An empirical model of the overview and systematisation of Hungarian international corporate turnaround management research

Authors

DOI:

https://doi.org/10.14267/VEZTUD.2023.03.02

Keywords:

turnaround, crisis, restructuring, turnaround management research

Abstract

The topic of corporate distress and turnaround has occupied organisational change researchers for five decades. Company turnarounds and reorganisations are already part of day-to-day management. Numerous turnarounds in the organisational transformation of the corporate world are triggering the further expansion of empirical research. For this purpose, it is worth understanding the international background of corporate turnaround management research and the development of its tendencies in the context of this study’s results. The author will discuss the basic characteristics of the turnaround management research trends, as well as a Hungarian corporate empirical turnaround management model as an examination framework for the compilation of a national economic portfolio. This framework takes a holistic approach to the topic, considering a wide range of measures with the content, processes and context of the turnaround and the interdependencies between different disciplines. Finally, the article makes recommendations for further research.

Downloads

Download data is not yet available.

Author Biographies

Etelka Katits, University of Pannonia

research fellow

Ildikó Palányi, University of Pannonia

associate professor

References

Abubakar, A., Astuti, R. I., & Oktapiani, R. (2018). Selection of early warning indicator to identify distress in the corporate sector: crisis prevention strengthening efforts. Bulletin of Monetary Economics and Banking, 20(3), 343–374. https://doi.org/10.21098/bemp.v20i3.857

Adizes, I. (2014). Managing corporate lifecycles. how organizations grow, age, and die. Mumbai: Embassy Book. Agarwal, R. & Gort, M. (2002). Firm and product life cycles and firm survival. American Economic Review, 92(2), 184–190. https://doi.org/10.1257/000282802320189221

Almeida, H. & Philippon, T. (2007). The risk-adjusted cost of financial distress. Journal of Finance, 62(6), 2557–2586. https://doi.org/10.1111/j.1540-6261.2007.01286.x

Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. Journal of Finance, 23(4), 589–609. https://doi.org/10.1111/j.1540-6261.1968.tb00843.x

Altman, E. I. (1984). A further empirical investigation of the bankruptcy cost question. Journal of Finance, 39(4), 1067-1089. https://doi.org/10.1111/j.1540-6261.1984.tb03893.x

Altman, E. I., Haldeman, R.G., & Narayanan, P. (1977). ZETA analysis: a new model to identify bankruptcy risk of corporations. Journal of Banking and Finance, 1(1), 29–54. https://doi.org/10.1016/0378-4266(77)90017-6

Amburgey, T. L., Kelly, D., & Barnett, W. P. (1993). Resetting the clock: the dynamics of organizational change and failure. Administrative Science Quarterly, 38(1), 51–73. https://doi.org/10.2307/2393254

Ansoff, I. H. (1975). Managing strategic surprise by response to weak signals. California Management Review, 18(2), 21-33. https://doi.org/10.2307/41164635

Ansoff, I. H. (1984). Implanting strategic management. Michigan: Prentice/Hall International.

Argenti, P. A. (2015). Corporate responsibility. London, UK: SAGE Publications.

Arora, A. & Nandkumar, A. (2011). Cash-out or flameout! opportunity cost and entrepreneurial strategy: theory, and evidence from the information security industry. Management Science, 57(10), 1844–1860. https://doi.org/10.1287/mnsc.1110.1381

Baetge, J., Dossmann C., & Kruse, A. (2000). Krisendiagnose mit künstlichen neuronalen Netzen. In Hauschildt, J. & Leker, J. (Eds.), Krisendiagnose durch Bilanzanalyse (2nd ed.) (pp. 179-220). Köln, Germany: Verlag Dr. Otto Schmidt KG.

Baetge, J. & Jerschensky, A. (1999). Controlling-Special – Frühwarnsysteme als Instrumente eines effizienten Risikomanagement und -Controlling. Controlling: Zeitschrift für erfolgsorientierte Unternehmenssteuerung, 4(5), 171–176.

