TOWARD IMPROVED THEORY AND RESEARCH ON BUSINESS TURNAROUND

Statistics on business failure rates corroborate the conclusion that n either academics nor practitioners have succeeded in designing a model to guide strategic management action during periods of financial decl ine. Therefore, a comprehensive review was conducted on the turnaround literature from multiple disciplines and related research streams. Th e product of this work is an empirically-driven conceptual model of bu siness level turnaround Building on data-supported hypo theses from pr ior research and confirmatory anecdotal evidence from practitioner lit erature, the model is intended to help focus future theory testing eff orts and to accelerate the advancement of strategic management practic e.