Purpose – The paper aims to assess the impact of corporate strategy on shareholder value in decline and turnaround situations. Design/methodology/approach – A sample of 45 turnaround firms was selected and matched against a control sample which did not face continuous decline over the time...

Purpose – Strategic alliances involve uncertainty, interdependence, and vulnerability, which often create adverse situations. This paper seeks to understand how alliance managers respond to these adverse situations by examining the influence of four exchange variables on response strategies....