Crisis and turnaround management in SMEs: a qualitative-empirical investigation of 30 companies

Kraus, Sascha; Moog, Petra; Schlepphorst, Susanne; Raich, Margit

doi:10.1504/ijev.2013.058169

Cited by 49 publications

(49 citation statements)

References 17 publications

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“…Fifty‐two percent of the sustainably reorganized SMEs had access to a network, compared to only 15 percent of the nonsustainably reorganized SMEs (see Table ). This confirms the results of other studies (for example, Kraus et al ; Mayr ) and indicates that in SMEs personal contact between entrepreneurs and their stakeholders helps to overcome a crisis.…”

Section: Discussionsupporting

confidence: 91%

“…Work that focuses on crisis management and reorganization in SMEs and small firms in particular is rare (Herbane ). There is a paucity of information about how SMEs manage crisis events and achieve the turnaround (Kraus et al ). Spillan and Hough () ascertained that crisis management researchers have so far focused on larger companies, rarely relating this to the SME context.…”

Section: Problem Statement and Objectivesmentioning

confidence: 99%

“…Furthermore, SMEs are characterized by strong and close relationships with their employees, customers and suppliers. This can also facilitate their turnaround (Kraus et al ; Mayr ).…”

Section: Theoretical Backgroundmentioning

confidence: 99%

See 2 more Smart Citations

Corporate Crisis and Sustainable Reorganization: Evidence from Bankrupt Austrian SMEs

Mayr

Mitter

Aichmayr

2016

Journal of Small Business Management

100

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Bankruptcy and failure continue to affect small and medium‐sized enterprises (SMEs) worldwide. Since bankruptcies are costly and disruptive, it seems useful to identify factors and resources that are essential for SMEs to overcome a crisis and to reorganize in a way that leads to a sustainable and lasting renewal. By drawing on longitudinal data, we identified essential elements of sustainable reorganization of bankrupt SMEs in Austria that ensure long‐term survival and competitiveness. The results of our study show that the pivotal factor in turnaround is repositioning, which is characterized by a unique selling proposition combined with some kind of innovation and change, and integration into networks.

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Section: Discussionsupporting

confidence: 91%

Section: Problem Statement and Objectivesmentioning

confidence: 99%

See 1 more Smart Citation

Corporate Crisis and Sustainable Reorganization: Evidence from Bankrupt Austrian SMEs

Mayr

Mitter

Aichmayr

2016

Journal of Small Business Management

100

View full text Add to dashboard Cite

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“…Such strategic processes (environmental scanning and issue interpretation) and the cognitive activity behind them, lead to different strategic responses to face dramatic crisis periods, such as the COVID-19 pandemic. In this respect, Kraus et al ( 2013 ), in line to previous studies such as Kraus et al ( 2013 ), recently posited that in most cases companies have adapted their strategies in a short period of time, using a combination of different strategies. In particular, Kraus et al ( 2013 ) provided evidence confirming that companies tend to combine three types of strategies: innovation, retrenchment (reducing costs), and persevering (maintaining firms’ operations).…”

Section: Conclusion Limitations and Future Researchmentioning

confidence: 72%

Facing crisis periods: a proposal for an integrative model of environmental scanning and strategic issue diagnosis

2021

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The aim of this study is to examine the way top managers scan environmental conditions to diagnose and interpret issues during periods of crisis. Despite each of these processes being widely and individually represented in the research literature, there is a lack of integrative models that examine their internal dynamics in-depth. In this study, structural equation modeling methodology (EQS 6.3) was applied to a sample of 120 top managers to examine how the cognitive orientation of scanning (rational vs. intuitive analysis of environment) may influence final issue categorizations. Results confirm that not only is procedural rationality needed when scanning the environment, as traditional arguments have posited, but also that intuition plays a relevant role, complementing rational processes and configuring a mixed set of competencies to assess different issue dimensions, such as favorability, urgency, and influence.

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“…Since they have the sense of resilience; they can deal successfully with crises anywhere and anytime (Ocloo, et al, 2014). Although many firms especially in the service sector, plan and manage poorly, however, some of these firms have the potential to grow and develop their strategies in a very professional way (Kraus et al, 2013). While the significance of the service sector in value creation and employment has been considered, the role of services as providers of main contributions to service production, are often forgotten and ignored (Damuri, 2015).…”

Section: Introductionmentioning

confidence: 99%

Influence of Strategic Planning on Crisis Management in the Service Sector Firms in Palestine

Almudallal¹,

Ashary²,

Muktar³

2016

JBSEE

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Objectives: The purpose of this paper is to review the influence of the strategic planning on crisis management in the service sector firms in Palestine and how it is used in times of crises if they occur. Methodology: A review of the literature relating to both strategic planning and crisis management in developing countries has been made in this study. The qualitative method is used in this paper since it enables the researcher to gain a deeper knowledge and understanding of the phenomenon. Results: Firstly, the leaders and managers of a firm will be able to develop their strategies using a practical approach to prevent crises or minimizing their effects. Secondly, managers will be able to think strategically in the mid of a crisis to handle it more effectively. Thirdly, firms will have leaders and teams capable enough to inspire people with a sense of hope and strategic direction. Implications: Managers and leaders must seek for having best strategies to apply and develop them in firms for preventing crises or mitigating their effects.

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Crisis and turnaround management in SMEs: a qualitative-empirical investigation of 30 companies

Cited by 49 publications

References 17 publications

Corporate Crisis and Sustainable Reorganization: Evidence from Bankrupt Austrian SMEs

Corporate Crisis and Sustainable Reorganization: Evidence from Bankrupt Austrian SMEs

Facing crisis periods: a proposal for an integrative model of environmental scanning and strategic issue diagnosis

Influence of Strategic Planning on Crisis Management in the Service Sector Firms in Palestine

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