Retrenchment: Cause of turnaround or consequence of decline?
质疑了Robbins和Pearce（1992）关于收缩是扭亏为盈关键因素的结论，通过重新分析同一批32家美国纺织企业的数据，发现收缩与扭亏为盈之间缺乏有力证据，并提出了替代解释。
Abstract 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.