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1
bin, Syed Alaudin Al Qadiri Syed Kamalludin. "An empirical model for predicting the feasibility of corporate turnaround." Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 1998. https://ro.ecu.edu.au/theses/1432.
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The primary objective of this research was to identify the determinants of corporate turnaround feasibility and their effect (in terms of their state of existence and their existence) on the probability of corporate turnaround feasibility in Successful and Non Successful Turnaround Companies. The other objective was the development of an empirical model of the determinants of corporate turnaround feasibility capable of predicting the feasibility of corporate turnarounds. One hundred 'troubled companies ' were identified out of two hundred and eleven publicly listed companies of the Kuala Lumpur Stock Exchange through observations of their share price performance, earnings before interest and tax, earnings after interest and tax and by the Malaysian Z- Score (PNB Score) failure detection model test. They were further demarcated into 57 Successful Turnaround Companies (STC) and 43 Non Successful Turnaround Companies (NSTC). These two groups were then compared on the determinants of turnaround feasibility. The study confirms that the feasibility of corporate turnaround of an organisation is dependent on the existence (exists or non existant) and the state of existence (whether favourable or non favourable) of a set of variables or determinants of corporate turnaround feasibility i.e. Causes of Decline, Severity of Crisis, Company's Historical Strategy, Industry Characteristics, Company's Cost Price Structure, Commitment of Shareholders, Commitment of Bankers, Commitment of Creditors, Commitment of Employees, New Competent Management, Viable Core Business, Bridge Capital and Realistic Turnaround Plan. In identifying the existence and the state of existence of the key determinants of corporate turnaround feasibility in the STC and the NSTC, it was found that the STC had higher occurrences of favourable states of existence for the key determinants than the NSTC. STC's were also found to experience higher occurrences of existence (exists) in the key determinants compared to the NSTC. A 'Corporate Turnaround Feasibility Intensity Model' was developed to test corporate turnaround feasibility intensity level. Subsequently, the empirical model or the multivariate logistic regression model was then applied to finalise and reaffirm the feasibility of the corporate turnaround of the organisation. The qualitative and empirical models complement each other in their application, or used on their own can test the feasibility of corporate turnaround. The availability of both qualitative and empirical models above to test and to predict the feasibility of corporate turnaround from this research can help solve one of the biggest dilemmas facing numerous shareholders, top management, management consultants and bankers, namely, deciding whether to go ahead with the turnaround process or not. The models can help save costly errors in terms of money, labour cost, psychological turmoil, time and wasteful resources due to wrong decision making. They also constitute a new contribution to knowledge.
2
Azmi, Ruzita. "A comparative study of corporate rescue in the UK and Malaysia." Thesis, University of Aberdeen, 2008. http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=165893.
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It is now more than thirty years since the reform of corporate insolvency law in the United Kingdom (UK) focused on the promotion of a 'rescue culture,' a trend which started with the work of the Cork Committee chaired by Sir Kenneth Cork. The Cork Committee in its Report recommended encouraging the continuation and disposal of a corporate debtors' business as a going concern wherever possible, and the Government responded to Cork's recommendation by introducing Administration and Company Voluntary Arrangement ('CVA') in the Insolvency Act 1986 ('IA 1986'). The corporate insolvency laws in the UK have been subject to considerable scrutiny and reform, culminating in the implementation of two distinct but related nieces of legislation bearing upon corporate rescue; the Insolvency Act 2000 (IA 2000) and the Enterprise Act 2002 (EA).
3
Donoher, William J. "Organizational distress and bankruptcy : resources, strategy, and corporate control as determinants of the filing decision /." free to MU campus, to others for purchase, 2000. http://wwwlib.umi.com/cr/mo/fullcit?p9974623.
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Wu, Ka-chee Davy, and 胡家慈. "Provisional supervision: an analysis of the proposed corporate rescue procedure of Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2003. http://hub.hku.hk/bib/B26904950.
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Holtzhausen, Beatrix. "The development of turnaround strategies for the Calitzdorp Spa Tourism resort." Thesis, Nelson Mandela Metropolitan University, 2004. http://hdl.handle.net/10948/225.
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The objective of this study was to develop turnaround strategies for the Calitzdorp Spa Tourism Resort (herein after referred to as Calitzdorp Spa) to stop the performance decline and put it back on the road of recovery again. The development of turnaround strategies are dependent on establishing the cause of the performance decline and to enable management to plan effective and optimal strategies for the tourism resort focused on the recovery response. An analysis of various sources on strategic management models were undertaken to find a theoretical framework for the development of a strategic management model that could be applied to a tourism resort. The following model for the strategic management of a tourism resort was consequently developed and consists of the following main components: • Mission, objectives and stakeholders; • Strategic position; • Strategic choice; and • Strategic implementation. A second model for the Turnaround Process of a tourism resort was proposed to assist management in guiding the resort to recovery, consisting of two main phases, namely: • Turnaround situation; and the • Turnaround response. The research methodology followed included: • a literature survey to define the important concepts of tourism, resorts, strategic management and turnaround strategies; • a questionnaire survey to determine customer satisfaction at the Calitzdorp Spa; • telephone interviews to determine the marketing and positioning strategies of the Calitzdorp Spa; and • a focus group discussion session to determine the current situation at the resort and to plan future management strategies of the Calitzdorp Spa. Specific conclusions were made and specific actions recommended based on the results obtained.
6
Matlosa, John. "Leadership skills, competence and organisational processes needed to lead a company from a decline to a sustainably successful turnaround." Thesis, Stellenbosch : Stellenbosch University, 2014. http://hdl.handle.net/10019.1/96222.
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Thesis (MBA)--Stellenbosch University, 2014.This research sought to provide insight into the key leadership skills, competencies and organisational processes required to lead a company from decline to a sustainable turnaround. The study focused on the four attributes of managing a turnaround: organisational values and culture, change leadership and organisational high performance. The research aimed to establish the role and impact of the above four factors, particularly in a corporate turnaround. It further assessed the role of leadership in ensuring the implementation of the four factors. The study revealed that turnaround leaders need to develop a new economy wave of values and a high performance culture as a foundation for creating ownership of the organisation’s objectives, as well as for the necessary alignment of the vision, mission and strategy. It was also noted that a corporate culture is an ever changing issue, hence leadership needs to continually ensure that the culture remains in support of the corporate objectives. The study also revealed the need for leadership to have the necessary emotional, cognitive and spiritual intelligence in order to be proactive in managing both the process and the effects of change. They need to have the transformational leadership abilities to drive the pursuit of organisational excellence as a means to achieving a sustainable turnaround. The research also noted the importance of communication as an integral part of each of the turnaround phases. Also of great importance were leadership attributes such as honesty, trustworthiness, sincerity and commitment, and the fact that leaders tend to believe that people will be driven by the rules and processes of business, forgetting that people gather the inspiration they need to be able to respond emotionally to a challenge, from their leaders’ demonstrated personal attributes.
7
Nyamela, Kalipa Vincent. "An assessment of the local government turnaround strategy: the Umzimvubu local municipality." Thesis, Nelson Mandela Metropolitan University, 2012. http://hdl.handle.net/10948/d1010865.
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South African Municipalities have often been labeled as failures in the provision of services to local communities. These allegations include poor governance, maladministration, corruption and poor delivery of services. Certain municipalities are unable to deliver sufficient services to the communities of their geographic areas due to maladministration, political interference and corruption. This study undertook an assessment of the implementation of the Local Government Turnaround Strategy with emphasis on the Umzimvubu Local Municipality. The study comprises of five chapters and was motivated by the National Cabinet‟s decision to turn around the image of South African municipalities. The study includes an overview on the development and transformation of local government in South Africa as a point of departure. This is followed by an assessment of the implementation of the Local Government Turnaround Strategy, with specific reference to the Umzimvubu Local Municipality. The quantitative research methodology was employed for purposes of the study and the interpretation of the research findings are analyzed and described. A number of conclusions that were arrived at during the study, followed by specific recommendations are proposed in the final chapter. These are based on the findings primarily from the literature review and empirical survey.
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Landsberg, Francois Allewyn. "A critical evaluation of the success factors during the ArcelorMittal Saldanha Works turnaround." Thesis, Stellenbosch : Stellenbosch University, 2015. http://hdl.handle.net/10019.1/97338.
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Thesis (MBA)--Stellenbosch University, 2015.ENGLISH ABSTRACT: The 2008/2009 economic downturn had a major impact on the international steel industry. With economic activities declining, the demand for steel decreased and subsequently, prices started to tumble. This put a great deal of pressure on steel manufacturing companies’ financials and they had to focus on cost reduction initiatives to survive. Steel companies who did not follow a turnaround strategy were not able to keep up with the competition. This research study focused on determining the details pertaining to the ArcelorMittal Saldanha Works turnaround strategy, as it is viewed as one of the most successful in the steel industry. Data was obtained from discussions with various role players and managers at ArcelorMittal Saldanha Works. The aim of the interviews was to get the detail of all the steps taken by the company to turn around its performance. Quantitative data describing the operational as well as financial and cost performance was sourced from the ArcelorMittal Saldanha Works Key Performance Indicator (KPI) system and from financial statements and progress reports. It was found that the basis for the turnaround strategy of ArcelorMittal Saldanha Works was World Class Manufacturing as it provided the vehicles through which improvements were managed with the aid of mainly the Autonomous Maintenance (AM), Professional Maintenance(PM), People Development (PD), Focused Improvement (FI), Product Quality (PQ) and Safety Pillars. The Cost Deployment (CD) Pillar was used to identify the biggest losses that needed to be addressed. ArcelorMittal Saldanha Works moved from one of the highest-cost producers in the ArcelorMittal group during 2010 to the second-lowest-cost producer in the group at the end of 2013. It reduced its total cost of production with $70 per ton over this period, without any major capital expenditure. The study concluded that the turnaround of ArcelorMittal Saldanha Works was successful and it is sustainable. This can be seen from the increase in the overall equipment availability, amount of hot-rolled coil tons produced, as well as the EBITDA figures reported in the study.