Barboza, F., Kimura, H. & Altman, E. I. (2017). Machine learning models and bankruptcy prediction. Expert Systems with Applications, 83(15), 405–417. https://doi.org/10.1016/j.eswa.2017.04.006

Barker III, V. L., & Duhaime, I. M. (1997). Strategic change in the turnaround process: theory and empirical evidence. Strategic Management Journal, 18(1), 13–38. https://doi.org/10.1002/(SICI)1097-0266(199701)18:1<13::AID-SMJ843>3.0.CO;2-X

Barker III, V. L. & Mone, M. A. (1994). Retrenchment: cause of turnaround or consequence of decline? Strategic Management Journal, 15(5), 395–405. https://doi.org/10.1002/smj.4250150506

Barker III, V. L., Patterson Jr., P. V., & Mueller, G. C. (2001). Organizational causes and strategic consequences of the extent of top management team replacement during turnaround attempts. Journal of Management Studies, 38(2), 235–269. https://doi.org/10.1111/1467-6486.00235

Benmelech, E. & Bergman, N. K. (2011). Bankruptcy and the collateral channel. Journal of Finance, 66(2), 337–378. https://doi.org/10.1111/j.1540-6261.2010.01636.x

Bergh, D. D., Johnson, R. A., & DeWitt, R. L. (2008). Restructuring through spin-off or sell-off: transforming information asymmetries into financial gain. Strategic Management Journal, 29(2), 133–148. https://doi.org/10.1002/smj.652

Bibeault, D. B. (1982). Corporate turnaround: how managers turn losers into winners. New York: McGraw-Hill.

Bin Syed Alaudin Al Qadiri, S. K. (1998). An empirical model for predicting the feasibility of corporate turnaround. C owan U niversity, M ount L awley. h ttps://ro.ecu.edu.au/theses/1432

Boeker, W. (1997). Strategic change: the influence of managerial characteristics and organizational growth. Academy of Management Journal, 40(1), 152–170. https://doi.org/10.2307/257024

Bowman, E. H. & Singh, H. (1993). Corporate restructuring: reconfiguring the firm. Strategic Management Journal, 14(51), 5–14. https://doi.org/10.1002/smj.4250140903

Buschmann, H. (2006). Erfolgreiches turnaround-management: Empirische Untersuchung mit Schwerpunkt auf dem Einfluss der Stakeholder. Wiesbaden: Dt. Univ.-Verlag.

Campello, M., Graham, J. R., & Harvey, C. R. (2010). The real effects of financial constraints: evidence from a financial crisis. Journal of Financial Economics, 97(3), 470–487. https://doi.org/10.1016/j.jfineco.2010.02.009

Castrogiovanni, G. J. & Bruton, G. D. (2000). Business turnaround processes following acquisitions: reconsidering the role of retrenchment. Journal of Business Research, 48(1), 25–34. https://doi.org/10.1016/S0148-2963(98)00072-1

Chava, S., & Jarrow, R. A. (2004). Bankruptcy prediction with industry effects. Review of Finance, 8(4), 537–569. https://doi.org/10.1093/rof/8.4.537

Chen, G., & Hambrick, D. C. (2012). CEO replacement in turnaround situations: executive (mis)fit and its performance implications. Organization Science, 23(1), 225-243. https://doi.org/10.1287/orsc.1100.0629

Chowdhury, S. D. (2002). Turnarounds: a stage theory perspective. Canadian Journal of Administrative Sciences, 19(3), 249–266. https://doi.org/10.1111/j.1936-4490.2002.tb00271.x

Chowdhury, S. D., & Lang, J. R. (1996). Turnaround in small firms: an assessment of efficiency strategies. Journal of Business Research, 36(2), 169–178. https://doi.org/10.1016/0148-2963(95)00119-0

Cuny, C. & Talmor, E. (2007). A theory of private equity turnarounds. Journal of Corporate Finance, 13(4), 629–646. https://doi.org/10.1016/j.jcorpfin.2007.04.006

Daily, C. M. (1995). The relationship between board vomposition and leadership structure and bankruptcy reorganization outcomes. Journal of Management, 21(6), 1041–1056. https://doi.org/10.1177/014920639502100602

Daily, C. M. & Dalton, D. R. (2017). Bankruptcy and corporate governance: the impact of board composition and structure. Academy of Management Journal, 37(6), 1603–1617. https://doi.org/10.5465/256801

Daily, C. M. & Dalton, D. R. (1994). Corporate governance and the bankrupt firm: an empirical assessment. Strategic Management Journal, 15(8), 643–654. https://doi.org/10.1002/smj.4250150806

Datta, D. K., Guthrie, J. P., Basuil, D. & Pandey, A. (2010). Causes and effects of employee downsizing: a review and synthesis. Journal of Management, 36(1), 281–348. https://doi.org/10.1177/0149206309346735

