Stakeholders' Impact on Turnaround Performance: The Case of German Savings Banks
研究德国储蓄银行作为中小企业利益相关者如何影响扭亏绩效，发现结构性和持续性支持在扭亏初期有效，但恢复阶段作用有限。
This study explores how savings banks as powerful stakeholders of SMEs in Germany assess turnaround performance. It tests the impact of the support provided by German savings banks and distressed SMEs' actions with survey data from corporate advisors. The results show that structural and continuing support foster turnaround performance. This support is conducive in the initial stage of turnaround but negligible in the recovery stage. Contributing to stakeholder theory and turnaround management, the findings shed light on the factors that motivate a selected stakeholder's involvement and SMEs' ability to engage in actions fostering this stakeholder's support for a turnaround.