000			01743nab a22001817a 4500
008			160615b2014 xxu||||| |||| 00| 0 eng d
100			_aCollett, Nicholas
245			_aSuccess and failure in turnaround attempts _cAn analysis of SMEs within the Finnish Restructuring of Ente
260			_c2014
300			_a123-141
520			_aThis study focuses on the success and failure of small- and medium-sized enterprises (SMEs) attempting turnaround within Finland's Restructuring of Enterprises Act. In doing so, it aims to shed light on (1) how successful and unsuccessful SME turnarounds differ and (2) the effectiveness of the Finnish regime in promoting SME recovery. A preliminary review of the turnaround literature revealed 23 decline and recovery variables. Data on these variables were collected via a questionnaire sent to the administrators of failing SMEs that entered restructuring. Data from the sample of 228 returns were subjected to factor and logit analysis. The factor analysis finds four decline categories: poor management, high debt in adverse macroeconomy, an adverse microeconomic environment and one-off causes of decline. It also finds three recovery action categories: management change and cash generation, market reorientation and cost-cutting and retrenchment. The logit analysis finds that one-off causes of decline, management change and cash generation and cost-cutting and retrenchment are more important in successful turnarounds and that poor management and an adverse microeconomic environment...
650			_aSmes
650			_aSmall And Medium-Sized Enterprises
650			_aFinland
650			_aRestructuring
650			_aTurnaround
773			_aEntrepreneurship & Regional Development _dJanuary
999			_c41542 _d41542