1,519
Views
35
CrossRef citations to date
0
Altmetric
Articles

Success and failure in turnaround attempts. An analysis of SMEs within the Finnish Restructuring of Enterprises Act

, &
Pages 123-141 | Received 13 Jun 2013, Accepted 25 Nov 2013, Published online: 08 Jan 2014

References

  • Altman, E. I.1983. Corporate Financial Disstress. A Complete Guide to Predicting, Avoiding and Dealing with Bankruptcy. New York: Wiley.
  • Arend, R. J.2008. “Differences in RBV Strategic Factors and the Need to Consider Opposing Factors in Turnaround Outcomes.” Managerial and Decision Economics29: 337–355.
  • Argenti, J.1976. Corporate Collapse: The Causes and Symptoms. Maidenhead: McGraw-Hill.
  • Arogyaswamy, K., V. L.Barker, and M.Yasai-Ardekani. 1995. “Firm Turnarounds: An Integrative Two-Stage Model.” Journal of Management Studies32: 493–525.
  • Arzac, E. R.2008. “Recapitalization of Troubled Companies.” In Handbook of Finance, edited by F. J.Fabozzi. New York: Wiley.
  • Babbie, E.2004. The Practice of Social Research. London: Thomson.
  • Bankruptcy Reform Act1978, 11 U.S. Code.
  • Bergh, D., and P.Gibbons. 2011. “The Stock Market Reaction to the Hiring of Management Consultants: A Signalling Theory Approach.” Journal of Management Studies48: 544–567.
  • Bibeault, D. B.1982. Corporate Urnaround. New York: McGraw-Hill.
  • Boyle, R. D., and H. B.Desai. 1991. “Turnaroud Strategies for Small Firms.” Journal of Small Business Management29: 33–42.
  • Boyne, G. A., and K. J.Meier. 2009. “Environmental Change, Human Resources and Organizational Turnaround.” Journal of Management Studies46: 835–863.
  • Brege, S., and O.Brandes. 1993. “The Successful Double Turnaround of ASEA and ABB – Twenty Lessons.” Journal of Strategic Change2: 185–205.
  • Bridge, S., K.O'Neil, and S.Cromie. 1998. Understanding Enterprise, Entrepreneurship and Small Business. London: MacMillan Business.
  • Brush, C. G., P. G.Greene, and M. M.Hart. 2001. “From Initial Idea to Unique Advantage: The Entrepreneurial Challenge of Constructing a Resource Base.” Academy of Management Executive15: 64–78.
  • Cattell, R. B.1966. “The Scree Test for the Number of Factors.” Multivariate Behavioral Research1: 245–276.
  • Carter, R., and H.van Auken. 2006. “Small Firm Bankruptcy.” Journal of Small Business Management44: 493–512.
  • Cater, J., and A.Schwab. 2008. “Turnaround Strategies in Established Small Family Firms.” Family Business Review21: 31–50.
  • Chowdhury, S. D.2002. “Turnarounds: A Stage Theory Perspective.” Canadian Journal of Administrative Sciences19: 249–266.
  • Chowdhury, S. D., and J. R.Lang. 1993. “Crisis, Decline and Turnaround: A Test of Competing Hypotheses for Short Term Performance Improvement in Small Firms.” Journal of Small Business Management31 (4): 8–17.
  • Chowdhury, S. D., and J. R.Lang. 1996. “Turnaround in Small Firms: An Assessment of Efficiency Strategies.” Journal of Business Research36: 169–178.
  • Cole, R. A., L. G.Goldberg, and L. J.White. 2004. “Cookie Cutter vs. Character: The Micro Structure of Small Business Lending by Large and Small Banks.” Journal of Financial and Quantitative Analysis39: 227–251.
  • Colino, R. R.1986. “Turnaround Strategies for an International Organization.” Journal of Business Strategy7: 52–61.
  • Cook, G. A. S., N. R.Pandit, and D.Milman. 2001. “Formal Rehabilitation Procedures and Insolvent Firms: Empirical Evidence on the British Company Voluntary Arrangement Procedure.” Small Business Economics17: 255–271.
  • Cook, G. A. S., N. R.Pandit, and D.Milman. 2012. “A Resource-Based Analysis of Bankruptcy Law, SMEs, and Corporate Recovery.” International Small Business Journal30: 275–293.
  • Delany, E.1995. “Strategy Consultants – Do They Add Value?” Long Range Planning28: 99–106.
  • Eisenhardt, K. M.1989. “Building Theories from Case Study Research.” Academy of Management Review14: 532–550.
  • Enterprise Act2002, Part 10, Insolvency.
  • Field, A.2009. Discovering Statistics Using SPSS. London: Sage.
