Turnaround strategies in established small family firms

Family Business Review

Volumn 21, Issue 1, 2008, Pages 31-50

  Cater III, John James ^a   Schwab, Andreas ^b  

^a NICHOLLS STATE UNIVERSITY   (United States)

^b LOUISIANA STATE UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 39449132101     PISSN: 08944865     EISSN: 17416248     Source Type: Journal    
DOI: 10.1111/j.1741-6248.2007.00113.x     Document Type: Article

References (102)

1. Adler, P. S., & Kwon, S. (2002). Social capital: Prospects for a new concept. Academy of Management Review, 27(1), 17-40.
2. Amason, A. C. (1996). Distinguishing the effects of functional and dysfunctional conflict on strategic decision making. Academy of Management Journal, 39(1), 123-149.
3. Argenti, J. (1976). Corporate collapse. New York: Wiley.
4. Arogaswamy, K., Barker, V. L., & Yasai-Ardekani, M. (1995). Firm turnarounds: An integrative two-stage model. Journal of Management Studies, 34(4), 493-525.
5. Astrachan, J. H. (2003). Commentary on the special issue: The emergence of a field. Journal of Business Venturing, 18(5), 567-573.
6. Astrachan, J. H., & Astrachan, B. M. (1996). Family business: The challenges and opportunities of interprofessional collaboration. In C. E. Aronoff, J. H. Astrachan, & J. L. Ward (Eds.), Family business sourcebook II (pp. 535-546). Marietta, GA: Business Owner Resources.
7. Astrachan, J. H., & Shanker, M. C. (2003). Family businesses' contribution to the U.S. economy: A closer look. Family Business Review, 16(3), 211-219.
8. Barach, J. A., & Ganitsky, J. B. (1995). Successful succession in family business. Family Business Review, 8(2), 131-155.
9. Barker, V. L., & Barr, P. (2002). Linking top manager attributions to strategic reorientation in declining firms attempting turnarounds. Journal of Business Research, 12, 963-979.
10. Barker, V. L., & Duhaime, I. M. (1997). Strategic change in the turnaround process: Theory and empirical evidence. Strategic Management Journal, 18, 13-38.
11. Barker, V. L., & Mone, M. A. (1994). Retrenchment: Cause of turnaround or consequence of decline? Strategic Management Journal, 15, 395-405.
12. Barker, V. L., Mone, M. A., Mueller, G. C., & Freeman, S. J. (1998). An empirical study of the value of downsizing for firm turnaround. In L. W. Foster & D. Ketchen (Eds.), Turnaround research: Past accomplishments and future challenges. Advances in applied business strategy (Vol. 5, pp. 57-82). Stamford, CT: JAI Press.
13. Baum, J. A. (1989). Liabilities of newness, adolescence, and obsolescence: Exploring age dependence in the dissolution of organizational relationships and organizations. Proceedings of the Administrative Science Association of Canada, 10(5), 1-10.
14. Bernabeo, G. (2002). Selling distressed family-owned businesses: Coming to grips with emotional upheaval. Journal of Corporate Renewal, 15(5), 6-8.
15. Birley, S. (2002). Attitudes of owner-managers' children towards family and business issues. Entrepreneurship Theory and Practice, 26(1), 5-19.
16. Bjuggren, P., & Sund, L. (2001). Strategic decision making in intergenerational successions of small- and medium-size family-owned businesses. Family Business Review, 14(1), 11-24.
17. Blum, S. E. (2003). Five common traps in helping distressed family businesses. Journal of Corporate Renewal, 16(6), 16-18.
18. Bork, D., Jaffe, D. T., Lane, S. H., Dashew, L., & Heisler, Q. G. (1996). Working with family businesses: A guide for professionals. San Francisco, CA: Jossey-Bass.
19. Bourgeois, L. (1985). Strategic goals, perceived uncertainty, and economic performance in volatile environments. Academy of Management Journal, 28, 548-573.
20. Brownstein, H. B., & Jackson, M. (2002). King Solomon shrugged: Family businesses under stress. Journal of Corporate Renewal, 15(5), 14-16.
21. Boyle, R. D., & Desai, H. B. (1991). Turnaround strategies for small firms. Journal of Small Business Management, 29(3), 33-42.
22. Bruton, G., Oviatt, B., & White, M. (1993). Performance of acquisitions of distressed firms. Academy of Management Journal, 37, 972-989.
