La estrategia y la transformación de firmas en declive: revisión de la literatura de los últimos 15 años
DOI:
https://doi.org/10.1016/j.estger.2017.02.005Keywords:
Declive, Transformación, Estrategia, Recuperación, Fracaso empresarialAbstract
Los primeros estudios que abordaron el rol de la estrategia en los procesos de transformación de firmasen declive revelaron que el cambio estratégico jugaba un rol central. Sin embargo, estos estudios demostraron tener deficiencias y limitaciones, principalmente metodológicas, lo cual originó un intenso debate respecto al papel de la estrategia. El presente trabajo revisa la literatura reciente y muestra que a lo largo de los años la investigación fue evolucionando e incorporando nuevos elementos e integrando distintos enfoques, generando así análisis más completos. Al ofrecer una visión amplia del tema, esta investigación puede ser útil en la práctica para los actores involucrados en intentos de recuperación de firmas en declive y para los académicos involucrados en su estudio. Así también, estos resultados complementan la literatura de fracaso empresarial.
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References
Abebe, M. A. (2010). Top team composition and corporate turnaround under environmental stability and turbulence. Leadership & Organization Development Journal, 31(3), 196–212.
Abebe, M. A. (2012). Executive attention patterns, environmental dynamism and corporate turnaround performance. Leadership & Organization Development Journal, 33(7), 684–701.
Abebe, M. A., Angriawan, A. y Liu, Y. (2011). CEO power and organizational turnaround in declining firms: Does environment play a role? Journal of Leadership & Organizational Studies, 18(2), 260–273.
Abebe, M. A., Angriawan, A. y Ruth, D. (2012). Founder-CEOs, external board appointments, and the likelihood of corporate turnaround in declining firms. Journal of Leadership & Organizational Studies, 19(3), 273–283.
Balgobin, R. y Pandit, N. (2001). Stages in the turnaround process: The case of IBM UK. European Management Journal, 19(3), 301–316.
Barker, V. L., Patterson, P. W. y Mueller, G. C. (2001). Organizational causes and strategic consequences of the extent of top management team replacement during turnaround attempts. Journal of Management Studies, 38(2), 235–270.
Barker, V. L. y Barr, P. S. (2002). Linking top manager attributions to strategic reorientation in declining firms attempting turnarounds. Journal of Business Research, 55(12), 963–979.
Barker, V. L. y Duhaime, I. M. (1997). Strategic change in the turnaround process: Theory and empirical evidence. Strategic Management Journal, 18(1), 13–38.
Beeri, I. (2012). Turnaround management strategies in public systems: The impact on group-level organizational citizenship behavior. International Review of Administrative Sciences, 78(1), 158–179.
Boyne, G. A. y Meier, K. J. (2009). Environmental change, human resources and organizational turnaround. Journal of Management Studies, 46(5), 835–863.
Cameron, K. S., Sutton, R. I. y Whetten, D. A. (1988). Readings in organizational decline. Cambridge, MA: Ballinger.
Castrogiovanni, G. J. y Bruton, G. D. (2000). Business turnaround processes following acquisitions: Reconsidering the role of retrenchment. Journal of Business Research, 48(1), 25–34.
Cater, J. y Schwab, A. (2008). Turnaround strategies in established small family firms. Family Business Review, 21(1), 31–50.
Chathoth, P. K., Tse, E. C. Y. y Olsen, M. D. (2006). Turnaround strategy: A study of restaurant firms. International Journal of Hospitality Management, 25(4), 602–622.
Chen, C. Y., Huang, H. H. y Wey, S. C. (2014). Interactive effect of turnaround strategy and firm-specific factor on turnaround performance. Actual Problems of Economics, 153(3), 230–237.
Chng, D. H. M., Shih, E., Rodgers, M. S. y Song, X. B. (2015). Managers’ marketing strategy decision-making during performance decline and the moderating influence of incentive pay. Journal of the Academy of Marketing Science, 43(5), 629–647.
Collett, N., Pandit, N. R. y Saarikko, J. (2014). Success and failure in turnaround attempts. An analysis of SMEs within the Finnish Restructuring of Enterprises Act. Entrepreneurship & Regional Development, 26(1-2), 123–141.
Filatotchev, I. y Toms, S. (2006). Corporate governance and financial constraints on strategic turnarounds. Journal of Management Studies, 43, 407–433.
