راهبردهای احیا و عملکرد تجاری در شرایط رکود اقتصادی

نوع مقاله : پژوهشی

نویسندگان

1 استاد، دانشگاه علامه طباطبایی

2 استادیار، دانشگاه علامه طباطبایی

3 استادیار، دانشگاه آزاد اسلامی،‌واحد تهران مرکز

4 دانشجوی دکتری، دانشگاه علامه طباطبایی

چکیده

در این مقاله، الگوی رابطه بین راهبردهای احیا و عملکرد تجاری در شرایط رکود اقتصادی مورد بررسی قرار گرفته است. این پژوهش تبیینی- توصیفی و از نوع پیمایشی است. جامعة آماری، مدیران ارشد بیست شرکت ‌پذیرفته­‌شده در بورس اوراق بهادار تهران بودند که طی سال­های 1385 تا 1391 ابتدا حداقل دوسال متوالی افت شاخص‌های درآمد خالص و بازده دارایی و متعاقب آن حداقل دو سال بهبود عملکرد (احیای موفق) و یا دو سال متوالی کاهش عملکرد (احیای ناموفق) را تجربه کرده‌اند. به­‌منظور سنجش میزان پایایی و روایی سازة سوالات به­‌ترتیب از ضریب آلفای کرونباخ و تحلیل عاملی تأییدی استفاده شد. نتایج این آزمون­‌ها نشان داد که سؤالات از پایایی و روایی لازم برخوردار است. برای تحلیل داده‌های پرسشنامه از ضریب همبستگی اسپیرمن و ضریب همبستگی جزیی استفاده شد. نتایج نشان می‌دهد که بین راهبردهای سازماندهی مجدد بدهی، کاهش هزینه، کاهش دارایی عملیاتی، سرمایه‌گذاری در مجموعه دارایی‌ها، تغییر در عرضة محصول، تغییر بازار و عملکرد تجاری شرکت‌­های بحران‌زده رابطة معنا‌داری وجود دارد. اما بین راهبرد واگذاری یا فروش مجموعه دارایی‌ها و عملکرد تجاری رابطة معناداری وجود ندارد. همچنین تأثیر اندازۀ شرکت و کمک‌های دولت بر رابطۀ میان راهبردهای احیا و عملکرد تجاری مورد تأیید قرار نگرفت.

کلیدواژه‌ها

عنوان مقاله [English]

Turnaround Strategies and Business Performance in Recession Conditions

نویسندگان [English]

  • Hosein Rahman Seresht 1
  • Yahya Hasas Yeganeh 2
  • Mir fayz Falah Shams 3
  • Mansour Irandoost 4
1 Professor, Allameh Tabatabaee University.
2 Assistant Professor, Allameh Tabatabaei University.
3 Assistant Professor, Islamic Azad University, central Tehran branch
4 Ph.D. Student, Allameh Tabatabaee University
چکیده [English]

     This paper has investigated the model relationship between turnaround strategies and business performance of firms in crisis. The objective of this study are explanatory-descriptive. The sample is the senior managers of accepted firms in Tehran Stock Exchange which experienced reduction of net income indicators and return on assets at least two consecutive years, during 1385-1391 and afterward, they experienced performance improvement for two consecutive years (successful turnaround) and/or their reduction in performance index continued for two other consecutive years (unsuccessful turnaround). Data of the questionnaire was analyzed by Spearman correlation coefficients and partial correlation coefficients. According to the results, significant relationship exists among debt restructuring, cost reduction, operating asset reduction, Portfolio-Asset investment, changes in product offering, changes in market entry strategies and business performance of firms in crisis. However, relationship between Portfolio-Asset divestment strategy and business performance was not accepted. The effect of company size and government assistance on relationship between turnaround strategies and business performance were not accepted as well

کلیدواژه‌ها [English]

  • Turnaround Strategies
  • Business Performance
  • Company Size
  • Government Assistance

