Turnaround in small firms: An assessment of efficiency strategies
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2017, Long Range PlanningCitation Excerpt :Under high munificence, declining firms will be able to attract more resources (Aragon-Correa and Sharma, 2003; Castrogiovanni, 1991; Dess and Beard, 1984), which will allow them to pace retrenchment fast. A faster pace of retrenchment shortens the downward spiral, avoiding resource erosion (Hambrick and D'Aveni, 1988; Lee et al., 2007) and permits an earlier reduction of firm size and complexity, and an increase in agility (Chowdhury and Lang, 1996; Sutton and D'Aunno, 1989). Second, we noted earlier that firms in a highly munificent environment are affected by internal causes of decline (Arogyaswamy et al., 1995; Ndofor et al., 2013).
Involvement of “Ostensible Customers” in really new innovation: Failure of a start-up
2017, Journal of Engineering and Technology Management - JET-MCitation Excerpt :Product failure or market failure in the specific case of really new innovation can rapidly lead to failure of a single business unit of a start-up, which can lead to bankruptcy of the entire firm (organizational failure) owing to the absence of a buffering stock of resources. Although the processes of corporate rejuvenation (Stopford and Baden-Fuller, 1990) and downward spiraling (Hambrick and D’Aveni, 1988) are relevant for larger firms, start-ups face a greater challenge, which possibly explains why the small business mortality rate is so high (Chowdhury and Lang, 1996). However, few studies have examined small firms’ turnaround strategies (Boyle and Desai, 1991; Cater and Schwab, 2008; Rasheed, 2005).
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