Article: Turnarounds: A stage theory perspective

Abstract

In strategic management, an impressive body of literature on turnaround has accumulated over the last three decades; however, the topic remains largely idiosyncratic and open-ended. Based mainly on the tenets of the life-cycle family of process theory, this paper presents a composite four-stage model that unfolds the dynamics of turnaround and provides a basis for the development of a theory on which to draw further By categorizing the elements of turnaround as three critical requirementsincidents, events, and concepts-the model explains how the elements germane to each stage, when combined, facilitate the progression from a crippling deterioration in performance to an enduring ...

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