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Van, Rooyen Roelof Petrus. "Strategic management of construction companies." Thesis, Nelson Mandela Metropolitan University, 2013. http://hdl.handle.net/10948/d1020407.
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The research emanated from an investigation of GB7, GB8 and GB9 main contractors in the Eastern Cape Province of South Africa. The study was focussed on the strident economic times in the construction industry following the FIFA Soccer World Cup from August 2010 to December 2012. The research was conducted to identify the key strategy or combination of strategies keeping construction entities in operation. The study further investigates the key elements of a successful turnaround strategy as well as the most effective methods in implementing strategies within construction organizations. The research took the form of an empirical quantitative study where a descriptive survey was used to collect data. Structured interviews were held with the target population to collect data in the field. The study established that geographic diversification was the most effective method utilized by main contractors for survival during the study timeframe. The study also found that lowering of profit margins and preliminary and general amounts were most effective methods in the use of turn around strategies. The study finally concluded that effective steps were taken by main contractors in the Eastern Cape to implement corporate strategies within their organizations. Step by step guidance to all employees on new processes was the key element in successful strategic implementation of a strategy within construction organizations. The research conducted contributes to the strategic management competency within the built environment as well as the existing body of knowledge within the construction industry. All members of the construction industry in South Africa involved with strategic level planning of entities would value the study.
10
Hanabe, Lulamile Donacious. "An investigation of a local government turnaround strategy : the case of Nkonkobe Local Municipality." Thesis, Nelson Mandela Metropolitan University, 2013. http://hdl.handle.net/10948/d1020568.
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The primary purpose of the study was to investigate the extent to which the Nkonkobe Local Municipality is able to meet its obligations in terms of the LGTAS - specifically as a rural municipality. Further to investigate what impact, if any, the Report on the State of Local Government in South Africa has had on the municipality. The study moved from the premise that municipalities are different, and that a rural municipality’s response to service delivery and the LGTAS, should be understood in the context of additional challenges, because of its remote locality. The study therefore is based on the assumption that the Nkonkobe Local Municipality has not been able to fully meet the objectives, as they are contained in the LGTAS that was approved by Cabinet in December 2009. The study proposed to give a background of the origin of municipalities and evolution and transformation of Developmental Local Government in South Africa. The in-depth literature review was undertaken on Developmental Local Government to achieve the objective of the study. Local Government Turnaround Strategy analysis with reference to Nkonkobe Local Municipality is also presented to test the proposed hypotheses. The empirical survey and research methodology used in the study is described and explained in-depths and followed by data collection in a form of a questionnaire. The research findings of the empirical survey are then analysed and reported in statistical form. In the final chapter; recommendations are presented based on the empirical survey findings through the respondent’s inputs in the questionnaire. Recommendations are also presented on how Nkonkobe Local Municipality can improve its business to achieve the objectives of LGTAS.
11
Nothardt, Franz. "Corporate turnaround and corporate stakeholders : an empirical examination of the determinants of corporate turnaround in Germany with a focus on financial stakeholder theory /." [S.l.] : [s.n.], 2001. http://aleph.unisg.ch/hsgscan/hm00151708.pdf.
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Joson, Gerardo R. "Turnaround strategies : key factors for corporate recovery in the electricity industry of New Zealand and the Philippines." Thesis, Curtin University, 1997. http://hdl.handle.net/20.500.11937/2391.
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This research is about the problem of identifying key factors for corporate recovery of electric utilities in New Zealand and the Philippines. Its primary objective is to learn from the experiences of three regulated government utilities and one small private distributor that are involved in the three sectors of electricity business in power generation, transmission and distribution. How these firms survived their decline problems, and managed and sustained their turnaround efforts is the focus of this study. The results indicate the importance of change management, leadership, cost reduction and financial control in reversing the decline of these firms. Also underscored are the crucial role of efficiency improvement and achievement of profit together with winning employee commitment and broad stakeholder support in sustaining the recovery effort.These comparative case studies were undertaken at a time when crises and turbulence affected the management and organisation of electricity businesses in the Asia/Pacific region, particularly New Zealand and the Philippines. Electric utilities in both countries are regulated and less vertically integrated than anywhere else in the region. Significant changes to the ownership and control of these firms and their competitive relationships over the past decade have complicated the way strategic problems and issues have to be resolved. In the meantime, threats and pressures from all stakeholders have made the management and operations of these utilities difficult.Thus, a critical review of their specific circumstances and predicaments is in order for similarly affected enterprises to avoid past errors and to replicate only the strategies that may suit them. In this regard, this work contributes to the enrichment of the existing body of knowledge in business policy and strategic management that has been fast evolving during the nineties in electric utilities around the world.
13
Hinksman, P. B. "Corporate turnaround in small firms : a qualitative study." Thesis, Birmingham City University, 1996. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.365280.
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Kurnas, Martin. "Corporate Turnaround in SME - case studies from CEE." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-113809.
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The presented master thesis is intended to serve as a guide to the corporate turnarounds for small and medium enterprises. In the first part, the theoretical background related to corporate turnaround is outlined complemented with specific aspects of the CEE region and the Czech Republic. In the next part, a comprehensive turnaround framework based on theoretical research is developed. The final part presents a case study of a small Czech company that went through a turnaround and evaluates the company's turnaround actions from the perspective of suggested theoretical framework.
15
Chin, Chu-Kuo. "Predicting corporate turnaround of listed companies in South Africa." Master's thesis, University of Cape Town, 2016. http://hdl.handle.net/11427/22915.
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Corporate turnaround, in comparison to financial distress, is not substantially researched either internationally or locally in South Africa. This study attempts to explore this area of research by developing models that identify financially distressed companies with a potential for turnaround. This analysis examines listed companies on both the JSE Securities Exchange ('JSE') and Alternative Exchange ('AltX') for the period 2007 to 2014 by using available data from iNet BFA. The financial distress model, Taffler's Z-score, is used to identify companies that fall within the sample. Multiple linear discriminant models with interaction variables are used as part of the process to derive the turnaround models. The first model shows that efficiency is a key driver for a successful turnaround. The second model reveals that JSE-listed companies are more likely to survive than AltX companies. This study contributes to the existing research by identifying significant factors for corporate turnaround and summarizing its findings in a practical manner.
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Cheo, Roy Wee Gee. "An Empirical Study of Corporate Turnaround Strategies in Australia." Thesis, Curtin University, 2012. http://hdl.handle.net/20.500.11937/52962.
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This research examines a sample of financially distressed ASX listed firms to discover the effectiveness, intensity and timeliness of corporate turnaround strategies. It fills a theoretical gap by adopting an integrated holistic approach, linking research findings to relevant extant theory by coupling its findings w1h the resource based view of the firm and the stage perspective of performance turnaround. Reasons for the relative effectiveness of turnaround strategies are discussed together with implications for management and researchers.
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Gbande, Atsuwe Cephas. "Corporate turnaround strategy in Nigeria : a case study of NEPA." Thesis, London South Bank University, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.336420.
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The main objective of this study is to establish why NEPA has persistently failed to effectively turnaround with a view to recommending an effective corporate turnaround strategy. The corporation has performed very poorly for several decades in both monetary returns and service quality. Several attempts to reverse the situation have failed, thus frustrating the government who own the corporation and the consumers who use its services. To do this we start by building a theoretical framework to learn from experience of other organisations and establish the parameters for performance measurement, necessary for a successful corporate turnaround. Corporate turnaround strategy is only necessary if there is corporate decline. Corporate decline, however, does not occur as one of those things in an organisation but starts in one area and systematically spreads to the other areas. There are two sources of corporate decline, one internal to the company and the other external to it. While the managers may influence the internal causal factors of decline, it is not easy for them to influence the external causal factors of decline. However, good managers may minimise the effects of external factors of decline on their organisation. The main internal cause of corporate decline is management, along with other variables such as finance, organisation structure, bureaucracy and poor management decisions. Most corporate decline situations arise as a result of poor and inefficient management among others which include ineffective financial policy and control, overexpansion and large scale investments without proper costing. Yet. other factors include building.... of high cost structure in an organisation, poor marketing efforts and wrongly judged acquisitions and mergers. NEPA possesses most of these attributes of decline during the period of 1970 to 1992. The key symptoms of declining organisations are grouped in seven basic families of problems which are mainly liquidity, poor debt collection, declining profitability, quality failures, low employee morale and poor organisation structure. To reverse these trends. most turnaround strategies start with change of top management. The new management carries out the restructuring of the rest of the organisation, first by assuring that the organisation has enough funds to function and is heading towards the desired direction. Such actions include assets I reduction, improved cost efficiency and redirected investment. Following the completion of theoretical framework, we carried out field research directed at four stakeholders of NEPA. We drew up and administered a different questionnaire on Residential Consumers, Commercial and Industrial Consumers, NEPA Staff and Other Interest Groups (Ministries and other Parastatals) to capture the perception of these groups on the performance of NEPA. The responses from the questionnaires have been analysed and reported in the study. Our findings show that NEPA is characterised by the indicators of corporate decline such as: • poor management • weak finance team • high cost structure • bureaucracy The combined effect of these is poor performance in product quality and loss of revenue as shown in its operating records. The first attempt to improve product quality of NEPA in 1972 by merging the two bodies (ECN and NDA) into one body failed to produce noticeable effect. The corporation has therefore continued to decline over the years and the consumers had to tolerate the situation as there was no ready alternative source of power supply. Recognising the problem, another attempt to turn NEPA around was made in 1989, by adopting turnaround strategies which involved changing top management and restructuring the organisation. It still did not improve its performance because the new management was not better than the one replaced. The corporation thus continues to decline. Recognising NEPA's operational problems and managerial difficulties, we recommended corporate turnaround strategies that will lessen the burden on the executives and make NEPA an efficient company. We have recommended change of management, preferably with an outsider, as the first step in the corporate turnaround process in NEPA. This step was followed by the recommendation of large scale reorganisation of the industry. The reorganisation involves the formation of a Holding Company out of the current headquarters, with drastically reduced workforce and ten subsidiary companies. Our recommendations involve the creation of a generating company, a national grid company and eight distributing and supplying companies. We appreciate the resource implications of our recommendations, which involves the injection of new funds, new personnel requirement and the government's approval. The subsidiary companies would inherit most of their staffing requirements from the current NEPA staff, except for Distribution and Supply companies, where a large number of new personnel should be employed. The staffing requirements of Distribution and Supply companies will differ from the other companies in the group. The high calibre professional staff needs shall be met by offering appropriate incentives, comparable to those in the private sector. The corporation has already got premises that will house the subsidiary companies and funding will come from both improved operating and financial performance as well as a one off grant from the government. Despite these resource implications, we are convinced that if NEPA is keen to improve on its performance, our recommendations will be the way out for the corporation.
