Abstract
Strategic management literature has recognized the role of turnaround strategy in the management process as a critical strategy at the corporate level. Researches done on turnaround strategy and corporate performance have however been biased with respect to limited scope in terms of the dimensions of performance as well as the challenges in methodology and conceptualization that affect the generalization of the study findings. This paper undertakes a review of the extant literature on the conceptual, theoretical and empirical work that brings about a number of issues for use in presenting a case for the new theoretical model that is suitable for extension of the current understanding of deployment of turnaround strategy and the ultimate results. The paper suggests an integrated theoretical framework for use in linking turnaround strategy and corporate performance while recognizing the significance of the role of organizational turnaround-based learned experiences and organizational characteristics.
Highlights
An organization’s strategy describes the pursuit of goals by considering the environmental threats and opportunities and the available resources and capabilities (Nandakumar, Ghobadian, & O'Regan, 2010)
Turnaround strategy has a functional role in the organization that is achieved through its deployment at the corporate level that is meant to incorporate the strategic intent to show the clear vision of the firm; the breakthrough objectives; priority initiatives and accountability for all the firm’s initiatives (Finerty, 2014)
In order to enhance the understanding of the study objectives, the paper seeks to present a summary of the conceptual literature on the constructs of turnaround strategy, organizational turnaround-based learned experiences, organizational characteristics and corporate performance
Summary
An organization’s strategy describes the pursuit of goals by considering the environmental threats and opportunities and the available resources and capabilities (Nandakumar, Ghobadian , & O'Regan, 2010). Turnaround strategy has a functional role in the organization that is achieved through its deployment at the corporate level that is meant to incorporate the strategic intent to show the clear vision of the firm; the breakthrough objectives; priority initiatives and accountability for all the firm’s initiatives (Finerty, 2014). These actions are aimed at resulting into enhanced labour relations, maximization of resource productivity, stringent working capital and maximized capacity utilization of the firm (Raina, Chanda, Mehta, & Maheshwari, 2003). The final section of the paper details the study limitations, research implications and the authors’ recommendations for further research
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