مراجع

 
1. Balgobin, R., & Pandit, N. (2001).Stages in the turnaround process: The case of IBM UK. European Management Journal,19(3), 301-316.
2. Barker, V. L., & Duhaime, I. M. (1997). Strategic change in the turnaround process: Theory and empirical evidence. Strategic Management Journal, 18, 13-38.
3. Barker, V. L., & Mone, M. A. (1994). Retrenchment: Cause of turnaround or consequence of decline? Strategic Management Journal, 15(5), 395-405.
4. Barker, V. L., & Mone, M. A. (1998). The mechanistic structure shift and strategic reorientation in declining firms attempting turnarounds. Human Relations, 5(10), 1227-1258.
5. Belcher, T., & Nail. L. (2000). Integration problems and turnaround strategies in a cross border-merger: A clinical examination of the Pharmacia-Upjohn merger. International Review of Financial Analysis, 9(2), 219-234.
6. Bibeault, D. G. (1982). Corporate turnaround: How managers turn losers into winners. New York: McGraw- Hill.
7. Bruton, G. D., & Rubanik. Y. T. (1997). Turnaround of high technology firms in Russia: The case of Micron. Academy of Management Executive, 11(2), 68-79.
8. Bruton, G. D., Ahlstrom. D. & Wan, J. C. C. (2001). Turnaround success of large and midsized Chinese owned firms: Evidence from Hong Kong and Thailand. Journal of World Business, 36(2), 146-165.
9. Bruton, G. D., Ahlstrom, I., & Wan. J. C. C. (2003). Turnaround in East Asian firms: Evidence from ethnic overseas Chinese communities. Strategic Management Journal, 24(6), 519-540.
10. Bruton, G. D., Oviatt, B. M., & White, M. A. (1994). Performance of acquisitions of distressed firms. The Academy of Management Journal, 37(4), 972- 989.
11. Bunn, P. & Redwood,V. (2003). Company accounts based modeling of business failures and the implications for financial stability. Bank of England Quarterly Bulletin, 43(4), 462.
12. Castrogiovanni, G. J., & Bruton, G. D. (2000). Business turnaround processes following acquisitions: Reconsidering the role of retrenchment. Journal of Business Research, 48, 25-34.
13. Chen, M.J. & Hambrick, D.C. (1995). Speed, stealth, and selective attack: how small firms differ from larger firms in competitive behaviour. Academy of Management Journal, 38 (2), 453-82.
14. Chowdury, S. D., & Lang, J. R. (1996). Turnaround in small firms: An assessment of efficiency strategies. Journal of Business Research, 48, 169-178.
15. Chowdury, S. D. (2002).Turnarounds: A stage theory perspective. Canadian Journal of Administrative Science, 19(3), 249-266.
16. Denrell, J. (2003). Vicarious learning, under sampling of failure, and the myths of management. Organization Science, 14(3). 227-243.
17. Finkin. E. F. (1985).Company turnaround.Journal of Business Strategy,5(4),14-24.
18. Fisher, G., Lee, J., & Johns. (2004). An exploratory study of company turnaround in Australia and Singapore following the Asia crisis. Asia Pacific Journal of Management, 21, 149-170.
19. Fisher. F. M.,& McGowan. J. J. (1983). On the misuse of accounting rates of return to infer monopoly profits. American Economic Review, 73, 82-79.
20. Francis J D.,Desai A B.,(2005).Situational and organizational determinants of turnaround,Management Decision, 43(9), 1203 – 1224.
21. Ganto. J., & Sulaiman, M. (2005). Turnaround strategies and firm performance in Indonesian manufacturing industry. Proceedings to the Td International Conference of the Asian Academy of Applied Business, Padang, Indonesia.
22. Goddard, L. (1993). Corporate intensive care: Why business fail and how to make them succeed. Kuala Lumpur: York Publishing Co.
23. Goldstein, A. S. (1995). The business doctor: How to turn your headache business into a debt-free money machine! Garret Publishing Inc.
24. Goldston, M. R. (1992). The turnaround prescription: Repositioning troubled companies. Macmillan: The Free Press.
25. Goodman, S. J. (1982). How to manage a turnaround. New York: The Free Press.
26. Hambrick, D. C., & Schecter, S. M., (1983). Turnaround strategies for mature industrial-product business units. Academy of Management Journal, 231-248.
