Corporate turnarounds as strategic reorientations: A field study of turnaround attempts from firm-based decline

This study develops and empirically tests propositions derived from a model of the corporate turnaround process. This model, based on several established streams of organizational research, proposes that successful turnaround attempts for firms suffering from firm-based decline (as opposed to industry decline) will be positively associated with declining firms (a) changing their strategic orientation, (b) changing their strategic decision makers, (c) maintaining enough slack resources to enact strategic change and (d) being able to combine several or all three of these factors in one turnaround attempt.