23. Burt, R. S. (1982). Toward a structural theory of action: Network models of social structure, perception, and action. New York: Academic Press.
24. Burt, R. S. (1997). The contingent value of social capital. Administrative Science Quarterly, 42, 339-365.
25. Cameron, K. S., Whetten, D. A., & Kim, M. U. (1987). Organizational dysfunctions of decline. Academy of Management Journal, 30(1), 126-138.
26. Cater, J. J. (2006). Stepping out of the shadow: The leadership qualities of successors in the family business. Unpublished doctoral dissertation, Louisiana State University.
27. Chowdhury, S. D. (2002). Turnarounds: A stage theory perspective. Canadian Journal of Administrative Sciences, 19(3), 249-266.
28. Chowdhury, S. D., & Lang, J. R. (1993). Crisis, decline, and turnaround: A test of competing hypotheses for short-term performance improvement in small firms. Journal of Small Business Management, 31(4), 8-17.
29. Chrisman, J. J., Chua, J. H., & Sharma, P. (1998). Important attributes of successors of successors in family businesses: An exploratory study. Family Business Review, 11(1), 19-34.
30. Chrisman, J. J., Chua, J. H., & Sharma, P. (2005). Trends and directions in the development of a strategic management theory of the family firm. Entrepreneurship Theory and Practice, 29(5), 555-575.
31. Chua, J. H., Chrisman, J. J., & Steier, L. P. (2003). Extending the theoretical horizons of family business research. Entrepreneurship Theory and Practice, 27(4), 331-338.
32. Covin, T. J. (1994). Perceptions of family-owned firms: The impact of gender and educational level. Journal of Small Business Management, 32(3), 29-39.
33. Cyert, R. M., & March, J. G. (1963). A behavioral theory of the firm. Englewood Cliffs, NJ: Prentice-Hall.
34. D'Aveni, R. A., & MacMillan, I. C. (1990). Crisis and the content of managerial communications: A study of the focus of attention of top managers in surviving and failing firms. Administrative Science Quarterly, 35(4), 634-657.
35. Davis, J., & Tagiuri, R. (1996). Life stages and father-son work relationships. In C. E. Aronoff, J. H. Astrachan, & J. L. Ward (Eds.), Family business sourcebook II (pp. 421-432). Marietta, GA: Business Owner Resources.
36. Davis, P. S., & Harveston, P. D. (2001). The phenomenon of substantive conflict in the family firm: A cross-generational study. Journal of Small Business Management, 39(1), 14-30.
37. Dess, G. (1987). Consensus on strategy formulation and organizational performance: Competitors in a fragmented industry. Strategic Management Journal, 8, 259-277.
38. Donckels, R., & Frohlick, E. (1991). Are family businesses really different? European experience from STRATOS. Family Business Review, 4, 149-160.
39. Dyer, W. G. (1986). Cultural change in family firms: Anticipating and managing business and family transitions. San Francisco, CA: Jossey-Bass.
40. Eisenhardt, K. M. (1989). Building theories from case study research. Academy of Management Review, 14(4), 532-550.
41. Finklin, E. F. (1985). Company turnaround. Journal of Business Strategy, 5(4), 14-24.
42. Ford, J. (1985). The effect of causal attributions on decision makers' responses to performance downturns. Academy of Management Review, 10, 770-786.
43. Ford, J., & Baucus, D. (1987). Organizational adaptation to performance downturns: An interpretation-based perspective. Academy of Management Review, 12, 366-380.
44. Furman, J. L., & McGahan, A. M. (2002). Turnarounds. Managerial and Decision Economics, 23(4-5), 283-300.
45. Gersick, K. E., Davis, J. A., Hampton, M. M., & Lansberg, I. (1997). Generation to generation: Life cycles of the family business. Boston, MA: Harvard Business School Press.
46. Golden, B. (1992). The past is the past-or is it? The use of retrospective accounts as indicators of past strategy. Academy of Management Journal, 35, 848-860.
47. Granovetter, M. (1973). The strength of weak ties. American Journal of Sociology, 78(6), 1360-1380.
48. Granovetter, M. (1985). Economic action and social structure. American Journal of Sociology, 91, 481-510.
49. Greif, A. (1989). Reputation and coalitions in medieval trade. Journals of Economic History, 49, 857-882.
