“…This factor is also composed of prescriptive works such as contingency theory for turnaround (Hofer, 1980), hierarchy of change and structural growth (Katz & Kahn, 1966) and a chapter on competitive strategy in declining industries from Michael Porter's book (Porter, 1980). The first factor of the second period, covering 1991 to 2002, was TMT in organizational decline, made up of studies on the TMT in decline situations (Altman & Hotchkiss, 1983;Gilson, 1989) and especially in the case of bankruptcy, such as studies on TMT as a scapegoat (Boeker, 1992;, the deterioration of the TMT (Hambrick & D'Aveni, 1992;Moulton & Thomas, 1993), and the stigma of TMT (Sutton & Callahan, 1987). This factor also included studies on decision making in situations of risk (Singh, 1986), threat-rigidity effects (Staw et al, 1981) and the aforementioned resource dependence theory (Pfeffer & Salancick, 1978).…”