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Rodolo, Vuyisile. "Leadership and organisational competencies of sustaining a successful corporate turnaround." Diss., University of Pretoria, 2017. http://hdl.handle.net/2263/59763.
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In a 1982 research by Bibeault, it was found that only 33% of the companies that embarked on a turnaround processes were successful. Kalwani, in his 2012 research found that 37% of the turned around companies managed to sustain the recovery. Another statistic from a 2016 research by Tenkasi & Kamel puts the rate of sustaining the recovery at 25%. These statistics suggest a perennial problem of a low rate of maintaining recovery which requires the attention of both academics and business. This problem persists despite a large interest in research on turnaround interventions. This study looks at what are the competencies which support a sustainable turnaround. It focuses on the competencies which will promote superior performance from a leader and the organisation.
The method of research adopted to conduct the study was qualitative and exploratory. A total of 14 in-depth semi-structured interviews formed part of the sample. Seven executives were from six organisations active in the Gold mining, Fixed and Mobile Telecommunications, and Food processing sectors and seven turnaround practitioners practising in the consulting sector. Thematic content analysis was conducted, using Atlas.ti to analyse the data. The analysis process was iterative generating 127 codes abstracted to 10 themes. The interview questions were formulated based on the literature from the turnaround field to confirm the context of turnaround and from behavioural sciences literature from where the critical competencies were drawn.
The findings highlighted the complexness of the turnaround process which impact on the strategies and the quality of decision made and thus the sustainability of the turnaround. The critical competencies suggested by the behavioural science researcher were found to apply to support the process of achieving a sustainable turnaround. The findings were processed to generate a Sustainability Path Model which will serve as a guide and a reference for executives, practitioners and academics involved with turnarounds.Mini Dissertation (MBA)--University of Pretoria, 2017.
zk2017
Gordon Institute of Business Science (GIBS)
MBA
Unrestricted
19
Joson, Gerardo R. "Turnaround strategies : key factors for corporate recovery in the electricity industry of New Zealand and the Philippines." Curtin University of Technology, Curtin Business School, 1997. http://espace.library.curtin.edu.au:80/R/?func=dbin-jump-full&object_id=9550.
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This research is about the problem of identifying key factors for corporate recovery of electric utilities in New Zealand and the Philippines. Its primary objective is to learn from the experiences of three regulated government utilities and one small private distributor that are involved in the three sectors of electricity business in power generation, transmission and distribution. How these firms survived their decline problems, and managed and sustained their turnaround efforts is the focus of this study. The results indicate the importance of change management, leadership, cost reduction and financial control in reversing the decline of these firms. Also underscored are the crucial role of efficiency improvement and achievement of profit together with winning employee commitment and broad stakeholder support in sustaining the recovery effort.These comparative case studies were undertaken at a time when crises and turbulence affected the management and organisation of electricity businesses in the Asia/Pacific region, particularly New Zealand and the Philippines. Electric utilities in both countries are regulated and less vertically integrated than anywhere else in the region. Significant changes to the ownership and control of these firms and their competitive relationships over the past decade have complicated the way strategic problems and issues have to be resolved. In the meantime, threats and pressures from all stakeholders have made the management and operations of these utilities difficult.Thus, a critical review of their specific circumstances and predicaments is in order for similarly affected enterprises to avoid past errors and to replicate only the strategies that may suit them. In this regard, this work contributes to the enrichment of the existing body of knowledge in business policy and strategic management that has been fast evolving during the ++nineties in electric utilities around the world.
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Rabenseifner, Christoph E. "Corporate Distress and Stakeholder Relations An Analysis of the Turnaround Process /." St. Gallen, 2007. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/02607471002/$FILE/02607471002.pdf.
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Pillay, John. "Corporate turnaround as knowledge subversion : a dialogic perspective on transformational change." Thesis, Cranfield University, 2013. http://dspace.lib.cranfield.ac.uk/handle/1826/7952.
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This research presents a knowledge-based perspective on corporate turnaround. In this research it is proposed that subverting existing knowledge is as much a part of the corporate turnaround process as other change management activities, a concept termed “dialogic knowledge subversion”. Conceptual development was supported by a literature review into change, knowledge, discourse and Bakhtinian theories. This theoretical investigation was further developed using two empirical studies. The first empirical work focused on the case study of an organisation which had turned itself around. Findings from fifteen interviews and a focus group workshop were gathered and analysed using story network architecture and dialogic concepts. The data was further developed with a second empirical study, which investigated corporate turnaround from the perspective of twelve expert practitioners. Findings from these studies were used to develop a model for knowledge subversion in corporate turnaround situations. There are a number of contributions to change management theory and practice offered by this investigation. The research finds that dialogic knowledge subversion is present and required in the process of corporate turnaround. Furthermore, practitioners use the breakdown of existing knowledge in the organisation to create the impetus for change and build momentum for the turnaround. Indeed the research suggests that experts regard knowledge subversion as essential to the change process and actively create the conditions where it thrives. A dialogic knowledge subversion model for corporate turnaround is proposed, which is a resource for change theorists and practitioners alike.
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Pandit, Naresh R. "Towards a grounded theory of corporate turnaround : a case study approach." Thesis, University of Manchester, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.543933.
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This study of corporate turnaround was conducted for three reasons. Firstly, from a long-run social welfare perspective, we began in the belief that efforts to rescue ailing firms are, in general, worthwhile as the economic and social benefits outweigh the costs. Secondly, the significant and increasing incidence of firms that find themselves in situations of sustained performance decline indicates the growing importance of the problem. Thirdly, the notable absence of a theoretical framework of corporate turnaround. The principal objective of this study was the generation of a theoretical framework of corporate turnaround. The methodology employed to meet this objective was the style of qualitative research known as the grounded theory approach and since our units of data were cases of turnaround, aspects of the case study method were incorporated. In operationalising the chosen methodology, two lesser auxiliary objectives were defined. Firstly, to assess the utility of on-line computerised databases as a primary source of data for this type of research; and secondly, to assess the utility of computer-based qualitative data analysis software packages in this type of research. Through the analysis of the three case studies (the 'literature' case study and the two 'empirical' cases) a rich theoretical framework of corporate turnaround was generated and tested. Appropriate recovery strategies were found to be contingent upon six sets of contextual factors: the causes of decline; the severity of the crisis; the attitude of stakeholders; industry characteristics; changes in the macroeconomic environment; and, the firm's historical strategy. The content of recovery strategies was usefully decomposed into operational level actions (management change; improved controls; restructuring finances; decentralisation; reduction in production costs; investment in plant and machinery; and, improved marketing) and strategic level actions (asset reduction/divestiture; product/market reorientation; vertical integration; and, joint-ventures). A temporal or implementation dimension was also discovered. Successful actions to effect recovery fell into four distinct (but overlapping) stages (the management change stage; the retrenchment stage; the stabilisation stage; and, the growth stage). Finally, 53 propositions linking the concepts and categories within the framework were generated. In chapter eight, the theoretical framework was assessed in the wider context of the literature on strategy formation. The framework was found to ultimately belong to the rationalistic school of thought but also was argued to provide a means of integrating that school with the supposed alternative incremental school of thought. This integration was suggested on the basis of context. With respect to the two lesser auxiliary objectives of this study, we found firstly, that the data available from the on-line databases Reuters Textline and Predicasts PROMT to be extremely appropriate for this type of research. The hundreds of articles extracted provided a rich and diverse source of information for the two 'empirical' cases. Our second auxiliary objective was to assess the utility of computer-based qualitative data analysis software packages when used in conjunction with on-line data in grounded theory research. In general, we found the packages to be of limited use (rather than easing the process they tend to overcomplicate it) with much development required before they can make a significant impact on the conduct and quality of qualitative research. However, we found the package that we used (ATLAS) to be very much the exception to the rule.
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Noall, Paul. "Corporate turnaround : the application of the contextualist framework for organisational change." Thesis, University of Manchester, 2001. https://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.669223.
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GOTTEINER, Sharon Shimon. "The Situability of Turnaround Strategies for Non-Crisis Situations." Doctoral thesis, Universitat Internacional de Catalunya, 2018. http://hdl.handle.net/10803/664847.
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For more than three decades it has been suggested that the management practices that had saved collapsing companies, could have also kept them well – if implemented earlier, in a preemptive manner. This research pursued empirical evidence of the same, in view of the impact that such an approach could have on traditional management practices, if validated. Data was collected from tens of CEO of non-cash-challenged firms, regarding their perceptions of a range of corporate turnaround activities. The results revealed that most of the commonly-used turnaround practices tested were highly supported by participants. The results also revealed an important and statistically significant contingency, related with such support. Overall, the results support the conclusion, that corporate turnaround practices are suitable for non-crisis situations too, as long as not prioritizing cash-generation over medium and long-term business considerations. The contribution of such a conclusion is tangible: It may help fill a gap in traditional management science, relating to its coverage of the field of organizational decline, and specifically, how organizational decline should be coped with, and managed. Educational programs in the field of business administration may have an opportunity to get enriched with such valuable and practical “Anti-Decline” materials. Finally, such enriched educational programs may nurture a new generation of future managers, who shall be more equipped with tools to cope with the ever-changing conditions of organizational and business conditions, for the benefit of their shareholders, and stakeholders.