Fisher, G., Lee, J. y Johns, L. (2004). An exploratory study of company turnaround in Australia and Singapore following the Asia crisis. Asia Pacific Journal of Management, 21(1-2), 149–170.
Francis, J. D. y Desai, A. B. (2005). Situational and organizational determinants of turnaround. Management Decision, 43(9), 1203–1224.
Furrer, O., Rajendran Pandian, J. y Thomas, H. (2007). Corporate strategy and shareholder value during decline and turnaround. Management Decision, 45(3), 372–392.
Grinyer, P. y Spender, J. (1979). Recipes, crises and adaptation in mature businesses. International Studies of Management and Organization, 9(3), 113–133.
Hambrick, D. y Schecter, S. (1983). Turnaround strategies for mature-industrial product business units. Academy of Management Journal, 26, 231–248.
Hedberg, B., Nystrom, P. y Starbuck, W. (1976). Camping on seesaws: Prescriptions for a self-designing organization. Administrative Science Quarterly, 21, 41–65.
Hofer, C. W. y Schendel, D. (1978). Strategy Formulation: Analytical Concepts. West: St. Paul, MN.
Hofer, C. W. (1980). Turnaround strategies. Journal of Business Strategy, 1, 19–31.
Jas, P. y Skelcher, C. (2005). Performance decline and turnaround in public organizations: A theoretical and empirical analysis. British Journal of Management, 16(3), 195–210.
Knight, F. H. (1921). Cost of production and price over long and short periods. The Journal of Political Economy, 29(4), 304–335.
Kontic, L., Kontic, J. y Vidicki, D. (2012). Recovery strategies in Serbian mature companies. African Journal of Business Management, 6(36), 9906–9913.
Latham, S. y Braun, M. (2009). Managerial risk, innovation, and organizational decline. Journal of Management, 35(2), 258–281.
Lawton, T., Rajwani, T. y O’Kane, C. (2011). Strategic reorientation and business turnaround: The case of global legacy airlines. Journal of Strategy and Management, 4(3), 215–237.
Maheshwari, S. K. y Ahlstrom, D. (2004). Turning around a state owned enterprise: The case of Scooters India Limited. Asia Pacific Journal of Management, 21(1-2), 75–101.
Miglani, S. (2014). CEO characteristics and corporate turnaround: Evidence from Australia. Corporate Ownership and Control, 11(2), 362–376.
Morrow, J. L., Johnson, R. A. y Busenitz, L. W. (2004). The effects of cost and asset retrenchment on firm performance: The overlooked role of a firm’s competitive environment. Journal of Management, 30(2), 189–208.
Morrow, J. L., Sirmon, D. G., Hitt, M. A. y Holcomb, T. R. (2007). Creating value in the face of declining performance: Firm strategies and organizational recovery. Strategic Management Journal, 28, 271–283.
Musteen, M., Liang, X. y Barker, V. L. (2011). Personality, perceptions and retrenchment decisions of managers in response to decline: Evidence from a decision-making study. The Leadership Quarterly, 22(5), 926–941.
Ndofor, H. A., Vanevenhoven, J. y Barker, V. L. (2013). Software firm turnarounds in the 1990s: An analysis of reversing decline in a growing, dynamic industry. Strategic Management Journal, 34(9), 1123–1133.
O’Kane, C. y Cunningham, J. (2012). Leadership changes and approaches during company turnaround. International Studies of Management & Organization, 42(4), 52–85.
O’Kane, C. y Cunningham, J. (2014). Turnaround leadership core tensions during the company turnaround process. European Management Journal, 32(6), 963–980.
Ocasio, W. (1995). The enactment of economic adversity—a reconciliation of theories of failure-induced change and threat-rigidity. Research in Organizational Behavior, 17, 287–331.
Pearce, J. A. y Robbins, D. K. (1993). Toward improved theory and research on business turnaround. Journal of Management, 19, 613–636.
Rasheed, H. S. (2005). Turnaround strategies for declining small business: The effects of performance and resources. Journal of Developmental Entrepreneurship, 10(3), 239–252.
Robbins, D. K. y Pearce, J. A. (1992). Turnaround: Retrenchment and recovery. Strategic Management Journal, 13, 287–309.