27. Harker,M.,&Harker.D.(1998).The role of strategic selling in the company turnaround process. Journal of Personal Selling and Sales Management,18(2),55-67.
28. Harker., M. (2001). Market manipulation: A necessary strategy in the company turnaround process? Qualitative Market Research, 4(A), 197-206.
29. Hofer.,C.W. (1980).Turnaround strategies. Journal of Business Strategy,19- 31.
30. John., K. Lang, L. I I. P. & Netter, J. (1992). The voluntary restructuring of large firms in response to performance decline.Journal of Finance, July, 891 - 917.
31. Kow., G. (2004). Turning around business performance: Part 11. .Journal of Change Management, 4(A), 281.
32. McLaughlin, M. (1990). How to survive a recession, New England Business, 7, 35-7.
33. Muraldihar, S. (2003, Jan 26).Revival package for steel industry: The catch is in the interest rate: The three steel manufacturers in the restructuring scheme have welcomed the attempt, but are peeved with the interest rates fixed. Businessline. ,
34. Nueno,P.(1993).Corporate turnaround:A practical guide to business survival.London:Kogan Page Ltd.
35. Latham. S. (2009). Contrasting strategic response to economic recession in Start-up versus Established software firms. Journal of Small Business Management, 47(2), 180-201.
36. Pandit, N. R. (2000). Some recommendations for improved research on corporate turnaround. Management, 3(2), 31-56.
37. Pant, L. W. (1991). An investigation of industry and firm structural characteristics in corporate turnarounds. Journal of Management Studies. 2 (6), 623 -643.
38. Pearce, J. A., II.,& Robbins, K. (1994). Retrenchment remains the foundation of business turnaround. Strategic Management Journal, 15(5), 407-417.
39. Puffer, S. M., (1999). Continental Airlines' CEO Gordon Bethune on teams and new product development. Academy of Management Executive, 13(3), 28.
40. Rappaport, A. (1986). Creating shareholder value: New standards for business performance. New York: The Free Press.
41. Rogers, P., Pace, S & Wilson, P. (2002). Making change stick. European Business Journal, (14) 2.
42. Schendel, D. E., Patton, G. R..& Riggs, J. (1976 ,Spring). Corporate turnaround strategies. Journal of General Management, 3-11.
43. Slatter, S. (1984). Corporate recovery: Successful turnaround strategies and their implementation. Singapore: Penguin Books.
44. Slatter, S., & Lovett, D. (1999). Corporate turnaround: Managing companies in distress. England: Penguin Books.
45. Smith, F., Wright, A., & Huo, Y. P. (2008). Scapegoating only works if the herd is big: Downsizing, management turnover, and company turnaround. International Journal of Business Strategy, 5(3), 72-83.
46. Sulaiman, M., Ali, R„ & Ganto, J. (2005). Causes of decline and turnaround strategies of Kuala Lumpur Stock Exchange Companies. The Business Review, 4(1), 226-233.
47. Sudarsanam, S., & Lai, J. (2001). Corporate financial distress and turnaround strategies: Anempirical analysis. British Journal of Management, 12, 183-199.
48. Tvorik, S. J., Boissoneau, R., & Pearson, N. (1998). Performance parameters as indicators of success and predictors of failure in strategic management. Journal of Professional Service Marketing, 17(2), 41-67.
49. Umbreit, W.T. (1996 ,August). Fairmont Fidel's turnaround strategy. Cornell Hotel and Restaurant Administration Quarterly, 50-57.
50. Vaz, P. (1996). The turnaround in BT's payphone business. Long Range Planning. 29(1), 24-29.
51. Vlieghe,Gertjan W.(2002).Indicators of fragility in the UK corporate sector. Bank of England Quarterly Bulletin, 42(1). 87.
52. Walsh., C (1996). Key management ratios. Prentice Hall.
53. Witteloostuijn, A. (1998). Bridging behavioral and economic theories of decline: Organizational inertia, strategic competition, and chronic failure. Management Science, 44(4), 501-519.
فصلنامه مطالعات مدیریت راهبردی
دوره 4، شماره 15
آذر 1392
صفحه 15-35

فایل ها

سابقه مقاله

  • تاریخ دریافت: 15 اسفند 1391
  • تاریخ بازنگری: 23 خرداد 1398
  • تاریخ پذیرش: 22 خرداد 1392

هم رسانی

ارجاع به این مقاله

آمار