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Both business commentators and scholarly researchers have acknowledged the key role that top management teams (TMTs) play in reversing the fortunes of failing firms. Nonetheless, relatively few empirical studies have investigated the importance of TMTs in turnaround situations. To encourage such studies, we draw upon the multiple theories employed in TMT research as a guide to review studies that have examined how TMTs formulate and implement turnaround strategies. Based on this review, we highlight TMT topics that have received limited attention in the turnaround literature and, thus, represent opportunities for future research. We conclude by discussing methodological issues that should be considered when examining a TMT's role in a turnaround situation.

We examine how entrepreneurs’ behaviors related to credentials and impression management (IM) impact perceptions of new venture (NV) legitimacy. Results from this experiment, as hypothesized, show that entrepreneurs’ credentials and IM behaviors are positively related to legitimacy perceptions. Contrary to expectations, however, findings do not support either interaction hypothesis when credentials are high or low. We discuss how these findings illustrate the importance of entrepreneurs’ behaviors during the NV creation process and outline multiple directions for future research.

Environmental shocks can occur when emerging country governments open their markets to outside influences. We extend research conducted primarily in mature economies on how managers react to environmental shocks by evaluating how environmental shock type, a firm's strategic orientation, and its slack resources affected strategic alliance formation intentions during and immediately following the Asian Financial Crisis. Results from two Indonesian small-and medium-sized enterprises (SME) samples show that these factors influenced alliance intentions, although not always in ways that were consistent with previous research findings in more mature markets. Overall, our results provide critical insights into emerging market firms' strategic actions, particularly related to key managerial motivations for SME alliance formation.

We review conjoint analysis (CA) usage in recent entrepreneurship research to assess how researchers have used the method to study entrepreneurial decision making. We first provide a brief overview of the method and present an exemplar study. We next examine how 16 studies published in leading entrepreneurship journals from 1999 to 2008 used CA, highlight topics these studies have investigated most frequently, and suggest reasons why studies, in general, have not used the method with greater frequency, despite its many advantages in studying decision making. We conclude by suggesting potential future research applications in an attempt to encourage greater CA usage in entrepreneurship research.

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