Reflotación y declive empresarial: Avances en la investigación y recomendaciones para la investigación futura
Barra lateral del artículo
Contenido principal del artículo
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.
Palabras clave:
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.
Artículos más leídos del mismo autor/a(s)
- Edelmira NEIRA FONTELA, Romina GARCÍA CHAS, EFECTOS DO CAPITAL PSICOLÓXICO NOS RESULTADOS INDIVIDUAIS: UN ESTUDO NO COLECTIVO DOS ENXEÑEIROS , Revista Galega de Economía: Vol. 24 Núm. 2 (2015)