Theoretical Review of Turnaround Strategy and Its Organizational Outcomes

Nyagiloh, Kenneth Ateng'; Kilika, James M.

doi:10.5539/ibr.v13n2p13

Cited by 2 publications

(1 citation statement)

References 69 publications

(107 reference statements)

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“…Ghazzawi ( 2018 ) sustains that turnaround is focused on managerial cognition, efficiency, and relevant performance criteria and based on identifying causes of decline by top management. In addition, Nyagiloh and Kilika ( 2020 ) concludes that a turnaround strategies play critical roles that are concentrated in looking at the processes geared towards corporate renewals through analysis and planning mechanisms to return troubled firms to solvency.…”

Section: Turnaround Strategy and Entrepreneurial Processmentioning

confidence: 99%

Implementing turnaround strategies as an entrepreneurial process

et al. 2022

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Recovery strategy belongs to the group of rescue/reversing business strategies and is used mainly by companies facing financial or other problems which they are trying to overcome. Moreover, this strategy is alternatively used by companies wishing to prevent future problems. The overall objective of the recovery strategy is to return of this sluggish situation in terms of acceptable levels of profitability. The implementation of turnaround strategy achieved through the implementation of proper planning and specific procedures (processes) like: Change management, divestitures of specific assets (divestment), cost reduction (cost reduction—operating and others), and strategic acquisitions. This strategy is so drastic, that in many senses it is like creating a new company, so it has many similarities to an entrepreneurial process. Obviously, there is a previous experience by managers, but when implementing this radical strategy, they must think in developing something new. The main objective of this paper is to explain how to implement a successful turnaround strategy during a recession phase of the economy. To analyze the turnover strategy, we developed a survey to 152 trading and industrial Greek companies that represent more than 3% of the Greek GDP. The study examines the role of successful turnaround based to whom formulated the strategic plan of the company, investigating the knowledge of the Greek managers on the tactics implemented during a turnaround plan. The paper offers information for management practitioners to understand how to implement a turnaround strategy in a turbulent economic environment, and which tactics apply.

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Section: Turnaround Strategy and Entrepreneurial Processmentioning

confidence: 99%

Implementing turnaround strategies as an entrepreneurial process

et al. 2022

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Implementation of Turnaround Strategies and Organizational Istakeholders' Impact

Akpoviroro,

Amos,

Oladimeji

2023

GSI

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Management if turnaround is the systematic and rapid implementation iof ia iseries iof imeasures ito icorrect ia iseverely iunprofitable isituation. iAchieving iturnaround icalls ifor ia icompletely idifferent iset iof iskills ito iexamine ithe icauses iof idecline iand idevise ieffective istrategies ifor iturning ithe ibusiness iinto ia ifresh ilife. .As such, the objectives of the study were to examine the influence of Stakeholders Management on turnaround strategies of SMEs and to determine the influence of Change in Leadership and Organizational Change on turnaround processes of SMEs? For the purpose of this study, the survey method was employed with the aid of questionnaire to get data from respondents. 240 copies of a questionnaire were administered to employees of thirty (30) Enterprises in Ogun State, Nigeria. A pilot study was employed and reliability test of the instrument was conducted by using the test re-test reliability approach which yielded a reliability coefficient of r = 0.81. Internal consistency was proven by Cronbach Alpha being 0.854. The study found out that there is a significant relationship between stakeholders Management and turnaround strategies of SMEs and that ipositive irelationship exist between change in leadership/organizational change of SMEs and turnaround processes. The findings in this study show that stakeholder imanagement iprimary ipurpose iis ito ishield ithe icompany ifrom ithe inegative iimpacts iof istakeholder iactions. During ithe iturnaround iprocess, iorganizations ihave ito imake ia inumber iof ichoices, ,igood ichoice iof iaction ileads ito iperformance iimprovements iin iterms iof iproductivity iand icapital. iOn ithe iother ihand, iunsuccessful iresponse ioptions iwill imake ithe isituation iworse, ithus icontributing ito ithe icompany's ibreakup. The study recommends ithat istakeholders ishould icontinue ito iplay itheir irole iin SMEsito ibe iable ito iprofer isolutions ito iproblems ihindering ithe progress of enterprise.

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Theoretical Review of Turnaround Strategy and Its Organizational Outcomes

Cited by 2 publications

References 69 publications

Implementing turnaround strategies as an entrepreneurial process

Implementing turnaround strategies as an entrepreneurial process

Implementation of Turnaround Strategies and Organizational Istakeholders' Impact

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