Sarasvathy, S. D. (2001). Causation and effectuation: Toward a theoretical shift from economic inevitability to entrepreneurial contingency. Academy of Management Review, 26, 243–288.
Schendel, D. y Patton, G. (1976). Corporate stagnation and turnaround. Journal of Economics and Business, 28(3), 236–241.
Schendel, D., Patton, G. y Riggs, J. (1976). Corporate turnaround strategies: A study of profit decline and recovery. Journal of General Management, 3, 3–11.
Schmitt, A. y Raisch, S. (2013). Corporate turnarounds: The duality of retrenchment and recovery. Journal of Management Studies, 50(7), 1216–1244.
Shepherd, D. A. (2003). Learning from business failure: Propositions of grief recovery for the self-employed. Academy of Management Review, 28(2), 318–328.
Sim, A. B. (2009). Contextual perspectives of turnaround in Malaysian firms. Asia Pacific Business Review, 15(2), 199–216.
Starbuck, W. y Hedberg, B. (1977). Saving an organization from a stagnating environment. En H. B. Thorelli (Ed.), Strategy + structure = performance (pp. 249–258). Bloomington, IN: Indiana University Press.
Sudarsanam, S. y Lai, J. (2001). Corporate financial distress and turnaround strategies: An empirical analysis. British Journal of Management, 12, 183–199.
Tan, H. y See, H. (2004). Strategic reorientation and responses to the Asian financial crisis: The case of the manufacturing industry in Singapore. Asian Pacific Journal of Management, 21, 189–211.
Tangpong, C., Abebe, M. y Li, Z. (2015). A temporal approach to retrenchment and successful turnaround in declining firms. Journal of Management Studies, 52(5), 647–677.
Teece, D. J., Pisano, G. y Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509–533.
Thietart, R. A. (1988). Success strategies for businesses that perform poorly. Interfaces, 18(3), 32–45.
Tikici, M., Omay, E., Derin, N., Seçkin, S. N. y Cüreoğlu, M. (2011). Operating turnaround strategies during crisis periods: A research on manufacturing firms. Procedia-Social and Behavioral Sciences, 24, 49–60.
Tranfield, D., Denyer, D. y Smart, P. (2003). Towards a methodology for developing evidence-informed management knowledge by means of systematic review. British Journal of Management, 14(3), 207–222.
Wu, W. Y., Hou, Y. C., Fu, C. S. y Chang, C. Y. (2013). Identifying failure recovery strategies for paper industrial suppliers. Industrial Marketing Management, 42(8), 1233–1244.
Yeh, Q. J. y Fang, P. (2011). A resource-based analysis of organizational turnaround: The contingency role of organizational life stages. Journal of Management & Organization, 17(06), 782–796.
Abebe, M. A. (2012). Executive attention patterns, environmental dynamism and corporate turnaround performance. Leadership & Organization Development Journal, 33(7), 684–701.
Abebe, M. A., Angriawan, A. y Liu, Y. (2011). CEO power and organizational turnaround in declining firms: Does environment play a role? Journal of Leadership & Organizational Studies, 18(2), 260–273.
Abebe, M. A., Angriawan, A. y Ruth, D. (2012). Founder-CEOs, external board appointments, and the likelihood of corporate turnaround in declining firms. Journal of Leadership & Organizational Studies, 19(3), 273–283.
Balgobin, R. y Pandit, N. (2001). Stages in the turnaround process: The case of IBM UK. European Management Journal, 19(3), 301–316.
Barker, V. L., Patterson, P. W. y Mueller, G. C. (2001). Organizational causes and strategic consequences of the extent of top management team replacement during turnaround attempts. Journal of Management Studies, 38(2), 235–270.
Barker, V. L. y Barr, P. S. (2002). Linking top manager attributions to strategic reorientation in declining firms attempting turnarounds. Journal of Business Research, 55(12), 963–979.
Barker, V. L. y Duhaime, I. M. (1997). Strategic change in the turnaround process: Theory and empirical evidence. Strategic Management Journal, 18(1), 13–38.
Beeri, I. (2012). Turnaround management strategies in public systems: The impact on group-level organizational citizenship behavior. International Review of Administrative Sciences, 78(1), 158–179.
Boyne, G. A. y Meier, K. J. (2009). Environmental change, human resources and organizational turnaround. Journal of Management Studies, 46(5), 835–863.
