Successful bear‐fighting strategies

Schreuder, Hein; Cayseele, Patrick Van; Jaspers, Patrick; Graaff, B de

doi:10.1002/smj.4250120705

Cited by 16 publications

(18 citation statements)

References 6 publications

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“…Finally, based on our analyses and several recent large sample studies (e.g., Schrueder, Van Cayseele, Jaspers and De Graaf, 1991;Barker, 1992), we think that Robbins and Pearce's proposal that turnaround research should be refocused toward greater examination of retrenchment in the turnaround process as opposed to strategy changes (1992: 304-305) is premature.…”

Section: Discussion and Implkationsmentioning

confidence: 77%

Retrenchment: Cause of turnaround or consequence of decline?

Barker

Mone

1994

Strategic Management Journal

174

169

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In a recent investigation of the turnaround attempts of 32 U.S. textile firms, Robbins and Pearce (1992) concluded that retrenchment is an integral component of successful recovery from decline. In this note we critique, replicate and provide an alternative explanation for their findings using data from the same sample of firms attempting turnarounds. Based on our analyses, we find that little evidence exists to support the assertion that retrenchment is integral to turnaround. We conclude by offering several recommendations for turnaround researchers.

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Section: Discussion and Implkationsmentioning

confidence: 77%

Retrenchment: Cause of turnaround or consequence of decline?

Barker

Mone

1994

Strategic Management Journal

174

169

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“…There is also debate about whether such retrenchment strategies are necessary conditions at all as precursors for subsequent strategic turnaround actions (Castrogiovanni and Bruton, 2000). According to the latter view, strategic actions may be sufficient for successful turnarounds in some contexts and recourse to retrenchment strategies may be unnecessary or even counter‐productive (Hoskisson and Hitt, 1994; Schreuder et al., 1991). Any attempt to extend the Robbins and Pearce stage‐based approach must also deal with these criticisms.…”

Section: A Governance Based‐model Of Turnaroundsmentioning

confidence: 99%

Corporate Governance and Financial Constraints on Strategic Turnarounds*

Filatotchev

Toms

2006

J Management Studies

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This is an author produced version of a paper published in Journal of Management Studies. AbstractThe paper extends the Robbins and Pearce (1992) two-stage turnaround response model to include governance factors. In addition to the retrenchment and recovery, the paper proposes the addition of a realignment stage, referring specifically to the re-alignment of expectations of principal and agent groups. The realignment stage imposes a threshold that must be crossed before the retrenchment and hence recovery stage can be entered. Crossing this threshold is problematic to the extent that the interests of governance-stakeholder groups diverge in a crisis situation. The severity of the crisis impacts on the bases of strategy contingent asset valuation leading to the fragmentation of stakeholder interests. In some cases the consequence may be that management are prevented from carrying out turnarounds by governance constraints. The paper uses a case study to illustrate these dynamics, and like the Robbins and Pearce study, it focuses on the textile industry. A longitudinal approach is used to show the impact of the removal of governance constraints. The empirical evidence suggests that such financial constraints become less serious to the extent that there is a functioning market for corporate control. Building on governance research and turnaround literature, the paper also outlines the general case necessary and sufficient conditions for successful turnarounds.2

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“…A posteriori (using the answers obtained from the companies) we also examined differences with respect to market share, diversification, and exit barriers. Again, no statistically significant differences emerged (see Schreuder et al, 1988Schreuder et al, , 1991. [4] In this article descriptive research results are presented.…”

Section: Notesmentioning

confidence: 99%

“…The reasons are threefold. First, statistical analyses have already been presented in Schreuder et al (1988Schreuder et al ( , 1991. Second, the secondary analysis in this article is of an exploratory nature.…”

Section: Notesmentioning

confidence: 99%

“…[5] In Schreuder et al (1988, 1991 it is shown that 88 per cent of the companies can, through Multiple Discriminant Analysis, be correctly classified as successful or not, purely on the basis of two variables: the number of market-oriented measures and the number of cost-oriented measures. See D'Aveni and MacMillan (1990) for a related discussion of this issue.…”

Section: Notesmentioning

confidence: 99%

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Timely Management Changes as an Element of Organizational Strategy

Schreuder¹

1993

J Management Studies

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This article uses the results of empirical research into the factors determining the differential success of firms in dealing with severe conditions at the industry level. A matched pairs comparison of successful and unsuccessful firms under these conditions reveals very different patterns of strategic measures taken. One of the significant differences is that the successful firms make changes in the management area very early, while the unsuccessful firms make them very late. The results are used for a theoretical reflection focusing on the following two questions: (1) Are organizations basically inert of adaptive? and (2) What is management's role in organizational change?The central theme of the discussion is that in the literature too little attention is paid to timely management changes as an element of organizational change strategies.

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Successful bear‐fighting strategies

Cited by 16 publications

References 6 publications

Retrenchment: Cause of turnaround or consequence of decline?

Retrenchment: Cause of turnaround or consequence of decline?

Corporate Governance and Financial Constraints on Strategic Turnarounds*

Timely Management Changes as an Element of Organizational Strategy

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