50. Habbershon, T. G., Williams, M. L., & MacMillan, I. C. (2003). A unified systems perspective of family firm performance. Journal of Business Venturing, 18, 451-465.
51. Hambrick, D. C., Cho, T. S., & Chen, M. (1996). The influence of top management team heterogeneity on firms' competitive moves. Administrative Science Quarterly, 41(4), 659-684.
52. Hambrick, D. C., & Schecter, S. M. (1983). Turnaround strategies for mature industrial-product business units. Academy of Management Journal, 26(2), 231-248.
53. Handler, W. C. (1989). Methodological issues and considerations in studying family businesses. Family Business Review, 2(3), 257-276.
54. Handler, W. C. (1994). Succession in family business: A review of the research. Family Business Review, 7(2), 133-157.
55. Hansen, M. T. (1999). The search-transfer problem: The role of weak ties in sharing knowledge across organization subunits. Administrative Science Quarterly, 44(1), 82-111.
56. Hargadon, A., & Sutton, R. I. (1997). Technology brokering and innovation in a product development firm. Administrative Science Quarterly, 42(4), 716-749.
57. Hedberg, B. L. T., Nystrom, P. C., & Starbuck, W. H. (1976). Camping on seesaws: Prescriptions for a self-designing organization. Administrative Science Quarterly, 38, 20-50.
58. Hofer, C. (1980). Turnaround strategies. Journal of Business Strategy, 1(1), 19-31.
59. Hofer, C., & Schendel, D. (1978). Strategy formulation: Analytical concepts. St. Paul, MN: West Publishing.
60. Hoffman, L., & Maier, N. (1961). Quality and acceptance of problem solutions by members of homogeneous and heterogeneous groups. Journal of Abnormal and Social Psychology, 62, 401-407.
61. Howorth, C., & Ali, Z. A. (2001). Family business succession in Portugal: An examination of case studies in the furniture industry. Family Business Review, 14(3), 231-244.
62. Ibrahim, A. B., Soufani, K., & Lam, J. (2001). A study of succession in a family firm. Family Business Review, 14(3), 245-258.
63. Jensen, R. (2003). Tradition is double-edged sword in family business. Journal of Corporate Renewal, 16(6), 8-10, 24.
64. Kramer, M. (2003). Navigating the road to recovery: Family-owned businesses pose special challenges. Journal of Corporate Renewal, 16(6), 4-6, 24.
65. Kuckartz, U. (2001). MAX.Qualitative data analysis reference manual. Berlin: Verbi Software.
66. Lansberg, I. (1988). The succession conspiracy. In C. E. Aronoff, J. H. Astrachan, & J. L. Ward (Eds.), Family business sourcebook II (pp. 70-86). Marietta, GA: Business Owner Resources.
67. Levinson, H. (1996). Consulting with family businesses: What to look for, what to look out for. In C. E. Aronoff, J. H. Astrachan, & J. L. Ward (Eds.), Family business sourcebook II (pp. 527-534). Marietta, GA: Business Owner Resources.
68. Levinthal, D. A., & March J. G. (1993). The myopia of learning. Strategic Management Journal, 14, 95-112.
69. Lohrke, F. (1996). The performance effects of strategy, top-management characteristics, and environment: An integrative study of decline and turnaround. Unpublished doctoral dissertation, Louisiana State University.
70. Lohrke, F., & Bedeian, A. G. (1998). Managerial responses to declining performance: Turnaround investment strategies and critical contingencies. In D. Ketchen (Ed.), Turnaround research: Past accomplishments and future challenges. Advances in applied business strategy (Vol. 5, pp. 3-20). Stamford, CT: JAI Press.
71. Lohrke, F., Bedeian, A. G., & Palmer, T. B. (2004). The role of top management teams in formulating and implementing turnaround strategies: A review and research agenda. International Journal of Management Review, 5/6(2), 63-90.
72. Longenecker, J. G., & Schoen, J. E. (1978). Management succession in the family business. In C. E. Aronoff, J. H. Astrachan, & J. L. Ward (Eds.), Family business sourcebook II (pp. 87-92). Marietta, GA: Business Owner Resources.
73. MacKenzie, J. E. (2002). Downsizing family businesses: Family dynamics increase challenges. Journal of Corporate Renewal, 15(5), 18-21.
74. Miller, D., & LeBreton-Miller, I. (2005). Managing for the long-run: Lessons in competitive advantage from great family businesses. Boston, MA: Harvard Business School Press.