Cameron, K. S., Sutton, R. I. y Whetten, D. A. (1988). Readings in organizational decline. Cambridge, MA: Ballinger.
Castrogiovanni, G. J. y Bruton, G. D. (2000). Business turnaround processes following acquisitions: Reconsidering the role of retrenchment. Journal of Business Research, 48(1), 25–34.
Cater, J. y Schwab, A. (2008). Turnaround strategies in established small family firms. Family Business Review, 21(1), 31–50.
Chathoth, P. K., Tse, E. C. Y. y Olsen, M. D. (2006). Turnaround strategy: A study of restaurant firms. International Journal of Hospitality Management, 25(4), 602–622.
Chen, C. Y., Huang, H. H. y Wey, S. C. (2014). Interactive effect of turnaround strategy and firm-specific factor on turnaround performance. Actual Problems of Economics, 153(3), 230–237.
Chng, D. H. M., Shih, E., Rodgers, M. S. y Song, X. B. (2015). Managers’ marketing strategy decision-making during performance decline and the moderating influence of incentive pay. Journal of the Academy of Marketing Science, 43(5), 629–647.
Collett, N., Pandit, N. R. y Saarikko, J. (2014). Success and failure in turnaround attempts. An analysis of SMEs within the Finnish Restructuring of Enterprises Act. Entrepreneurship & Regional Development, 26(1-2), 123–141.
Filatotchev, I. y Toms, S. (2006). Corporate governance and financial constraints on strategic turnarounds. Journal of Management Studies, 43, 407–433.
Fisher, G., Lee, J. y Johns, L. (2004). An exploratory study of company turnaround in Australia and Singapore following the Asia crisis. Asia Pacific Journal of Management, 21(1-2), 149–170.
Francis, J. D. y Desai, A. B. (2005). Situational and organizational determinants of turnaround. Management Decision, 43(9), 1203–1224.
Furrer, O., Rajendran Pandian, J. y Thomas, H. (2007). Corporate strategy and shareholder value during decline and turnaround. Management Decision, 45(3), 372–392.
Grinyer, P. y Spender, J. (1979). Recipes, crises and adaptation in mature businesses. International Studies of Management and Organization, 9(3), 113–133.
Hambrick, D. y Schecter, S. (1983). Turnaround strategies for mature-industrial product business units. Academy of Management Journal, 26, 231–248.
Hedberg, B., Nystrom, P. y Starbuck, W. (1976). Camping on seesaws: Prescriptions for a self-designing organization. Administrative Science Quarterly, 21, 41–65.
Hofer, C. W. y Schendel, D. (1978). Strategy Formulation: Analytical Concepts. West: St. Paul, MN.
Hofer, C. W. (1980). Turnaround strategies. Journal of Business Strategy, 1, 19–31.
Jas, P. y Skelcher, C. (2005). Performance decline and turnaround in public organizations: A theoretical and empirical analysis. British Journal of Management, 16(3), 195–210.
Knight, F. H. (1921). Cost of production and price over long and short periods. The Journal of Political Economy, 29(4), 304–335.
Kontic, L., Kontic, J. y Vidicki, D. (2012). Recovery strategies in Serbian mature companies. African Journal of Business Management, 6(36), 9906–9913.
Latham, S. y Braun, M. (2009). Managerial risk, innovation, and organizational decline. Journal of Management, 35(2), 258–281.
Lawton, T., Rajwani, T. y O’Kane, C. (2011). Strategic reorientation and business turnaround: The case of global legacy airlines. Journal of Strategy and Management, 4(3), 215–237.
Maheshwari, S. K. y Ahlstrom, D. (2004). Turning around a state owned enterprise: The case of Scooters India Limited. Asia Pacific Journal of Management, 21(1-2), 75–101.
Miglani, S. (2014). CEO characteristics and corporate turnaround: Evidence from Australia. Corporate Ownership and Control, 11(2), 362–376.
Morrow, J. L., Johnson, R. A. y Busenitz, L. W. (2004). The effects of cost and asset retrenchment on firm performance: The overlooked role of a firm’s competitive environment. Journal of Management, 30(2), 189–208.
Morrow, J. L., Sirmon, D. G., Hitt, M. A. y Holcomb, T. R. (2007). Creating value in the face of declining performance: Firm strategies and organizational recovery. Strategic Management Journal, 28, 271–283.
