Turnaround Management – State of the Art

Abstract

Given the increasing cases of corporate distress and bankruptcy, there is a high need for empirical research efforts with a sound theoretical basis in the context of turnaround management. While the causes of crises have been investigated to a certain degree already, there is an enormous lack of empirically tested turn-around models that could serve as a guide for management in turnaround situations. Concomitant with this, the factors behind turnaround success have insufficiently been identified. To encourage such studies, I provide a guide to the current state of the art concerning the research field of turnaround management. Based on this review, I identify research gaps and recommendations for further research. I conclude by categorizing open research questions and issues to be considered in future research efforts.