Firm Turnarounds: an Integrative Two‐Stage Model*
提出一个两阶段模型，认为扭亏企业先通过遏制衰退策略逆转衰退后果，再通过恢复策略提升竞争力，并强调高层管理行动对成功扭亏的关键作用。
ABSTRACT This paper presents a model proposing that turnaround firms exhibit two classes of response to decline: (a) decline‐stemming strategies that reverse the dysfunctional consequences of decline, and (b) recovery strategies that position the firm to better compete in its industry. We further propose that effective top management actions supporting both of these strategies are vital to recovering from decline. Our model of the turnaround process questions some existing assumptions about turnarounds and extends theory in several key areas. First, we argue that success in initially stemming decline requires managers to go beyond retrenchment or focusing on financial issues to include effective management of a firm's external stakeholders and internal climate and decision processes. Second, we outline important contingencies impacting each class or stage of response to decline and discuss the interaction between stages. Finally, we demonstrate how our model provides explanations for several unresolved issues regarding turnarounds and has implications for management practice.