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Balgobin, Rolph N. S. "A comparative case study analysis of corporate turnaround in the UK computer industry." Thesis, University of Manchester, 2000. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.630464.
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The thesis attempts to move closer towards a general theory of corporate turnaround by advancing knowledge in a local context characterised by rapid change - the UK computer industry. With existing findings lacking explanatory power, an initial framework integrating concepts from turnaround and the resource-based view (RBV) of the firm was developed. This was then matched against the experience of purpose-selected firms (2 successful and 2 unsuccessful) to produce an empirically grounded conceptual framework which could advance holistic understanding of how and why firms succeed in recovery. The study found that the process of turnaround occurs in 4 distinct phasescrisis development, management change, transformation and stabilisation and return to growth. Successful turnaround firms have shorter periods of decline which culminate in the occurrence of a trigger cause which leads to existence threatening crisis. A turnaround is effected by replacing problematic management and through the development and implementation of a coherent, analysis-based plan by a stable turnaround team. The resources used by firms to successfully turnaround are often under the firm's control at the advent of crisis and meet specific criteria for quality. Several other factors influence the turnaround attempt, particularly the attitude of stakeholders. The perception of the nature of the crisis was also found to distinguish successful from unsuccessful firms.
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Lai, Chee Chuen. "Corporate restructuring and turnaround : an exploratory study of the determinants and effectiveness of corporate restructuring strategies by troubled UK firms." Thesis, City University London, 1997. http://openaccess.city.ac.uk/8274/.
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In spite of decades of research into corporate turnaround strategies, corporate failures persist. Knowledge of remedies appears to be a necessary but insufficient condition for turnaround. There exists yet a serious gap in extant knowledge on what motivates managers to choose or avoid well-documented restructuring strategies. Further, extant research has focused predominantly on severely distressed firms. Though contributing immensely to corporate management out of a crisis, it throws little light in the direction of management to avoid a crisis, and thus avoidance of economic value destruction. Also, no large sample analysis has properly tested the general effectiveness of prescribed turnaround strategies. This research attempts to fill these empirical gaps by exploring three key research questions: I. What are the determinants of restructuring strategy choice in response to performance decline 2. How effective are the prescribed turnaround strategies in contributing to corporate turnaround from performance decline? 3. Are the turnaround strategies equally applicable and effective to both poorly performing and financially distressed firms? We integrate the disparate studies to date and devise a coherent framework for performance decline research and corporate restructuring. We also design a comprehensive strategy determinants framework for explaining the firm strategy selection process corporating the impact of lenders, owners, corporate governance structure and control factors. We employ the standard event study methodology to examine effectiveness of strategies. We then separate implementation success from other sources of strategy effectiveness- choice, timing and intensity of restructuring strategies. We also explore differences in the determinants and effectiveness of strategies between two samples comprising nearly 300 poorly performing and 200 financially distressed firms, as a function of the extent of firms' performance decline. Our results show that turnaround strategy choices are significantly influenced by the complex interplay of the ownership structure, corporate governance and lender monitoring of the firms in decline. While there is agreement among stakeholders on certain strategies there is also evidence of conflict of interests. The results also show the somewhat detrimental effects of dominance by certain stakeholder groups. However, no support for managerial inaction as a contributor to non-recovery from performance decline iss found. Instead of being paralysed by inertia, managers of on recovery firms appear to take vigorous and intensive restructuring actions. Our results suggest the root cause of non-recovery is bad implementation of restructuring strategies. Although pursuing similar strategies, non-recovery firms' managers are perceivedb y the markett o be far lesse ffective in their implementationst han those of recovery fin-ns. Comparative analysis of poorly performing and financially distressed firms reveals a striking similarity in determinants of strategy choice but some differencesi n the impact of restructurings trategieso n corporatet urnaround.
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Zavalloni, Giulia <1996>. "Organizational Crisis and Corporate Turnaround: Strategies for a Successful process. Can innovation be the key?" Master's Degree Thesis, Università Ca' Foscari Venezia, 2020. http://hdl.handle.net/10579/18091.
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Una crisi aziendale può essere definita come un particolare momento di difficoltà nella vita dell’impresa. Questi fenomeni possono essere causati da molteplici fattori, alcuni endogeni e più facilmente controllabili, altri che dipendono dall’ambiente esterno e di più difficile previsione e successiva risoluzione. Il goal per le aziende è quello di riuscire a trasformare una crisi in un momento di esame che possa costituire un nuovo punto di partenza per tornare ad essere competitive e profittevoli.
Lo scopo della prima parte dell’elaborato è quello di analizzare le diverse cause, tipologie e classificazioni di una crisi aziendale e le diverse strategie di corporate turnaround. Il secondo obiettivo è invece quello di indagare quali sono gli strumenti adottabili dall’azienda che possano costituire dei segnali premonitori di una possibile crisi aziendale, in modo da implementare per tempo le necessarie misure correttive. Verranno anche esaminate le tecniche per la valutazione delle strategie attuate ex-post, confrontando le leve che possono essere utilizzate per un corporate turnaround di successo e gli errori frequenti che portano invece al suo fallimento.
Nella seconda parte dell’elaborato, il focus sarà sull’innovazione come principale leva e strumento utilizzabile per aumentare i profitti e la quota di mercato dell’azienda e uscire dalla crisi. Verranno posti a confronto due case studies di aziende simili per natura e per origine della crisi, che hanno attuato strategie di turnaround diverse e ottenuto risultati opposti. Sarà quindi valutato l’impatto delle strategie innovative adottate come tool per il risanamento sull’outcome del processo di turnaround.
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Shabrova, Elena, and Bolaños Juan Manuel Figueroa. "Corporate Governance and Turnaround: Lessons for International Acquisitions of Distressed Firms : The case of Krenholm, Estonian textile manufacturer." Thesis, Linköpings universitet, Företagsekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-89936.
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Background: In the context of rapid market development and globalization, the role of corporate governance has become crucial in determining firm’s direction, control and performance. No substantial investigation has been made to explain the role of corporate governance in the context of widely used strategy for organizational growth – mergers and acquisitions (M&A). Acquisitions of distressed firms represent a particular area within the field of M&A. Distressed firms are characterized by existence-threatening decline in financial performance, and therefore, require special attention from corporate governance actors in turning the company around from bankruptcy and resuming its normal operations. Despite the fact that a substantial body of literature has been developed on turnaround theory during the last four decades, researchers have mostly been focusing on the content of turnaround strategies and have been studying the cases of single firms. Aim: The purpose of this master thesis is to provide a better conception of the role of corporate governance mechanisms in managing the turnaround process in the context of a distressed firm after its acquisition by a foreign company, and the necessity for corporate executives in initiating post-acquisition integration between these merged companies. Completions and results: A model of corporate governance within the context of international acquisitions of distressed firms was designed. According to the model, corporate governance mechanisms should assure close communication, clear leadership and its continuity, vision and proper choice of the corporate governance actors. Moreover, corporate governance should reinforce post-acquisition integration between the distressed company and the acquirer. It is important to find a proper level of integration according to each particular case. The major focus in international acquisitions should be on managerial and socio-cultural integration. Consequently, proper post-acquisition integration can facilitate the turnaround process and gaining synergies from combining two organizations.
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Luisetto, Giulia <1997>. "Il Corporate turnaround nell’era pandemica: Fit e Misfit aziendale nella prospettiva di benchmark. Il caso studio Aroma Expresso S.r.l." Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/20176.
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In un contesto come quello nel quale il mondo attualmente si trova, dove l’emergenza epidemiologica causata dal Covid-19 ha portato con sé, oltre che a rilevanti problematiche sotto il profilo sanitario, anche irrimediabili conseguenze a livello sociale ed economico, la gran parte delle aziende del tessuto produttivo locale si trova sicuramente in una situazione di incertezza e di crisi, che le porta a rivedere nella loro interezza o quasi molte delle loro strategie aziendali.
Le imprese, in una situazione di questa portata, devono necessariamente fermarsi e capire ciò che succede nelle loro realtà, devono analizzare attentamente il contesto e agire in modo tale da mantenere in vita ciò che continua a funzionare nonostante la crisi, ma al contempo cercare di risanare tutto quello che la pandemia ha messo a dura prova o addirittura ha fermato.
L’analisi che verrà sviluppata si sofferma proprio su questo problema, ed attraverso lo studio delle strategie ottimali per far sì che le realtà in crisi possano risollevarsi, proporrà un’attenta indagine bastata sul riposizionamento aziendale, il cosiddetto Corporate Turnaround.
Partendo dunque dall’identificare la crisi e le ripercussioni che questa ha avuto all’interno del Business Model Canvas, la riflessione procederà successivamente con la trattazione delle tecniche e delle fasi che caratterizzano i processi di ristrutturazione aziendale, soffermandosi in particolar modo sulle problematiche che possono derivare dalla cultura organizzativa all’interno di un’azienda.
Nel Corporate Turnaround, infatti, uno degli aspetti maggiormente critici scaturisce dalla difficoltà che le aziende spesso hanno nel momento in cui si ritrovano di fronte a delle situazioni nelle quali l’organizzazione interna, per svariati motivi, non favorisce la ristrutturazione e dunque i manager, oltre a dover affrontare le criticità legate al contesto, si vedono costretti a fronteggiare anche ulteriori problematiche interne alla realtà aziendale.
La tesi prosegue poi con un focus specifico sui concetti di Strategic Fit e soprattutto Strategic Misfit, con lo scopo di evidenziare e principali problematiche che si vanno a delineare in un contesto di crisi e le possibili soluzioni adottabili per risanare l’azienda: in quest’ottica, e alla luce delle problematiche imprenditoriali, tecnologiche, organizzative e relazionali, vanno ad identificarsi delle misure di riferimento adeguate e funzionali ad una buona contestualizzazione di quanto emerso.