Musteen, M., Liang, X. y Barker, V. L. (2011). Personality, perceptions and retrenchment decisions of managers in response to decline: Evidence from a decision-making study. The Leadership Quarterly, 22(5), 926–941.
Ndofor, H. A., Vanevenhoven, J. y Barker, V. L. (2013). Software firm turnarounds in the 1990s: An analysis of reversing decline in a growing, dynamic industry. Strategic Management Journal, 34(9), 1123–1133.
O’Kane, C. y Cunningham, J. (2012). Leadership changes and approaches during company turnaround. International Studies of Management & Organization, 42(4), 52–85.
O’Kane, C. y Cunningham, J. (2014). Turnaround leadership core tensions during the company turnaround process. European Management Journal, 32(6), 963–980.
Ocasio, W. (1995). The enactment of economic adversity—a reconciliation of theories of failure-induced change and threat-rigidity. Research in Organizational Behavior, 17, 287–331.
Pearce, J. A. y Robbins, D. K. (1993). Toward improved theory and research on business turnaround. Journal of Management, 19, 613–636.
Rasheed, H. S. (2005). Turnaround strategies for declining small business: The effects of performance and resources. Journal of Developmental Entrepreneurship, 10(3), 239–252.
Robbins, D. K. y Pearce, J. A. (1992). Turnaround: Retrenchment and recovery. Strategic Management Journal, 13, 287–309.
Sarasvathy, S. D. (2001). Causation and effectuation: Toward a theoretical shift from economic inevitability to entrepreneurial contingency. Academy of Management Review, 26, 243–288.
Schendel, D. y Patton, G. (1976). Corporate stagnation and turnaround. Journal of Economics and Business, 28(3), 236–241.
Schendel, D., Patton, G. y Riggs, J. (1976). Corporate turnaround strategies: A study of profit decline and recovery. Journal of General Management, 3, 3–11.
Schmitt, A. y Raisch, S. (2013). Corporate turnarounds: The duality of retrenchment and recovery. Journal of Management Studies, 50(7), 1216–1244.
Shepherd, D. A. (2003). Learning from business failure: Propositions of grief recovery for the self-employed. Academy of Management Review, 28(2), 318–328.
Sim, A. B. (2009). Contextual perspectives of turnaround in Malaysian firms. Asia Pacific Business Review, 15(2), 199–216.
Starbuck, W. y Hedberg, B. (1977). Saving an organization from a stagnating environment. En H. B. Thorelli (Ed.), Strategy + structure = performance (pp. 249–258). Bloomington, IN: Indiana University Press.
Sudarsanam, S. y Lai, J. (2001). Corporate financial distress and turnaround strategies: An empirical analysis. British Journal of Management, 12, 183–199.
Tan, H. y See, H. (2004). Strategic reorientation and responses to the Asian financial crisis: The case of the manufacturing industry in Singapore. Asian Pacific Journal of Management, 21, 189–211.
Tangpong, C., Abebe, M. y Li, Z. (2015). A temporal approach to retrenchment and successful turnaround in declining firms. Journal of Management Studies, 52(5), 647–677.
Teece, D. J., Pisano, G. y Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509–533.
Thietart, R. A. (1988). Success strategies for businesses that perform poorly. Interfaces, 18(3), 32–45.
Tikici, M., Omay, E., Derin, N., Seçkin, S. N. y Cüreoğlu, M. (2011). Operating turnaround strategies during crisis periods: A research on manufacturing firms. Procedia-Social and Behavioral Sciences, 24, 49–60.
Tranfield, D., Denyer, D. y Smart, P. (2003). Towards a methodology for developing evidence-informed management knowledge by means of systematic review. British Journal of Management, 14(3), 207–222.
Wu, W. Y., Hou, Y. C., Fu, C. S. y Chang, C. Y. (2013). Identifying failure recovery strategies for paper industrial suppliers. Industrial Marketing Management, 42(8), 1233–1244.
Yeh, Q. J. y Fang, P. (2011). A resource-based analysis of organizational turnaround: The contingency role of organizational life stages. Journal of Management & Organization, 17(06), 782–796.
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2017-06-14
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La estrategia y la transformación de firmas en declive: revisión de la literatura de los últimos 15 años. (2017). Estudios Gerenciales, 33(143), 141-152. https://doi.org/10.1016/j.estger.2017.02.005