75. Mitchell, R. K., Morse, E. A., & Sharma, P. (2003). The transacting cognitions of nonfamily employees in the family business setting. Journal of Business Venturing, 18, 533-551.
76. Morris, H. M., Williams, R. O., Allen, J. A., & Avila, R. A. (1997). Correlates of success in family business transitions. Journal of Business Venturing, 12, 385-401.
77. Mueller, J. (1997). How to create a "businesslike" family business. Journal of Corporate Renewal, 10(1), 1, 4-7.
78. Nystrom, P. C., & Starbuck, W. H. (1984). To avoid organizational crises, unlearn. Organizational Dynamics, 12, 53-65.
79. O'Neill, H. (1986). Turnaround and recovery: What strategy do you need? Long Range Planning, 19(1), 80-88.
80. Pearce, J. A. II, & Robbins, D. K. (1993). Toward improved theory and research on business turnaround. Journal of Management, 19(3), 613-637.
81. Pearce, J. A. II, & Robbins, D. K. (1994a). Entrepreneurial recovery strategies of small market share manufacturers. Journal of Business Venturing, 9(2), 91-109.
82. Pearce, J. A. II, & Robbins, D. K. (1994b). Retrenchment remains the foundation of business turnaround. Journal of Management, 19, 613-636.
83. Porter, M. E. (1985). Competitive advantage. New York: Free Press.
84. Priem, R. L. (1990). Top management team group factors, consensus, and firm performance. Strategic Management Journal, 11(6), 469-478.
85. Robbins, D. K., & Pearce, J. A. (1992). Turnaround: Retrenchment and recovery. Strategic Management Journal, 13, 287-309.
86. Schendel, D. G., Patton, G., & Riggs, J. (1976). Corporate turnaround strategies: A study of profit, decline, and recovery. Journal of General Management, 3, 3-11.
87. Schultz, W. S., Lubatkin, M. H., & Dino, R. N. (2003). Toward a theory of agency and altruism in family firms. Journal of Business Venturing, 18, 473-490.
88. Schwenk, C. (1985). The use of participation recollection in the modeling of organizational decision processes. Academy of Management Review, 10, 496-503.
89. Shanker, M. C., & Astrachan, J. H. (1996). Myths and realities: Family businesses' contribution to U.S. economy-A framework for assessing family business statistics. Family Business Review, 9(4), 107-119.
90. Sharma, P. (2004). An overview of the field of family business studies: Current status and directions for the future. Family Business Review, 17(1), 1-36.
91. Sharma, P., Chrisman, J. J., & Chua, J. H. (1996). A review and annotated bibliography of family business studies. Boston, MA: Kluwer Academic Publishers.
92. Sharma, P., Chrisman, J. J., & Chua, J. H. (2003). Succession planning as planned behavior: Some empirical results. Family Business Review, 16(1), 1-16.
93. Sharma, P., & Irving, P. G. (2005). Four bases of family business successor commitment: Antecedents and consequences. Entrepreneurship Theory and Practice, 29(1), 13-33.
94. Simons, T., Pelled, L., & Smith, K. (1999). Making use of difference: Diversity, debate, and decision comprehensiveness in top management teams. Academy of Management Journal, 42, 652-673.
95. Slatter, S. (1984). Corporate recovery. Harmondsworth: Penguin.
96. Starbuck, W. H., Greve, A., & Hedberg, B. L. T. (1978). Responding to crisis. Journal of Business Administration, 9(2), 111-137.
97. Strauss, A., & Corbin, J. (1998). Basics of qualitative research: Techniques and procedures for developing grounded theory. Thousand Oaks, CA: Sage.
98. Tushman, M. L., & Anderson, P. (1986). Technological discontinuities and organizational environments. Administrative Science Quarterly, 31, 439-465.
99. Uzzi, B. (1996). The sources and consequences of embeddedness for the economic performance of organizations: The network effect. American Sociological Review, 61, 674-698.
100. Yin, R. K. (1994). Case study research: Design and methods. Thousand Oaks, CA: Sage.
101. Zahra, S. A. (2003). International expansion of U.S. manufacturing family businesses: The effect of ownership and involvement. Journal of Business Venturing, 18, 495-512.
102. Zimmerman, F. (1989). Managing a successful turnaround. Long Range Planning, 22(3), 105-124.