Analizzando successivamente il caso pratico della società Aroma Expresso S.r.l., la trattazione si propone di inquadrare quanto precedentemente analizzato a livello teorico calando il tutto all’interno di una realtà esistente, mettendo in luce in primo luogo quelle che possono essere state le soluzioni migliori che l’azienda ha scelto di abbracciare e proponendo al contempo degli spunti di riflessione che possano essere di utilità per possibili evoluzioni future della pandemia.
Rimane di fondamentale importanza ricordare che in qualsiasi analisi tenere in considerazione in ogni momento il mutare del contesto e considerare informazioni attuali ed aggiornate sia il punto di partenza ottimale per poter sviluppare una strategia di successo e duratura nel tempo.
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Goodnight, Ronald Keith. "A major turnaround from massive lay-offs to hiring employees : a company culture proved more accurate than management's predictions." Virtual Press, 1988. http://liblink.bsu.edu/uhtbin/catkey/546121.
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This in-depth study looked at a major manufacturing company during a year when management projected contract losses and massive lay-offs and terminations. The company's hourly employee culture indicated that the major automotive customers of the company were influential driving forces and would rescue the company from the dire management predictions. The principal major research question was to determine the accuracy of predictions based upon the company's hourly workers' culture versus management's predictions and actions based upon external sources.Another investigation area was the company management's actions to manifest their avowed "our employees are our most valuable resource and asset" belief statement. Similarly, would the Professional and Technician Equal Employment Opportunity job groups have the smallest percent of reduction, since the company's primary strength was purported to lie in its engineering and technical employees?Interviews, data collection and analysis, and monthly task force investigations and communications revealed the company culture was definitely more accurate than the numerous predictions made by management. As the "culture" predicted, the loss of the contracts did not occur. The company concluded the year with increases in total employment. Temporary lay-offs did occur during the year and management took numerous actions to help both retained employees and those being terminated or laid-off. Such actions included outplacement services, stress reduction programs, job placement and resume writing, and instituting communication networks and procedures and a Dispute Resolution Procedure. The company did show that the employees were valuable and important assets.The reduction numbers and percents for the Professionals (engineers) and Technicians were exactly opposite of what management typically avowed. The largest category reduced was the Technicians and the second-largest category was the Professionals.The company continued to be quite viable and the future outlook became optimistic, which coincides with the company culture that the major automotive customers will always be there needing the company's products.The company management took several steps to prevent their predictions from occurring, while hourly employees, using only history which is not a very dependable source for industry today, happened to be correct in this study.The primary conclusion was that the culture of the company's hourly workers was more accurate in predicting the future than management's predictions based on supposed knowledgeable external sources. It was recommended that internal cultural based predictions and externally based information be blended together for the most accurate predictions. This will provide all managements everywhere a better information base for making decisions, particularly strategic planning decisions.Center for Lifelong Education
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Abebe, Michael A. "The effect of top management team demographic composition and CEO power on corporate turnaround performance under environmental stability and turbulence /." Available to subscribers only, 2008. http://proquest.umi.com/pqdweb?did=1650505051&sid=10&Fmt=2&clientId=1509&RQT=309&VName=PQD.
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Pinheiro, Leonardo Miguel Soares. "Aplicação de processo de reestruturação empresarial : estudo de caso - Termetal, LDA." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/18038.
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Mestrado em Ciências EmpresariaisEste projecto consistiu na concepção de uma metodologia para implementação de uma reestruturação empresarial, de uma Micro empresa portuguesa em situação de crise, na área da metalomecânica. A vertente teórica fundamenta-se numa revisão da literatura, tendo-se observado uma notável discrepância nas perspectivas e definições dos investigadores, com uma abordagem baseada em factores de declínio e crise das empresas e nas estratégias por elas praticadas. No decorrer da investigação, procurou-se sempre interligar a componente prática com a teoria investigada. Mediante um estudo de caso, que envolveu análise documental das informações financeiras, análise da cadeia de valor, do mercado externo e posterior concepção de uma matriz SWOT, realizou-se um diagnóstico da situação actual da empresa que permitiu delinear os objectivos e a proposta de estratégia futuros. A decisão final teve por base um estudo de viabilidade da implementação dos planos estratégicos - denominados "As Is" e "To Be" - assente numa metodologia de avaliação do valor dos capitais próprios no final do período considerado de reestruturação do negócio.
This project consisted of the conception and application of a practical methodology of the implementation of business restructuring in a micro portuguese company at a risky situation within the metalomechanics area. Basing the theorical aspect on a literature review we observed a great discrepancy between the investigators´perpectives, in an approache based on the facts leading to decline and company crisis, and the common practiced strategics. In the course of the investigation, methodology was based on the diferent author´s points of view, always interlinking the practical aspect and the investigated theory. Through a study case which involved financial documental analysis, value chain and external market analysis and posterior conception of the SWOT matrix, a diagnosis of the company´s actual situation was carried out which permitted a delineate of a future strategic proposal. The final decision feel upon a viability of implementation of the strategic plans´ studies comparison - called "As Is" and "To Be" - based on actualized equity market value evaluation methodology from the final of the period considered in the business restructuring.
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Oliveira, José Manuel Zambujal de. "DESEMPENHO DE PEQUENAS E MÉDIAS EMPRESAS EM PROCESSOS ESPECIAIS DE RECUPERAÇÃO." Master's thesis, ISEG, 1999. http://hdl.handle.net/10400.5/22024.
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Mestrado em Gestão (MBA).Para algumas das empresas em grandes dificuldades financeiras, as práticas de ' reestruturação são executadas no âmbito do Código dos Processos Especiais de Recuperação de Empresas e Falências (CPEREF). Como se pretende assegurar a continuidade da empresa, protegendo-a do ataque dos credores enquanto se reorganiza, o CPEREF impõe regras e propõe providências com o fim de recuperar as empresas. O objectivo deste estudo é investigar se as empresas aproveitam eficientemente este enquadramento legal. Como tal, estuda o desempenho de algumas empresas através de indicadores financeiros e tenta relacionar os seus valores com as medidas adoptadas durante o processo de recuperação. As conclusões mostram que as empresas estudadas revelam níveis baixos de desempenho após 3 anos de processos especiais de recuperação. Das 10 empresas estudadas, apenas 3 tiveram resultados líquidos positivos, nenhuma delas está em situação de criação de valor para os accionistas e apenas uma delas tem fortes probabilidades de sobreviver. As conclusões mostram, ainda, que as empresas mais bem sucedidas são aquelas que adoptaram mais medidas legais de Encerramento de Estabelecimentos e Cessação de Actividades e se mantêm mais renitentes à Entrada de Novos Sócios, às Conversões de Capital e à Constituição de Sociedades.
For the majority of the firms in severe financial distress, the restructuring practices are executed imder CPEREF. As the CPEREF pretends to ensure continuity of the firm, protecting it from the thread of the creditors, during its reorganisation, CPEREF imposes mies and proposes measures with the aim of turnaround the firms. The objective of this study is investigating if the firms are efficiently using this legal context for incrementing their value. In that way, the performance of several firms was studied through financial indicators and there were made tries to relate that values with the measures adopted during the turnaround process. Conclusions show that the companies that have been studied reveal lower leveis of performance after three years of bankruptcy process. From the companies studied, only three had profits, none of them have been capable of adding economic value and only one has good possibilities of surviving. The most well succeed companies are the ones that close divisions, cease activities and offer resistance to the entrance of new partners, to debt conversions and to the creation of new firms.
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Ogawa, Eliza Harumi. "Estresse financeiro e recuperação no ambiente corporativo: estudos de casos no setor de telecomunicações do Brasil após privatização." reponame:Repositório Institucional do FGV, 2007. http://hdl.handle.net/10438/2049.
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Previous issue date: 2007-01-24T00:00:00ZO objetivo deste trabalho foi explorar o tema de estresse financeiro e recuperação no ambiente corporativo através de uma revisão bibliográfica e estudos de casos, fazendo um paralelo entre os conceitos e conclusões levantadas por autores que estudaram o tema e casos reais vivenciados por empresas do setor de telecomunicações no Brasil. Muitos autores apontaram os fatores externos (cenário macroeconômico, mudanças na estrutura da indústria, falta de liquidez no mercado financeiro, etc.) e os fatores internos (erro dos administradores) dentre as principais causas que levam uma empresa a apurar estresse financeiro, enfatizando que, os fatores internos são determinantes na maioria dos fracassos corporativos. Os autores também mencionaram importantes estratégias de sucesso a serem implementadas dentro de um processo de recuperação, destacando as estratégias voltadas para o aumento de eficiência (redução de custos e despesas, venda de ativos, etc.) e estratégias voltadas para o empreendorismo (re-posicionamento de mercado, entrada em novos produtos). O trabalho desenvolveu estudos de casos de empresas do setor de telecomunicações do Brasil no período após a privatização, que vivenciaram estresse financeiro e implementaram um processo de recuperação. Dentro deste critério, os casos de estresse financeiro da Embratel e da BCP foram os objetos de análise e contribuíram para interessantes conclusões sobre as causas que levaram as empresas de telecomunicações a enfrentarem estresse financeiro, as estratégias de recuperação implementadas, os aprendizados dos casos analisados e como os conceitos e conclusões descritos na revisão bibliográfica se aplicaram nos casos.
