“…Downsizing is a typical and often essential strategic choice aimed at bringing the firm's output in line with demand through a permanent decrease in human and physical resources that do not contract the firm's boundaries by altering market scope and product lines (De Witt, 1998, p. 60). This definition draws primarily on studies addressing longerterm downsizing issues in declining organizations (Cameron et al, 1987;Mone et al, 1998;Smart and Vertinsky, 1984). The literature that addresses antecedents to business turnaround Robbins, 1993, 1994) focuses on associations between firm performance and short-term decisions, including cutbacks in personnel and assets (Cascio and Wynn, 2004;Nixon et al, 2004).…”