D’Aveni, R. A. (1989). The aftermath of organizational decline: a longitudinal study of the strategic and managerial characteristics of declining firms. Academy of Management Journal, 32(3), 577–605. https://doi.org/10.2307/256435

Denis, D. J. & Denis, D. K. (1995). Performance changes following top management dismissals. Journal of Finance, 50(4), 1029–1057. https://doi.org/10.1111/j.1540-6261.1995.tb04049.x

DeWitt, R. L. (1993). The structural consequences of downsizing. Organization Science, 4(1), 30–40. https://doi.org/10.1287/orsc.4.1.30

Domadenik, P., Prašnikar, J., & Svejnar, J. (2008). Restructuring of firms in transition: ownership, institutions and openness to trade. Journal of International Business Studies, 39(4), 725–746. https://doi.org/10.1057/palgrave.jibs.8400379

Du Jardin, P. (2010). Predicting bankruptcy using neural networks and other classification methods: the influence of variable selection techniques on model accuracy. Neurocomputing, 70(10-12), 2047–2460. https://doi.org/10.1016/j.neucom.2009.11.034

Dzingirai, M., & Baporikar, N. (2022). Trends and patterns in turnaround strategies: a bibliometric perspective and future research agenda. International Journal of Sociotechnology and Knowledge Development, 14(1), 1-15. https://doi.org/10.4018/IJSKD.289039

Eichner, T. (2010). Restructuring and turnaround of distressed manufacturing firms: an international empirical study. Frankfurt am Main: Peter Lang.

Elloumi, F., & Gueyié, J. P. (2001). Financial distress and corporate governance: an empirical analysis. Corporate Governance: The International Journal of Effective Board Performance, 1(1), 15–23. https://doi.org/10.1108/14720700110389548

Faulhaber, P. & Grabow, H. J. (2009). Turnaround-Management in der Praxis. Frankfurt: Campus Verlag.

Freeman, S. J., & Cameron, K. S. (1993). Organizational downsizing: a convergence and reorientation framework. Organization Science, 4(1), 10–29. https://doi.org/10.1287/orsc.4.1.10

Giesecke, K., & Kim, B. (2011). Systemic risk: what defaults are telling us. Management Science, 57(8), 1387– 1405. https://doi.org/10.1287/mnsc.1110.1375

Greening, D. W., & Johnson, R. A. (1996). Do managers and strategies matter? a study in crisis. Journal of Management Studies, 33(1), 25–51. https://doi.org/10.1111/j.1467-6486.1996.tb00797.x

Ghazzawi, I. (2018). Organizational decline: a conceptual framework and research agenda. International Leadership Journal, 10(1), 37–80.

Gordon, M. J. (1971). Towards a theory of financial distress. Journal of Finance, 26(2), 347–356. https://doi.org/10.2307/2326050

Hall, G. (1994). Factors distinguishing survivors from failure amongst small firms in the UK construction sector. Journal of Management Studies, 31(5), 737–760. https://doi.org/10.1111/j.1467-6486.1994.tb00637.x

Hambrick, D. C., & Schecter, S. M. (2017). Turnaround strategies for mature industrial-product business units. Academy of Management Journal, 26(2), 231–248. https://doi.org/10.5465/255972

Hancock, J. I., Allen, D. G., Bosco, F. A., McDaniel, K. R. & Pierce, C. A. (2013). Meta-analytic review of employee turnover as a predictor of firm performance. Journal of Management, 39(3), 573–603. https://doi.org/10.1177/0149206311424943

Hannan, M.T., Baron, J. N., Hsu, G. & Koçak, Ö. (2006). Organizational identities and the hazard of change. Industrial and Corporate Change, 15(5), 755–784. https://doi.org/10.1093/icc/dtl020

Hofer, C. W. (1980). Turnaround strategies. Journal of Business Strategy, 1(1), 19–31. https://doi.org/10.1108/eb038886

Hohberger, S. & Damlachi, H. (2019). Praxishandbuch Sanierung im Mittelstand. Wiesbaden: Springer Verlag.

