Retrenchment remains the foundation of business turnaround
回应了Barker和Mone对作者1992年论文的质疑，指出其方法缺陷，同时他们的结果反而支持了紧缩与恢复两阶段扭亏为盈理论。
Abstract In the preceding article, Barker and Mone raised questions about the methodological adequacy of an article that we published in 1992 in this journal. After careful consideration of their ‘replication’ and reassessment of our work, we reached surprising conclusions. First. Barker and Mone failed to accurately represent many major elements of our study. Second, viewed independently, their conclusions can be attributed to unusual and selectively applied operational definitions, disregard for company‐specific and industry contexts, and exclusive reliance on secondary data. Nevertheless, their results also add strong support for the emerging theory of a two‐stage turnaround process involving retrenchment and recovery, as modeled by Robbins and Pearce (1992).