This dissertation aimed at analyzing the financial distress and turnaround situations within the corporate environment, through a bibliography revision on the subject and also through case studies. This study assessed the concepts and the conclusions drawn from authors, who have researched the theme, and compared to real cases of telecommunication companies in Brazil. Many authors mentioned several external reasons (macroeconomic scenario, industry structure changes, lack of liquidity in the financial markets, etc) and also internal reasons (bad management) among the main causes of corporate decline. They highlighted that, in most cases, the internal reasons are the key contributors for corporate failures. The researchers also described important set of prevalent strategies implemented in successful turnaround processes. Among those strategies, the authors mentioned the efficiency-oriented strategies (also known as “retrenchment activities” that include cost reductions, downsizing and downscoping) and the entrepreneurial strategies, including changes in market positioning and new market entrance actions. This dissertation also developed case studies on telecommunication companies in Brazil that experienced financial distress and turnaround process after the privatization event. Following these criteria, the financial distress and recovery process of Embratel and BCP contributed for interesting conclusions on the business failure causes, the turnaround strategies executed, the lessons-learned from the analyzed cases and also on how the concepts and conclusions brought by the researchers fit in the cases studied.
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"The institutional constraints of turnaround in East Asia." 2001. http://library.cuhk.edu.hk/record=b5890752.
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Chan, Eunice Shan.Thesis (M.Phil.)--Chinese University of Hong Kong, 2001.
Includes bibliographical references (leaves 108-119).
Abstracts in English and Chinese.
ABSTRACT --- p.i
CHINESE ABSTRACT --- p.ii
ACKNOWLEDGMENTS --- p.iii
TABLE OF CONTENTS --- p.iv
LIST OF TABLES --- p.v
LIST OF FIGURES --- p.vi
CHAPTERS
Chapter 1. --- INTRODUCTION --- p.1
Chapter 2. --- LITERATURE REVIEW --- p.5
Definitions of Turnaround --- p.5
Causes of Firm Decline --- p.6
Severity of the Situation --- p.8
A Western Perspective on Turnaround Responses --- p.10
Turnaround Success --- p.20
Turnaround in the Non-U. S. Contexts --- p.21
Chapter 3. --- THEORETICAL FRAMEWORK AND HYPOTHESES --- p.23
Organizing Framework --- p.23
Institutions and Their Impact on Turnaround --- p.26
Institutional Environment in East Asia and the West --- p.32
Hypotheses --- p.44
Chapter 4. --- METHODOLOGY --- p.54
Research Design --- p.54
Quantitative Methods --- p.55
Qualitative Methods --- p.62
Chapter 5. --- RESULTS --- p.65
Quantitative Results --- p.65
Qualitative Evidence --- p.79
Chapter 6. --- DISCUSSION AND CONCLUSION --- p.97
Implications --- p.98
Limitations and Future Research --- p.102
Conclusion --- p.104
REFERENCES --- p.108
APPENDIX 1: INTERVIEW PROTOCOL --- p.120
APPENDIX 2: ANALYSIS OF FIRMS WITH NON-ETHNIC CHINESE PRINCIPALS REMOVED --- p.121
APPENDIX 3: ANALYSIS OF FIRMS WITH LOW Z-SCORES --- p.123
APPENDIX 4: ANALYSIS OF FIRM SIZE --- p.126
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Chingosho, Elijah Wing Commander. "Turnaround strategies for SADC airlines with specific reference to Air Zimbabwe." 1998. http://hdl.handle.net/10500/16523.
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The financial and economic performance of SADC airlines has been poor for some time. The governments, citizens of SADC countries and donor agencies are no longer tolerating the existence of the loss making foreign currency intensive, prestige national airlines. This dissertation seeks to find ways to turnaround the poor performance of SADC airlines.
The dissertation focused on the three basic turnaround strategies of cost leadership, differentiation and focus.
The McKinsey 7-S framework was used to analyse the strengths and weaknesses of SADC airlines.
The external (operating) environment was also analysed to determine the opportunities and threats. A study was carried out of some successful turnarounds of British Airways and Scandinavian Airline System. Singapore International Airlines, one of the most successful airlines in the world, was also studied in detail.
The study showed that the strategy of cost leadership while focusing on domestic and regional operations was most likely to result in optimal performance of SADC airlinesEconomics and Management Sciences
M.Com. (Transport Economics)
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"Strategic management techniques used to add value in a profit driven organization." Thesis, 2012. http://hdl.handle.net/10210/5676.
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M.Ing.This report addresses an empirical study into the re-structuring of Transnet group of companies. The study is based on the outcome of the re-engineering process focusing on Spoornet as a member of Transnet. The departments partially studied are, the Infrastructure Maintenance department and Train Operations department with-in Spoornet. The objective of this study is to achieve a break-even point between maintenance and the business side so as to increase operational profit in Spoornet. Outsourcing is a management tool used to make more profit. It is also a way of getting rid of unwanted business units. This will help increase shareholder value and reduce operating costs so that management can focus on core business units. The results expected from outsourcing in this study are aligned with the business process engineering "BPR" results. From the BPR results the business units were classified as core and non-core business units. Non-core business units were discontinued while core business units were further classified into core department, which is the running of trains, and the non-core department as maintenance departments. The maintenance departments are fully represented on a functional level while they used to have a full representative on the corporate level before restructuring. Cutting-off these logistic support departments at a corporate level, can have an effect on maintenance being undermined due to lack of specialists input at a higher level in terms of systems engineering and maintenance. This can lead to system's lack of maintenance and an increase in systems failure, making the system un-reliable and unsafe for the passage of trains while on the other hand the business will be lost back to the competitors, who in this case is the road freight business. A case study is discussed in the dissertation where value added techniques such as the business turnaround process, outsourcing and Integrated Logistic Support "maintenance" were applied in this study.
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Konoplev, Roman Vadimovich. "Ambar's corporate turnaround: from insolvency to expansion." Master's thesis, 2020. http://hdl.handle.net/10071/22278.
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In 2013, at the Commercial Court of Vila Nova de Gaia, was being discussed Ambar’s
insolvency, after 30 workers had filed a request for insolvency of this Portuguese stationery
company. Ambar was extremely indebted, the production had come to a halt, the company
had no raw material to work with and its employees had not been paid for several months.
Six years later, in 2019, the company was selling to more than 500 clients in 25 countries,
exporting 40% of total sales, and planning to invest €10 million to expand its business and
to develop a sustainable growth strategy. With the present Case Study, we aim to explore
the concept of Corporate Turnaround in a simple and engaging way, with the intention of
inviting Master’s students to participate in the Case Resolution, by choosing a real-life
example. In order to do so, this project follows the process since the first signs of distress
until the insolvency process, and explores the successful recovery of Ambar and the
company’s expansion. By providing a detailed analysis of Ambar’s external factors,
describing the insolvency procedures in Portugal, offering an analysis of the Corporate
Turnaround Process, discussing the implemented measures and other factors that contributed
for the recovery, and given the 2020 worldwide pandemic situation - with an increasing
amount of company failures and growing unemployment -, this Project presents an additional
value for companies in similar conditions and may be used as a helpful guide.Em 2013, no Tribunal de Comércio da Vila Nova de Gaia, estava a ser discutida a insolvência da Ambar, após 30 trabalhadores terem apresentado um pedido de insolvência desta empresa de papelaria Portuguesa. A Ambar estava extremamente endividada, a produção estava parada, a empresa não tinha matéria prima para trabalhar e os trabalhadores não tinham sido pagos durante vários meses. Seis anos depois, em 2019, a empresa tinha mais de 500 clientes em 25 países, exportava 40% das vendas totais, e planeava investir €10 milhões para expandir o seu negócio e desenvolver uma estratégia de crescimento sustentável. Com o presente Estudo de Caso, pretendemos explorar o conceito de "Turnaround" Empresarial de uma forma simples e cativante, com a intenção de convidar os estudantes de mestrado a participar na sua resolução, escolhendo um caso real. Para tal, este projeto segue o processo desde os primeiros sinais de dificuldade até ao processo de insolvência, e explora a recuperação bem-sucedida da Ambar e a expansão da empresa. Ao providenciar uma análise detalhada dos fatores externos da Ambar, descrever os procedimentos de insolvência em Portugal, oferecer uma análise do processo de "Turnaround" Empresarial, e discutir as medidas implementadas e outros fatores que contribuíram para a recuperação, e tendo em conta a situação pandémica mundial de 2020 - com um crescimento de falências de empresas e crescente desemprego -, este Projeto apresenta um valor adicional para as empresas em condições semelhantes e poderá ser utilizado como um guia.
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Chang, Chih-Yi, and 張至毅. "Can CEO Duality Lead to Successful Corporate Turnaround?" Thesis, 2014. http://ndltd.ncl.edu.tw/handle/8d97kq.
Full textAbstract:
碩士國立東華大學
國際企業學系
102
Findings of impacts of CEO duality of a firm on the firm’s turnaround have been inconclusive in most previous research. The purpose of the study is to examine the effectiveness of (1) the timing of CEO duality, (2) change of CEO duality leadership structure, (3) different types of CEO duality, and (4) the deviation of control rights on a firm’s turnaround performance. Employing a dataset composed of 1,131 declining firms across 22 industries during the investigation period of 1998-2012 in Taiwan, our findings suggest that the change of CEO duality leadership structure has a significantly negative impact on a firm’s successful turnaround and the CEO duality also is not an optimal leadership structure during a turnaround period. Besides, the higher degree of deviation of the control rights from declining firms will weaken the possibility of turnaround success. Moreover, declining firms should adopt the separation role of CEO and the chairman of the board. These results provide strongly support to agency theoretic perspectives that the corporate leadership structure under CEO duality may result in relative poor corporate performance and an unsuccessful turnaround. In advance, the findings can offer important managerial implications of corporate governance structure of CEO duality when a firm needs a turnaround.
40
You, Yao-Ling, and 游曜菱. "Corporate Turnaround Announcement Effect and Influencing Factors Analysis." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/f9t627.