Hommel, U., Knecht, T. C. & Wohlenberg, H. (2006). Sanierung der betrieblichen Unternehmens-krise. In Hommel, U., Knecht, T. C., & Wohlenberg, H. (Eds.), Handbuch Unternehmens-restrukturierung (pp. 27– 60). Wiesbaden: Dr. Th. Gabler/GWV. http://dx.doi.org/10.1007/978-3-8349-9149-2_1

Hoskisson, R. E., Johnson, R. A. & Moesel, D. D. (1994). Corporate divestiture intensity in restructuring firms: effects of governance, strategy, and performance. Academy of Management Journal, 37(5), 1207–1251. https://doi.org/10.5465/256671

Hurry, D. (1993). Restructuring in the global economy: the consequences of strategic linkages between Japanese and US firms. Strategic Management Journal, 14(S1), 69–82. https://doi.org/10.1002/smj.4250140907

Hutzschenreuter, T. (2006). Unternehmenskrisen als Teil der Unternehmensentwicklung. In Hutzschenreuter, T. & Griess-Nega, T. (Eds.), Krisenmanagement. Grundlagen, Strategien, Instrumente (pp. 3-18). Wiesbaden: Verlag Dr. Th. Gabler.

Jansen, K. J. (2004). From persistence to pursuit: a longitudinal examination of momentum during the early stages of strategic change. Organization Science, 15(3), 276–294. https://doi.org/10.1287/orsc.1040.0064

John, K., L., Lang, H. P., & Netter, J. (1992). The voluntary restructuring of large firms in response to performance decline. Journal of Finance, 47(3), 891–917. https://doi.org/10.2307/2328971

Johnson, R. A. (1996). Antecedents and outcomes of corporate refocusing. Journal of Management, 22(3), 439–483. https://doi.org/10.1016/S0149-2063(96)90032-X

Kang, J. K. & Shivdasani, A. (1997). Corporate restructuring during performance declines in Japan. Journal of Financial Economics, 46(1), 29–65. https://doi.org/10.1016/S0304-405X(97)00024-X

Katits, E. (2019). A jelzés- és okkutatás válságban, avagy a pénzügyi turnaround controlling alkalmazása. Controller Info, 7(4), 23–28. https://doi.org/10.24387/CI.2019.4.4

Katits, E. (2022a). A pénzügyi számvitel és a vezetői számvitel a válság okainak feltárásához. https://kenf.hu/2020/09/18/ katits-etelka-a-penzugyi-szamvitel-esa-vezetoi-szamvitel-a-valsag-okainak-feltarasahoz

Katits, E. (2022b). A pénzügyi számvitel és a vezetői számvitel a válságtünetek felismeréséhez. https:// kenf.hu/2020/08/05/ katits-etelka-a-penzugyi-szamvitel-esa-vezetoi-szamvitel-a-valsagtunetek-felismeresehezfinancial-accounting-and-management-accountingfor-recognizing-the-symptoms-of-a-crisis

Katits, E. (2017a). A vállalati (életciklus) pénzügyek – Fogalomtár és alapvető módszertan. Sopron: Soproni Egyetem Kiadó.

Katits, E. (2010). A vállalati válság pénzügyi menedzselése. Budapest: Saldo.

Katits, E. (2021). Fordulatkezelés a győr-moson-sopron megyei KKV mintában, avagy a turnaround pénzügyek aktualitása. In Farkas Szilveszter (Ed.), Vállalkozások, kockázatok. Összegyűjtött dolgozatok (pp. 40-65). Győr: PMS 2000 Mérnöki Társaság.

Katits, E. (2017b). Haladó vállalati (életciklus) pénzügyek – Pénzügyek változ(tat)ások idején. Sopron: Soproni Egyetem Kiadó.

Katits, E. (2002). Pénzügyi döntések a vállalat életciklusaiban. Budapest: KJK-Kerszöv Kiadó.

Katits, E., Pogátsa, Z., & Zsupanekné Palányi, I. (2018). A nemzetgazdasági konjunktúraciklusok és vállalati életciklusok – Modellek és bírálatok (bővített változat, epub.). Budapest: Akadémiai Kiadó.

Katits E., Szalka É., & Palányi I. (2022). Miért alkalmazzuk a turnaround kontrolling módszert a fenntartható növekedés érdekében? A magyar mezőgazdasági vállalatok körében végzett vizsgálatok 2018-2020 között. In Mohácsi, M. (Ed.), Agrár-felsőoktatás, agrárgazdasági elemzések (pp. 89-118). Debrecen: Debreceni Egyetemi Kiadó.

