Turnaround: Retrenchment and recovery
通过行业研究，将收缩视为扭亏过程的关键部分，区分了作为独立应对财务下滑的收缩与作为扭亏策略初始阶段的收缩，并识别了企业复苏中创业导向与效率导向的活动。
Abstract Empirical research was conducted to investigate retrenchment as an integral component of the overall turnaround process. An industry study provided an anchored operational definition of a turnaround situation, indications of its internal and external causes, and an application of an absolute measure of its severity. The research further produced an empirical discrimination between retrenchment as a stand‐alone response to financial decline and retrenchment as an initial phase of a turnaround strategy, and an identification of activities that can be used to classify entrepreneurial vs. efficiency emphases in a turnaround firm's recovery response.