Full textAbstract:
碩士國立臺灣師範大學
管理研究所
105
In this study, we examine whether the news release of “Corporate turnaround” could cause a positive cumulative average abnormal return (CAARs), and examine determinants that influence the average cumulative abnormal return. The sample consists of 2714 Taiwan corporates that had ever experienced losses for four consecutive quarter and a successful turnaround from the second quarter of 2006 to the second quarter of 2016.The results indicates “Corporate turnaround” news release will directly influence on average cumulative abnormal returns of stock price. The relation between news release of “Corporate turnaround” and return of stock price is significantly positive. But the average cumulative abnormal returns are not large, and the announcement effect is not strong. Another purpose of this study is to identify determinants affecting the CAARs. I employ multiple regression and probit model as research methods to examine the important factors of the CAARs. The empirical results shows that the shareholders' return on equity (ROE) and dealer shareholding ratio are positively correlated with the average abnormal rate of return. We inference that the ROE is an indicator of firms performance. When investors measure the profitability of an enterprise, they refer to the rate of return on shareholders' equity, resulting in a higher average accumulated abnormal reward. In the part of dealer shareholding ratio, the literature shows that dealers tend to bargain hunt and reap profits when the stock price rise, so we also inference that dealers tend to bargain hunt in advance and reap the profits when the news of “Corporate turnaround” is announced so as to push up the CAARs.
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Rybarova, Katerina. "Turnaround private equity." Master's thesis, 2019. http://hdl.handle.net/10362/70544.
Full textAbstract:
This paper analyzes the desired parameters of a target of a private equity focused on
turnarounds and the decision process behind it. Using four linear regressions for each stage of the
decision process – lead, indicative offer, binding offer and win – the characteristics increasing the
chance of the target to be acquired by the private equity were determined. This research used data
of a company called Mutares AG.
In the Lead stage the target was significantly (significance level of below 10%) influenced by
profitability, debt levels, type of industry it finds itself in and size of the seller. In the Indicative
Offer stage, a significant influence exhibited the turnover, debt levels and size of the seller. In the
Binding Offer stage, profitability, type of industry it finds itself in and size of the seller had a
significant influence on the dependent variable. In the Win stage, the variables that were found to
be significant were size of the seller and size of the target.
In the following sections literature review, data description and collection as well as results
and their detailed analyses can be found.
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Ó, Rogério Ferreira do. "Turnaround em Portugal." Master's thesis, 2010. http://hdl.handle.net/10071/3663.
Full textAbstract:
O presente estudo aborda o fenómeno de recuperação de empresas (Turnaround) em Portugal. Através de inquéritos e entrevistas a gestores e outros protagonistas de casos bem sucedidos de Turnaround em Portugal, este estudo procura identificar se há um conjunto de factores característicos dos Turnaround em Portugal e, confirmada essa hipótese, se desses factores é possível extrair conhecimentos potencialmente úteis para a gestão de empresas em situação de declínio.
Na primeira parte enunciam-se os objectivos do estudo e a revisão da literatura sobre Turnaround. A segunda parte apresenta a metodologia utilizada e procede à análise e discussão dos resultados, enquadrando-os no âmbito da literatura consultada. Por último, expõem-se as conclusões de que há uma matriz comum aos processos de Turnaround bem sucedidos em Portugal e sobre a mesma, extraem-se perspectivas sobre a gestão de empresas em dificuldades.This paper studies the Turnaround in Portugal. Through inquiries and interviews to managers and other experienced players, this study seeks to confirm the existence of a framework of common factors to the Portuguese successful Turnaround processes, and if confirmed, if it is possible to transpose, from that framework, some potentially useful guidelines to the management of under-performing companies. The objectives of the study and a survey of the Turnaround literature are presented on the first part of the document. It follows the enunciation of the used methodology and the presentation of the analysis and discussion of the output under the perspective of the consulted literature. Finally, the common Portuguese successful Turnaround framework is identified, as well as, some perspectives about the management of declining companies.
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Liu, Chao-Hsuan, and 劉兆軒. "Turnaround Manager of Corporate Reorganization:Taking the JAL Case as an Example." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/khtm9g.
Full textAbstract:
碩士國立臺中科技大學
應用日語系日本市場暨商務策略碩士班
102
Japanese government has started to take measures to solve the economic problems and the financial instability in the Lost Decade in Japan. Employing a turnaround manager to save a company by Corporate Reorganization has become a trend in Japan. Kazuo Inamori, the founder of KYOCERA Corporation, was regarded as one of the repressive turnaround manager. He was nominated as CEO of JAL on February 1, 2010. And he managed to complete the corporate reorganization of JAL for only 2 years and 8 months. The main purpose of this research to figure out the reason why Kazuo Inamori is able to dominate the manufacturing industry, and how a CEO like him who was once from other industry could bring such influence to a company and completed the mission of JAL’s corporate reorganization.
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Zeng, Sin-Min, and 曾馨民. "A Case Study of Financial Distress and Corporate Turnaround ─ Asia Pacific Telecom." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/pgrqr8.
Full textAbstract:
碩士國立臺灣大學
會計學研究所
100
The paper takes Asia Pacific Telecom (APT) as example to introduce and analyze its corporate turnaround process. The paper uses case-study method to investigate the strategies and critical successful factors of the turnaround process. The paper analyzes the plan and strategies of the corporate turnaround of APT. The results reveal that the scope of corporate recovery is not limited to financial restructuring. The successful turnaround strategies of the case company included three main dimensions: personnel restructuring, financial restructuring, and operating restructuring. Moreover, the characteristic of leaders, the support by the shareholders and creditors, the successful application of litigation strategies, the restructuring of the corporate structure, the consideration of industrial development trend, and the comprehensive consideration of the advantages and disadvantages of the company were also the critical success factors in the turnaround process. The process of frauds and financial distress of APT can provide a lesson to other companies, and the process of corporate turnaround can be reference to companies ever experiencing finance distress.
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Yang, Tsu-Kai (Ralph), and 楊智凱. "A Study on Turnaround Strategy and Corporate Governance of Financial Distress Companies." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/84573150228043723472.
Full textAbstract:
碩士國立臺灣大學
國際企業管理組
97
THESIS ABSTRACT COLLEGE OF MANAGEMENT NATIONAL TAIWAN UNIVERSITY NAME：Yang, Tsu-Kai MONTH/YEAR：Febuary 2009 ADVISER：Lee, Ji-Ren, Ph.D. A Study on Turnaround Strategy and Corporate Governance of Fiancial Distress Companies Corporate restructure is authorized and under supervision of jurisdiction court. However, this process often becomes a shield for debtors to avoid paying their debts. The whole process is lengthy and painful. Often time, it will further hurt the debtors. The net result after restructuring might make the residual value even lower than that of the starting point. Problem faced by a financial distress company is far more complicated than that of a normal company. Management need to deal with financial difficulty, and in the mean time, confront with many internal and external challenge, such as nasty negotiation with debtor, legal process, and most importantly, to put the company back to a right track. This study attempts to undertake an indepth study on two financial distress companies, Unicap and Yashin, and inductively conclude problematic areas in which amendments of current corporate law concerning corporate governance of financial distress companies shall be taken. In particular, what required by the section 10 of the current corporate law is very difficult for the new management team to follow and create their vision. The regulations are stiff and become a major obstacle for people who really want to do something. We suggest an amendment on the two-layer governance structure and empower the restructuring management team to turnaround the dying company timely. In addition, before the judge concludes a restructuring permission, he or she will apponit an accountant as legal inspector to examine the financial distress company and see if the company is of value to restructure and if the former management had commit malpractice. Once permitted, restructuring supervisor will hire an accountant to monitor the all the operational decisions made by the management team. Union leaders, legislator, tax officer, government officers will all jump in to take their pies which constitute a great interference to the management team to turnaround the company necessary quickly. Finally, our study provides some guidance for those who encounter financial distress situation. Implications for corporate governance and corporate turnaround are discussed.
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Madaree, Ajith. "Managing a business turnaround at a textile manufacturing company : a case study approach." Thesis, 2007. http://hdl.handle.net/10413/1237.
Full textAbstract:
This study explores how a business turnaround was managed successfully at a firm within the textile manufacturing industry. The internal problems/ limitations and external challenges that the firm faced during its business decline are highlighted, as well as the functional level strategies that the firm implemented in order to arrest and then reverse the decline. A case study approach was adopted in order to understand and analyse the business turnaround. The need for studying the turnaround process is warranted as a number of firms in the clothing and textile manufacturing industry that attempt a business turnaround eventually experience greater levels of business decline and close down. The major empirical findings of the study undertaken reveal that certain key operational and strategic enablers were identified and utilised in order to effect a successful business turnaround. Some of these enablers have been developed into core competences which the firm is leveraging to create a sustainable competitive advantage in its chosen high value niche markets.Thesis (MBA)-University of KwaZulu-Natal, 2007.
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Sheu, Bor-Ru, and 許伯如. "Case Study of Private Equity Investment on Corporate Turnaround of a Taiwan Company." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/27036890018972439715.