Khanna, N., & Poulsen, A. B. (1995). Managers of financially distressed firms: villains or scapegoats? Journal of Finance, 50(3), 919–940. https://doi.org/10.2307/2329293

Knott, A. M. & Posen, H. E. (2005). Is failure good? Strategic Management Journal, 26(7), 617–641. https://doi.org/10.1002/smj.470

Kraus, S., Moog, P., Schlepphorst, S., & Raich, M. (2013). Crisis and turnaround management in SMEs: a qualitative- empirical investigation of 30 companies. International Journal of Entrepreneurial Venturing, 5(4), 406–430. https://doi.org/10.1504/IJEV.2013.058169

Kristóf, T., & Virág, M. (2020). A comprehensive review of corporate bankruptcy prediction in Hungary. Journal of Risk and Financial Management, 13(2), 1-20, https://doi.org/10.3390/jrfm13020035

Kronborg, D., & Thomsen, S. (2009). Foreign ownership and long-term survival. Strategic Management Journal, 30(2), 207–219. https://doi.org/10.1002/smj.732

Krystek, U. (2013). Krisenbewältigungs-Management und Unternehmungsplanung. Wiesbaden: Gabler Verlag.

Lim, D. S. K., Celly, N., Morse, E. A., & Rowe, G. W. (2013). Rethinking the effectiveness of asset and cost retrenchment: the contingency effects of a firm’s rent creation mechanism. Strategic Management Journal, 34(1), 42–61. https://doi.org/10.1002/smj.1996

Lymbersky, C. (2014): The international turnaround management standard. version 1.5. Hamburg: Turnaround Management Society.

Liou, D. K., & Smith, M. (2006). Financial distress and corporate turnaround: a review of the literature and agenda for research. Accounting, Accountability and Performance, 13(1), 74-114. http://dx.doi.org/10.2139/ssrn.925596

Markides, C.C. (1995). Diversification, restructuring and economic performance. Strategic Management Journal, 16(2), 101–118. https://doi.org/10.1002/smj.4250160203

Marqués, A. I., García, V., & Sánchez, J. S. (2012). Exploring the behaviour of base classifiers in credit scoring ensembles. Expert Systems with Applications, 39(11), 10244–10250. https://doi.org/10.1016/j.eswa.2012.02.092

McKinley, W. (1993). Organizational decline and adaptation: theoretical controversies. Organization Science, 4(1), 1–9. https://doi.org/10.1287/orsc.4.1.1

Moulton, W. N., Thomas, H., & Pruett, M. (1996). Business failure pathways: environmental stress and organizational response. Journal of Management, 22(4), 571–595. https://doi.org/10.1177/014920639602200403

Mouly, V. S., & Sankaran, J. K. (2004). Survival and failure of small businesses arising through government privatization: insights from two New Zealand firms. Journal of Management Studies, 41(8), 1435–1467. https://doi.org/10.1111/j.1467-6486.2004.00481.x

Mueller, G. C., & Barker III., V. L. (1997). Upper echelons and board characteristics of turnaround and nonturnaround declining firms. Journal of Business Research, 39(2), 119–134. https://doi.org/10.1016/S0148-2963(96)00147-6

Niering, C. & Hillebrand, C. (2020). Wege durch die Unternehmenskrise: Sanieren statt Liquidieren – Ein Praxisleitfaden für Unternehmer und Berater. Wiesbaden: Springer Fachmedien.

Noszkay, E. (2018). Változás- és válságmenedzsment az alapoktól. Budapest: Akadémiai Kiadó.

Ofek, E. (1993). Capital structure and firm response to poor performance. Journal of Financial Economics, 34(1), 3–30. https://doi.org/10.1016/0304-405X(93)90038-D

Ohlson, J. A. (1980). Financial ratios and the probabilistic prediction of bankruptcy. Journal of Accounting Research, 18(1), 109–131. https://doi.org/10.2307/2490395

Pandit, N. R. (2000). Some recommendations for improved research on corporate turnaround. Management, 3(2), 31–56. https://management-aims.com/index.php/mgmt/article/view/4178

Pant, L. W. (1991). An investigation of industry and firm structural characteristics in corporate turnarounds. Journal of Management Studies, 28(6), 623–643. https://doi.org/10.1111/j.1467-6486.1991.tb00983.x

Pearce II, J. A., & Robbins, K. (1993). Toward improved theory and research on business turnaround. Journal of Management, 19(3), 613–636. https://doi.org/10.1016/0149-2063(93)90007-A

Pettigrew, A. M. (2012). Context and action in the transformation of the firm: a reprise. Journal of Management Studies, 49(7), 1304-1328. https://doi.org/10.1111/j.1467-6486.2012.01054.x

