Turnaround Types, Stages, Strategies, and Tactics: Putting Things in Order

Abstract

The turnaround research is still challenged by the inconsistent terminology, hierarchy, and classification of turnaround activities. This study aims to correct such inconsistencies and proposes a synthesized, coherent hierarchy of classifications, namely turnaround stages, strategies, and tactics. Turnaround tactics that are rarely covered by academic studies get indexed and linked to turnaround strategies and stages, while at the same time correcting inconsistencies within the predominant literature. The structure proposed herein can support empirical research of a higher resolution that will go down to specific turnaround tactics and contingencies, as well as support actual decision-making processes faced by executives in challenging business situations.