Full textAbstract:
碩士國立臺灣大學
高階公共管理組
95
In 2006, the Ministry of Economic Affairs amended the 〝Scope and Guidelines for Venture Capital Investment〞 effectively removing the limitations on the scope of investment. This has allowed the nation''s venture capitalists to enter new business sectors such as corporate revitalization and restructuring by allowing them to take part in re-investment companies'' re-capitalization plans via mergers, acquisitions and buyouts. This might possibly offer new opportunities to transforming local venture capital funds into private equity funds. In December 2000, HSBC Private Equity (Asia) buyout a controlling stake in Tong Lung Metal Industry Co., formerly a debt-ridden family-run locksmith company undergoing a corporate restructuring plan. The restructured Tong Lung Metal Industry, as the first buyout by a foreign private equity fund known to have taken place in Taiwan, has been one of the nation''s rare and most successful turnaround examples. The company has completed its latest phase of nearly eight years of restructuring that began in 1998 and has resumed its trading on Taiwan’s over-the-counter market on 23rd March, 2006. In late 2006 and early 2007, Test Rite Group has completed an acquisition from HSBC PE (Asia) to own 68% stakes on Tong Lung Metal Industry. This thesis has conducted a case study and research on the turnaround investment of a Taiwan company by an international private equity fund, i.e. the buyout of Tong Lung Mental Industry Co. by HSBC Private Equity (Asia). In 1998, Tong Lung suffered great loss from the embezzlement of company assets by its former chairman and relevant personnel and was adjudicated for reorganization by the court pursuant to the application filed by the creditor banks in 2000. In 2001, the court adjudicated that the reorganization has been completed. It has been almost six years since funds advised by HSBC Private Equity (Asia) Limited, together with member companies from two business groups in Taiwan, i.e. Shingkong Group and Chailease Finance Group, jointly took a majority equity interest in Tong Lung. Since then with efforts of the turnaround management team, Tong Lung’s business has been turned around, the restructuring debt has largely been repaid, the company has re-established itself as a global leader in the door-lock industry and its shares have been re-listed on the OTC market. Test Rite Group''s reinvestment in Tong Lung has mainly focused on Tong Lung''s excellent capability of design, R&D, and manufacturing in door lock products, in hope of consolidating the competitive edge of the two parties for a win-win situation. Previous case studies by several business schools in Taiwan have focused on restructuring process, corporate governance, restructuring and turnaround strategies. On the basis of findings and insights of previous researches on this restructured company, this thesis has extended researches into areas of the responsive strategy of bank debt creditors to corporate turnaround, the turnaround investment strategy and exit strategy of private equity buyout, the key issues of turnaround management including corporate governance, organization restructuring, asset restructuring, business strategy, financial restructuring, and operation efficiency, as well as new corporate and business strategies after the exit of HSBC private equity fund. Lastly, this thesis has examined the possible advantages and disadvantages of private equity funds’ investment on Taiwan’s corporate turnaround. Keywords：Private Equity Fund, Corporate Turnaround, Corporate Restructuring, Corporate Governance, Merger and Acquisition
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Ramalho, Diogo Miguel Pacífico. "Financial distress and corporate turnaround strategies : an empirical analysis of 11 US industries." Master's thesis, 2021. http://hdl.handle.net/10400.14/35294.
Full textAbstract:
In this dissertation, extant research and analysis of corporate restructuring strategies for 11 U.S industries have been conducted. One set out to analyze the effectiveness of restructuring strategies in each industry as well as for a unique model that comprises all sample firms and controls for industry specificness. Hence, an extensive empirical study that shall consist of 2471 financially distressed companies divided between 11 U.S industries for a period of time between 2000 and 2018 was considered, tacking their turnaround strategies during the post-distress situation. The strategies analyzed were operational restructuring actions, financial restructuring decisions, and asset-based considerations. Additionally, context variables were considered, such as firm size, the company’s prior performance, distress severity, and the firm’s financial capacity. Considering the modeling aproach, a univariate analysis was conducted for each industry, followed by a multivariate logistic applied as well to the same industries and to the final Model. The results obtained showed that operational restructuring actions play a crucial role in each firm’s turnaround process. Additionally, the study shows that managers from U.S companies, during the time-span considered, gave more importance to financial restructuring actions despite the strategies' effectiveness.Nesta dissertação foi conduzida uma pesquisa e análise das estratégias de reestruturação corporativas para 11 indústrias dos EUA. A dissertação propõe analisar a eficácia das estratégias de reestruturação em cada setor, bem como de um modelo único que compreende todas as empresas de amostra e controla para especificidades de cada indústria. Portanto, um extenso estudo empírico que engloba 2.471 empresas em dificuldades financeiras, divididas entre 11 indústrias dos EUA por um período de tempo entre 2000 e 2018, foi considerado, abordando as estratégias de recuperação das mesmas durante o ano de stress financeiro e os dois anos após. As estratégias analisadas foram ações de reestruturação operacional, decisões de reestruturação financeira e considerações relativas aos ativos de cada empresa. Além disso, variáveis de contexto, como o tamanho da empresa, a performance anterior, a gravidade das dificuldades financeiras, e a capacidade financeira da empresa foram consideradas. Considerando a metodologia aplicada, foi realizada uma análise descritiva para cada setor, seguida de um conjunto de regressões logísticas aplicadas aos mesmos setores assim como ao modelo final. Os resultados obtidos mostraram que as ações de reestruturação operacional desempenham um papel crucial no processo de recuperação de cada empresa. Além disso, o estudo mostra que gestores de empresas norte-americanas, no período considerado, deram mais importância às ações de reestruturação financeira, apesar dos resultados demonstrarem o contrário.
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Santos, Paulo Jorge Madeira dos. "Declínio organizacional e estratégias de recuperação nas pequenas e médias empresas : uma abordagem holística." Doctoral thesis, 2006. http://hdl.handle.net/10400.2/779.
Full textAbstract:
Tese de Doutoramento em Gestão na especialidade de Contabilidade apresentada à Universidade AbertaO objecto da tese é investigar – tomando como base uma amostra de 122 Pequenas e Médias Empresas portuguesas, utilizando a metodologia estatística de modelação através de equações estruturais (Structural Equation Modeling – AMOS 5.01 do SPSS), analisando numa visão holística – padrões de inter relações entre diversas dimensões organizacionais e ambientais: factor humano, ambiente, recursos e capacidades organizacionais, actuação estratégica, causas do declínio e acções estratégicas de recuperação, com o intuito de melhor compreender a sua influência no nível de desempenho, percebendo as razões (contextuais) do seu declínio e (o contexto e conteúdo) da sua recuperação. Os resultados obtidos evidenciam uma associação directa, positiva e significativa, entre, a menor competência dos recursos humanos e o reduzido acesso a informação interna e externa de gestão, e os baixos níveis de desempenho. Perante a noção da existência de uma elevada competição e uma menor procura dos produtos do sector de actividade, a atitude da gestão baseada num estilo de gestão muito centralizado e com níveis moderados de complacência, relaciona-se de forma significativa com uma actuação estratégica, de crescimento moderado no actual binómio produto/mercado, com uma reduzida utilização de técnicas de rastreio do meio envolvente. Esta actuação estratégica afecta de forma contínua o desempenho, manifestado numa redução do Resultado Líquido do Exercício e na Rendibilidade do Activo. A percepção dos gestores de que a causa do declínio foi devida a um ambiente competitivo, leva-os a implementar um conjunto de acções visando a reestruturação operacional, melhorando a sua competitividade por via da redução da estrutura de custos e do número de efectivos. Tais acções são significativamente influenciadas pelo enfraquecimento da concorrência, pela capacidade negocial de melhores condições de pagamento e recebimento, e pela existência de adequados meios financeiros (fluxos de caixa positivos e financial slack resources). Esta actuação estratégica de recuperação revelou-se determinante na melhoria do desempenho, para a qual também contribuiu de uma forma significativa a actuação comercial e de marketing através da obtenção de informações sobre os clientes (inquéritos e estudos de mercado) e de uma análise criteriosa (selecção) de clientes.
The aim of the thesis was to investtigate – from a sample of 122 small and average Portuguese companies, using structural equation modelling (AMOS 5.01 from SPSS) statistic methodology, analyzing in a holistic view – standards of relationships between several organizational and environment dimensions: human resources, environment, organizational resources and capabilities, strategy, causes of the decline and turnaround strategies. The purpose of this study was to understand at the first time the perceiving contextual reasons influence on organizational performance decline and at second time the context’s and content’s turnaround in the organizational performance recovery. The results evidence a significant direct influence between the lesser ability of the human resources, lower access to the internal and external of management information, and the low level of organizational performance. With an existence of raised competition and a lesser industry products demand, the management attitude based on a higher centered management style and with moderate levels of complacency, becomes significantly related with a moderate growth corporate strategy in the current markets and products, with lower using of scanning environment techniques. This corporate strategy posture influence continuously the organizational performance, showed in a decreased profit and ROI. The manager’s perception that the cause of decline had it origin on a competitive environment takes them to implement a set of operational restructuring actions with the goal of improving its competitiveness. These actions included cost and number of employees reductions. In other way these turnaround actions are influenced by the competition weakness, better receiving and payment terms, positive cash flows and financial slack resources. This turnaround context seems critical to the organizational performance improvement, for which also contributed of a significant form the commercial and marketing performance through the attainment customer’s information (inquiries and market surveys) and customer’s selection analysis.
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Correia, Carlos Manuel Rodrigues. "Reestruturação, formulação e avaliação estratégica: ACR." Master's thesis, 2010. http://hdl.handle.net/10071/3786.
Full textAbstract:
O presente projecto-empresa tem como finalidade apresentar e fundamentar uma
estratégia de reestruturação/turnaround aplicada a uma empresa real, a ACR.
Com base na revisão de literatura, na análise da envolvente externa – mediata e
imediata, e na análise interna da empresa, foi definida uma estratégia de reestruturação
do negócio, tendo em vista o seu crescimento por via da diversificação em
conglomerado.
A formulação da estratégia implicou a definição da visão e missão, a definição dos
objectivos gerais e por cada departamento, e as respectivas estratégias, sempre com o
intuito de potenciar o crescimento do negócio através da combinação positiva de pontos
fortes e oportunidades e procurando minimizar a combinação negativa de ameaças e
fraquezas.
Da avaliação económica e financeira resulta a conclusão de que a estratégia é viável
pelos métodos do Valor Actual Líquido (VAL), Taxa Interna de Rentabilidade (TIR),
Período de Recuperação do Investimento (PRI) e Valor Actual Líquido Ajustado
(VALA).The purpose of this work (project/company) was to present and validate one strategy of re-structuration/turnaround applied to a real company, ACR. Based on bibliographic research, external analysis of the surrounding – indirect and direct, and internal company analysis was defined one strategy to re-structure business, having the concern is increase by diversification in conglomerate. For the formulation of the strategy was necessary to define a vision and mission, general objectives, for each department with their own strategies, always with intention to improve business progress through the positive combination of strengths and opportunities and trying to minimize negative combination of threats and weaknesses. From economic and financial evaluation results the conclusion that the strategy is feasible by the methods of Net Present Value (NPV), Internal Rate of Return (IRR), Payback Period and Adjusted Net Present Value (ANPV).