Robbins, D. K., & Pearce II. J. A. (1992). Turnaround: retrenchment and recovery. Strategic Management Journal, 13(4), 287–309. https://doi.org/10.1002/smj.4250130404

Schendel, D. E., & Patton, G. R. (1976). An empirical study of corporate stagnation and turnaround. Journal of Economics & Business, 28(3), 236–241. https://doi.org/10.5465/ambpp.1975.4980679

Schendel, D. E., Patton, G. R., & Riggs, J. (1976). Corporate turnaround strategies: a study of profit decline and recovery. Journal of General Management, 1(3), 3–11. https://doi.org/10.1177/030630707600300301

Seefelder, G. (2012). Unternehmenssanierung: Krisenursachen, Außergerichtliche Unternehmenssanierung, Sanierung im Insolvenzverfahren, Arbeitsrecht, Steuerrecht, Haftungs- und Strafrechtsrisiken. Stuttgart: Schäffer-Poeschel.

Seresht¸ H. R., Yeganeh, Y. H., Shams, M. F., & Irandoost, M. (2014). A strategic model of in-crisis firms’ turnaround process. Journal of Business Management, 6(3), 497–516. https://doi.org/10.22059/JIBM.2014.50731

Shahri, M. H., & Sarvestani, M. N. (2020). Business model innovation as a turnaround strategy. Journal of Strategy and Management, 13(2), 241–253. https://doi.org/10.1108/JSMA-08-2019-0154

Sheaffer, Z., & Mano-Negrin, R. (2003). Executives’ orientations as indicators of crisis management policies and practices. Journal of Management Studies, 40(2), 573–606. https://doi.org/10.1111/1467-6486.00351

Shumway, T. (2001). Forecasting bankruptcy more accurately: a simple hazard model. Journal of Business, 74(1), 101–124. http://dx.doi.org/10.1086/209665

Sinha, P. N., Inkson, K., & Barker, J. R. (2012). Committed to a failing strategy: celebrity ceo, intermediaries, media and stakeholders in a co-created drama. Organization Studies, 33(2), 223–245. https://doi.org/10.1177/0170840611430591

Slatter, S. (1999). Corporate turnaround. London: Penguin Books.

Stopford, J. M. & Baden-Fuller, C. (1990). Corporate rejuvenation. Journal of Management Studies, 27(4), 399–415. https://doi.org/10.1111/j.1467-6486.1990.tb00254.x

Sudarsanam, S. & Lai, J. (2001). Corporate financial distress and turnaround strategies: an empirical analysis. British Journal of Management, 12(3), 183–199. https://doi.org/10.1111/1467-8551.00193

Toms, S., & Filatotchev, I. (2006). Corporate governance and financial constraints on strategic turnarounds. Journal of Management Studies, 43(3), 407–433. https://doi.org/10.1111/j.1467-6486.2006.00596.x

Trahms, C. A., Ndofor, H. A., & Sirmon, D. G. (2013). Organizational decline and turnaround: a review and agenda for future research. Journal of Management, 39(5), 1277–1307. https://doi.org/10.1177/0149206312471390

Trebuňa, P. & Mihok, J. (2009). Experimental solutions of corporate crisis. DREWNO – WOOD, 52(182), 131– 137.

Tushman, M. L., & Rosenkopf, L. (1996). Executive succession, strategic reorientation and performance growth: a longitudinal study in the U.S. cement industry. Management Science, 42(7), 939–953. https://doi.org/10.1287/mnsc.42.7.939

Vicente-Lorente, J. D., & Suárez-González, I. (2007). Ownership traits and downsizing behaviour: evidence for the largest spanish firms, 1990–1998. Organization Studies, 28(11), 1613–1638. https://doi.org/10.1177/0170840607076591

Yawson, A. (2009). Interaction effects of restructuring decisions on operating profit following performance shocks. Journal of Economics & Business, 61(3), 216– 237. https://doi.org/10.1016/j.jeconbus.2008.04.001

Zmijewski, M. E. (1984). Methodological issues related to the estimation of financial distress prediction models. Journal of Accounting Research, 22(4), 59–82. http://dx.doi.org/10.2307/2490859

Downloads

Published

2023-03-13

How to Cite

Katits, E., & Palányi, I. (2023). An empirical model of the overview and systematisation of Hungarian international corporate turnaround management research. Vezetéstudomány Budapest Management Review, 54(3), 12–26. https://doi.org/10.14267/VEZTUD.2023.03.02

Issue

Section

Articles