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Financial Distress and Corporate Turnaround: A Review of the Literature and Agenda for Research

A considerable body of research aims to discriminate between companies with the potential to stem decline, or recover from extremis, from those which will ultimately fail. The literature spans a number of academic disciplines and embraces theorising, case studies and anecdote. Even so much confusion remains regarding the circumstances where recovery is feasible, and those factors and strategies likely to facilitate such recovery. The paper reviews this literature by focusing on the turnaround decision, the process and problems of reporganization and the probability of its success. The categorization of studies centres on the turnaround process to facilitate the generation of an analytical overview of findings with regard to alternative strategies which are a precondition for success. The paper concludes with a future research agenda embracing an alignment of strategy, implementation approach and the sources of financial distress.