  • Franks, J. R., and W. N.Torous. 1992. “Lessons from a Comparison of US and UK Insolvency Codes.” Oxford Review of Economic Policy8: 70–82.
  • Gaskill, L., H.van Auken, and R.Manning. 1993. “A Factor Analytic Study of Perceived Causes of Small Business Failure.” Journal of Small Business Management31: 18–31.
  • Gething, J.1997. “Turnarounds: Success v Failure.” Unpublished MSc, London Business School.
  • Gopal, R.1991. “Turning Around Sick Firms – Indian Example.” Long Range Planning24: 79–83.
  • Grinyer, P. H., D.Mayes, and P.McKiernan. 1990. “The Sharpbenders: Achieving a Sustained Improvement in Performance.” Long Range Planning23: 116–125.
  • Hambrick, D. C., and S. M.Schecter. 1983. “Turnaround Strategies for Mature Industrial-Product Business Units.” Academy of Management Journal26: 231–248.
  • Hofer, C. W.1980. “Turnaround Strategies.” Journal of Business Strategy1: 19–31.
  • Hoffman, R. C.1989. “Strategies for Corporate Turnarounds: What Do We Know About Them?” Journal of General Management14: 46–66.
  • Holland, J. H., K. J.Holyoak, and P. R.Thagard. 1989. Induction: Processes of Inference, Learning and Discovery. Cambridge, MA: MIT Press.
  • Honkapohja, S., and E.Koskela. 2002. “The Economic Crisis of the 1990s in Finland.” The Research Institute of the Finnish Economy. Discussion Paper.
  • Inkeroinen, P., A.Bygglin, and H.Snellman. 2004. “A First Decade of Corporate Restructuring in Finland.” International Corporate Rescue1 (6): 25–28.
  • Insolvency Act1986, Part 1, Company Voluntary Arrangements.
  • Keasey, K., and R.Watson. 1993. Small Firm Management. Oxford: Blackwell.
  • Ketelhohn, W., JCarlos Jarillo, and Z.Jan Kubes. 1991. “Turnaround Management is Not Rambo Management.” European Management Journal9: 117–120.
  • Lee, S., M. W.Peng, and J. B.Barney. 2007. “Bankruptcy Law and Entrepreneurship Development: A Real Options Perspective.” Academy of Management Review32: 257–272.
  • Lim, D., N.Celly, E. A.Morse, and W. G.Rowe. 2013. “Rethinking the Effectiveness of Asset and Cost Retrenchment: The Contingency Effects of a Firm's Rent Creation Mechanism.” Strategic Management Journal34: 42–61.
  • Liou, D., and M.Smith. 2007. “Financial Distress and Corporate Turnaround: A Review of the Literature and Agenda for Research.” Accounting, Accountability and Performance13: 74–114.
  • Madrid-Guijarro, A., D.Garcia-Perez-de-Lema, and H.van Auken. 2011. “An Analysis of Non-Financial Factors Associated with Financial Distress.” Entrepreneurship and Regional Development23: 159–186.
  • Martin, G., and T.Riddell. 1996. “The Wee Outfit That Decked IBM: Manufacturing Strategic Change and Leadership in the Cash.” Strategic Change5: 3–25.
  • McKenna, C.2006. The World's Newest Profession: Management Consulting in the Twentieth Century. Cambridge: Cambridge University Press.
  • Melin, L.1985. “Strategies in Managing Turnaround.” Long Range Planning18: 80–86.
  • Michael, S. C., and D. K.Robbins. 1998. “Retrenchment Among Small Manufacturing Firms During Recession.” Journal of Small Business Management36: 35–45.
  • Morrison, A., J.Breen, and S.Ali. 2003. “Small Business Growth: Intention, Ability, and Opportunity.” Journal of Small Business Management41: 417–425.
  • Morrow, J. L., R.Johnson, and L.Busenitz. 2004. “The Effects of Cost and Asset Retrenchment on Firm Performance: The Overlooked Role of a Firm's Competitive Environment.” Journal of Management30: 189–208.
  • Morrow, J. L., D. G.Sirmon, M. A.Hitt, and T. R.Holcomb. 2007. “Creating Value in the Face of Declining Performance: Firm Strategies and Organizational Recovery.” Strategic Management Journal28: 271–283.
  • Ndofor, H. A., J.Vanevenhoven, and V. L.BarkerIII. 2013. “Software Firm Turnarounds in the 1990s: An Analysis of Reversing Decline in a Growing, Dynamic Industry.” Strategic Management Journal34: 1123–1133.
  • Niittykangas, H.1996. “Enterprise Development in Different Rural Areas of Finland.” Entrepreneurship and Regional Development8: 245–261.
  • O'Neill, H. M.1986. “Turnaround and Recovery: What Strategy Do You Need?” Long Range Planing19: 80–88.
