), 258-281. DOI: https://doi.org/10.1177/0149206308321549

Li, J., Li, J. N., e Xu, L. (2016). Organizational decline and turnaround: The moderating effect of board independence. Academy of Management Annual Meeting Proceedings, 2016(1). DOI: https://doi.org/10.5465/ambpp.2016.12770abstract

Liang, X., Barker, V. L., e Schepker, D. J. (2018). Chief executive cognition, turnaround strategy and turnaround attempts of declining firms. Journal of Change Management, 18(4), 304-326. DOI: https://doi.org/10.1080/14697017.2018.1464046

Lim, D. S. K., Celly, N., Morse, E. A., e Rowe, W. G. (2013). Rethinking the effectiveness of asset cost retrenchment: The contingency effects of a firm’s rent creation mechanism. Strategic Management Journal, 34(1), 42-61. DOI: https://doi.org/10.1002/smj.1996

Love, E. G., e Nohria, N. (2005). Reducing slack: The performance consequences of downsizing by large industrial firms, 1977-93. Strategic Management Journal, 26(12), 1087-1108. DOI: https://doi.org/10.1002/smj.487

Lüscher, L. S., e Lewis, M. W. (2008). Organizational change and managerial sensemaking: Working through paradox. Academy of Management Journal, 51(2), 221-240. DOI: https://doi.org/10.5465/amj.2008.31767217

McKinley, W., Latham, S., e Braun, M. (2014). Organizational decline and innovation: Turnarounds and downward spirals. Academy of Management Review, 39(1), 88-110. DOI: https://doi.org/10.5465/amr.2011.0356

Mintzberg, H. (1973). The nature of managerial work. New York, NY: Harper & Row. Morrow, J. L., Johnson, R. A., e Busenitz, L. W. (2004). The effects of cost and asset retrenchment on firm performance: The overlooked role of a firm’s competitive environment. Journal of Management, 30(2), 271-283. DOI: https://doi.org/10.1016/j.jm.2003.01.002

Morrow, J. L., Sirmon, D. G., Hitt, M. A., e Holcomb, T. R. (2007). Creating value in the face of declining performance: Firm strategies and organizational recovery. Strategic Management Journal, 28(3), 271-283. DOI: https://doi.org/10.1002/smj.579

Moulton, W. N., e Thomas, H. (1993). Bankruptcy as a deliberate strategy: Theoretical consideration and empirical evidence. Strategic Management Journal, 14(2), 125-135. DOI: https://doi.org/10.1002/smj.4250140204

Moulton, W. N., Thomas, H., e Pruett, M. (1996). Business failure pathways: Environmental stress and organizational response. Journal of Management, 22(4), 125-135. DOI: https://doi.org/10.1016/S0149-2063(96)90025-2

Mueller, G. C., e Barker, III, V. L. (1997). Upper echelons and board characteristics of turnaround and nonturnaround declining firms. Journal of Business Research, 39(2), 119-134. DOI: https://doi.org/10.1016/S0148-2963(96)00147-6

Musteen, M., Liang, X., e Barker, III, V. L. (2011). Personality, perceptions and retrenchment in response to decline: Evidence from a decision-making study. Leadership Quarterly, 22(5), 926-941. DOI: https://doi.org/10.1016/j.leaqua.2011.07.012

Ndofor, H. A., Vanevenhoven, J., e Barker, III, V. L. (2013). Software firm turnarounds in the 1990s: An analysis of reversing decline in a growing, dynamic industry. Strategic Management Journal, 34(9), 1123-1133. DOI: https://doi.org/10.1002/smj.2050

Nixon, R. D., Hitt, M. A., Lee, H.-U., e Jeong, E. (2004). Market reactions to announcements of corporate downsizing actions and implementation strategies. Strategic Management Journal, 25(11), 1121-1129. DOI: https://doi.org/10.1002/smj.423

O’Neill, H. M. (1986). Turnaround and recovery: What strategy do you need? Long Range Planning, 19(1), 80-88. DOI: https://doi.org/10.1016/0024-6301(86)90131-7

Pajunen, K. (2006). Stakeholder influences in organizational survival. Journal of Management Studies, 43(6), 1261-1288. DOI: https://doi.org/10.1111/j.1467-6486.2006.00624.x

Pandit, N. R. (2000). Some recommendations for improved research on corporate turnaround. M@n@gement, 3(2), 31-56. Recuperado de: http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.174.3158&rep=rep1&type=pdf

Pearce II, J. A., e Robbins, K. (1993). Toward improved theory and research on business turnaround. Journal of Management, 19(3), 613-636. DOI: https://doi.org/10.1177/014920639301900306

Pettigrew, A. M. (1990). Longitudinal field research on change: Theory and practice. Organization Science, 1(3), 267-292. DOI: https://doi.org/10.1287/orsc.1.3.267

Pettigrew, A. M. (1992). The character and significance of strategy process research. Strategic Management Journal, 13(52), 5-16. DOI: https://doi.org/10.1002/smj.4250130903

Pfeffer, J. (2005). Producing sustainable competitive advantage through the effective management of people. Academy Management Perspectives, 19(4), 95-106. DOI: https://doi.org/10.5465/AME.1995.9503133495

Santana, M., Valle, R., e Galán, J.-L. (2017). Turnaround strategies for companies in crisis: Watch out the causes of decline before firing people. Business Research Quarterly, 20(3), 206-211. DOI: https://doi.org/10.1016/j.brq.2017.01.003

Schendel, D. E., e Patton, G. R. (1976). Corporate stagnations and turnaround. Journal of Economics and Business, 28, 263-241.

