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Restructuring and Turnaround of Distressed Manufacturing Firms

An International Empirical Study


Tobias Eichner

The author was awarded the Schmalenbach-Prize 2009 for this book.
The study assesses the effectiveness of restructuring strategies as managerial countermeasures in financial distress situations. Employing an international sample (USA, UK, Germany) of 151 listed manufacturing firms facing economic peril, it applies a comprehensive research approach incorporating financial, managerial, operational, and portfolio-restructuring strategies as well as the process of their execution. The empiricism combines financial data, press statements, and publications articulating restructuring activity with a carefully selected set of statistical analysis techniques. The study finds both novel and robust evidence for the efficacy of appropriate restructuring strategies in achieving turnaround and derives a set of realizable implications for managerial practice.
Contents: Research objective: Empirical verification of the effectiveness of restructuring strategies in financial distress situations – Approach: Focus on industrial manufacturing firms, international sample – Result: Transparency on the contribution of different strategies to the achievement of turnaround, identification of six archetypes of successful strategies, implications for managerial practice.