“…The seminal study developed three failure trajectory models and archetypical process stories that encapsulated the basic sequence of events that started each firm on its respective failure trajectory [Argenti, 1976, p. 121]. This set the foundation for a handful of studies that endeavoured to formulate the ultimate trajectory, pathway and/or pattern of failure [Miller, 1977, Sharma and Mahajan, 1980, Hambrick and D'Aveni, 1988, D'Aveni, 1989, Weitzel and Jonsson, 1989, Miller, 1992, Richardson et al, 1994, Moulton et al, 1996, Mellahi, 2005. However over a decade later D'Aveni [1989] noted that Argenti's findings were still awaiting confirmation and further explanation.…”