  • O'Neill, H. M., and J.Ducker. 1986. “Survival and Failure in Small Business.” Journal of Small Business Management21: 30–37.
  • Pandit, N. R.2000. “Some Recommendations for Improved Research on Corporate Turnaround.” Management3: 31–56.
  • Pant, L. W.1991. “An Investigation of Industry and Firm Structural Characteristics in Corporate Turnarounds.” Journal of Management Studies28: 623–644.
  • Pasanen, M.2005. “Tracking Small Business Failure Factors and Trajectories.” In Challenges in Entrepreneurship and SME Research, 2nd Inter-RENT Online Publication, edited by F.Welter, 93–113. European Council for Small Business and Entrepreneurship.
  • Porter, M. E.1980. Competitive Strategy. New York: Free Press.
  • Rantala, A.2001. “Does Monetary Union Reduce Employment?” Bank of Finland Discussion Paper no7.
  • European Union. 2007. “Restructuring of Enterprises Act with Amendments up to 2007.” http://ec.europa.eu/enterprise/policies/sme/files/sme2chance/doc/report_fin_en.pdf.
  • Ritsila, J. J.1999. “Regional Differences in Environments for Enterprises.” Entrepreneurship and Regional Development11: 187–202.
  • Robbins, D. K., and J.Pearce. 1992. “Turnaround: Retrenchment and Recovery.” Strategic Management Journal13: 287–309.
  • Robbins, K. D., and J. A.PearceII. 1993. “Entrepreneurial Rerenchment Among Small Manufacturing Firms.” Journal of Business Venturing8: 301–318.
  • Saarikko, J.2009. A Multimethod Empirical Analysis of Finnish SME Restructurings. Unpublished PhDUniversity of Manchester.
  • Schendel, D. E., and G. R.Patton. 1976. “Corporate Stagnation and Turnaround.” Journal of Economics and Business28: 234–241.
  • Schendel, D., G. R.Patton, and J.Riggs. 1976. “Corporate Turnaround Strategies: A Study of Profit Decline and Recovery.” Journal of General Management3: 3–11.
  • Schiuma, G., A.Lerro, and D.Sanitate. 2008. “The Intellectual Capital Dimensions of Ducati's Turnaround: Exploring Knowldedge Assets Grounding a Management Change Program.” International Journal of Product Innovation Management12: 161–193.
  • Schmitt, A., and S.Rausch. 2013. “Corporate Turnarounds: The Duality of Retrenchment and Recovery.” Journal of Management Studies50 (7): 1214–1216.
  • Slatter, S.1984. Corporate Recovery: A Guide to Turnaround Management. Harmondsworth: Penguin.
  • Slatter, S., and D.Lovett. 1999. Corporate Turnaround. Harmondsworth: Penguin.
  • Smallbone, D.1990. “Success and Failure in New Business Start-Ups.” International Small Business Journal8: 34–47.
  • Statistics Finland. 2011. “Statistics Finland.” Accessed May 20. http://www.stat.fi/ajk/tiedotteet/2009/tiedote_003_2009-02-27_en.html.
  • Stevens, J. P.1992. Applied Multivariate Statistics for the Social Sciences. Hillside, NJ: Erlbaum.
  • Stopford, J. M., and C.Baden-Fuller. 1990. “Corporate Rejuvenation.” Journal of Management Studies27: 399–415.
  • Storey, D. J.1994. Understanding the Small Business Sector. London: Routledge.
  • Taylor, B.1982–83. “Turnaround, Recovery and Growth: The Way Through the Crisis.” Journal of General Management8: 5–13.
  • Thain, D. H., and R. L.Goldthorpe. 1989a. “Turnaround Management: Causes of Decline.” Business Quarterly54: 55–62.
  • Thain, D. H., and R. L.Goldthorpe. 1989b. “Turnaround Management: Recovery Strategies.” Business Quarterly54: 7–13.
  • Thiétart, R. A.1988. “Success Strategies for Businesses That Perform Poorly.” Interfaces18: 32–45.
  • Thorburn, K. S.2000. “Bankruptcy Auctions: Costs, Debt Recovery and Firm Survival.” Journal of Financial Economics58: 337–368.
  • Timmons, J.1994. New Venture Creation. Burr Ridge, IL: Irwin.
  • Wild, A. M.2010. “Learning the Wrong Lessons from History: Underestimating Strategic Change in Business Turnarounds.” Business History52: 617–650.
  • Zacharakis, A. L., G. D.Meyer, and J. O.Castro. 1999. “Differing Perceptions of New Venture Failure: A Matched Wxploratory Atudy of Venture Capital and Entrepreneurs.” Journal of Small Business Management37 (3): 1–14.
  • Zollo, M., and D.Meier. 2008. “What is M&A performance?” Academy of Management Perspectives22: 55–77.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.