Schendel, D. E., Patton, G. R., e Riggs, J. (1976). Corporate turnaround strategies: A study of profit decline and recovery. Journal of General Management, 3(3), 3-12. DOI: https://doi.org/10.1177/030630707600300301

Schmitt, A., e Raisch, S. (2013). Corporate turnarounds: The duality of retrenchment and recovery. Journal of Management Studies, 50(7), 1216-1244. DOI: http://dx.doi.org/10.1111/joms.12045

Schmitt, A., Barker, III, V. L., Raisch, S., e Whetten, D. (2016). Strategic renewal in times of environmental scarcity. Long Range Planning, 49(3), 361-376. DOI: https://doi.org/10.1016/j.lrp.2015.08.004

Schmitt, A., Raub, S., Schmid, S., e Harrigan, K. (2019). Changing tires on a moving car: The role of timing in hospitality and service turnaround processes. International Journal of Hospitality Management, 77, 549-561. DOI: https://doi.org/10.1016/j.ijhm.2018.08.019

Schweizer, L., e Nienhaus, A. (2017). Corporate distress and turnaround: Integrating the literature and directing future research. Business Reseach, 10, 3-47. DOI: https://doi.org/10.1007/s40685-016-0041-8

Serra, F. A. R., Pinto, R., Guerrazzi, L., e Ferreira, M. P. (2017). Organizational decline research review: Challenges and issues for a future research agenda. Brazilian Administration Review, 14(2). DOI: https://doi.org/10.1590/1807-7692bar2017160110

Shammari, H. A. (2018). CEO incentive compensation and risk taking behavior: The moderating role of CEO characteristics. Academy of Strategic Management Journal, 17(3), 1-15. Recuperado de: https://www.abacademies.org/articles/ceo-incentive-compensation-and-risktakingbehavior-the-moderating-role-of-ceo-characteristics-7295.html

Shook, Ch. (1998). Turning around turnaround research: The value of process in advancing knowledge. En L. Foster e D. Ketchen (Eds.), Advance in applied business strategy. Turnaround research: Past accomplishments and future challenges (pp. 261-280). Stamford, CT: JAI Press.

Sirmon, D. G., e Hitt, M. A. (2003). Managing resources: Linking unique resources, management and wealth creation in family firms. Entrepreneurship Theory and Practice, 27(4), 339-358. DOI: https://doi.org/10.1111/1540-8520.t01-1-00013

Sirmon, D. G., Hitt, M. A., Ireland, R., e Campbell, J. (2010). Capability strengths and weaknesses in dynamic markets: Investigating the bases of temporary competitive advantage. Strategic Management Journal, 31(13), 1386-1409.

Slatter, S. (1984). Corporate recovery: Successful turnaround strategies and their implementation. Singapore, Singapore: Penguin. Sloma, R. (1985). The turnaround manager’s handbook. New York, NY: Free Press.

Smart, C., e Vertinsky, I, (1984). Strategy and the environment: A study of corporate responses to crises. Strategic Management Journal, 5(3), 199-213. DOI: https://doi.org/10.1002/smj.4250050302

Smith, W. K., e Lewis, M. W. (2011). Toward a theory of paradox: A dynamic equilibrium model of organizing. Academy of Management Review, 36(2), 381-403. DOI: https://doi.org/10.5465/amr.2009.0223

Snow, Ch. C., e Thomas, J. B. (1994). Field research methods in strategic management. Journal of Management Studies, 31(4), 457-480. DOI: https://doi.org/10.1111/j.1467-6486.1994.tb00626.x

Staw, B., Sandelands, L., e Dutton, J. (1981). Threat-rigidity effects in organizational behavior: A multilevel analysis. Administrative Science Quarterly, 26(4), 501-524. DOI: https://doi.org/10.2307/2392337

Stopford, J. M., e Baden-Fuller, Ch. (1990). Corporate rejuvenation. Journal of Management Studies, 27(4), 399-415. DOI: https://doi.org/10.1111/j.1467-6486.1990.tb00254.x

Tangpong, Ch., Abebe, M., e Li, Z. (2015). A temporal approach to retrenchment and successful turnaround in declining firms. Journal of Management Studies, 52(5), 647-677. DOI: https://doi.org/10.1111/joms.12131

Thornhill, S., e Amit, R. (2003). Learning about failure: Bankruptcy, firm age, and the resource-based view. Organization Science, 14(5), 497-509. DOI: https://doi.org/10.1287/orsc.14.5.497.16761

Trahms, Ch. A., Ndofor, H. A., e Sirmon, D. G. (2013). Organizational decline and turnaround: A review and agenda for future research. Journal of Management, 39 (5), 1277-1307. DOI: https://doi.org/10.1177/0149206312471390

Winn, J. (1993). Performance measures for corporate decline and turnaround. Journal of General Management, 19(2), 48-63. DOI: https://doi.org/10.1177/030630709301900204

Zammuto, R., e Cameron, K. (1985). Environmental decline and organizational response. En B. Staw e L. Cummings (Eds.), Research in organizational behavior (vol. 7, pp. 223-262). Greenwich, CT: JAI.

Zimmerman, F. (1991). The turnaround experience: Real-world experiences in revitalizing corporations. New York, NY: McGraw-Hill.