TABLE OF CONTENTS -- List of Figures XII -- List of Tables XIII -- List of Abbreviations XV -- Thesis Abstract XVII -- 1 Introduction 1 -- 1.1 Motivation 2 -- 1.2 Research Gap and Questions 6 -- 1.3 Research Approach 8 -- 1.4 Outline of Course of Study 10 -- 2 Review of Literature on Distressed Restructuring 13 -- 2.1 Alternative Theoretical Perspectives 15 -- 2.1.1 Perspectives of Finance Research 16 -- 2.1.2 Perspectives of Strategy Research 20 -- 2.2 Existing Empirical Evidence 24 -- 2.2.1 Overview of Related Empirical Contributions 25 -- 2.2.2 Discussion of Selected Empirical Studies 29 -- 2.2.2.1 The Study by Hambrick and Schecter (1983) 29 -- 2.2.2.2 The Study by Asquith, Gertner, and Scharfstein (1994) 31 -- 2.2.2.3 The Study by Sudarsanam and Lai (2001) 32 -- 2.3 Derivation of Implications for this Study 34 -- 3 Research Context and Definitions 39 -- 3.1 Positioning within Existing Literature 40 -- 3.2 Definition of Key Terms 44 -- 3.2.1 Distressed Firms 45 -- 3.2.2 Restructuring 49 -- 3.2.2.1 Restructuring Content 51 -- 3.2.2.2 Restructuring Process 55 -- 3.2.3 Turnaround 58 -- 3.2.4 Industrial Manufacturing Sector 59 -- 4 Derivation of the Research Model 63 -- 4.1 Introduction to the Research Framework 64 -- 4.1.1 Framework Overview 64 -- 4.1.2 Three Analytical Layers 67 -- 4.2 Derivation of Testable Propositions and Hypotheses 68 -- 4.2.1 Conventions on Distress and Turnaround 69 -- 4.2.2 Restructuring Process and Effectiveness 70 -- 4.2.2.1 Conventions on Restructuring Process 70 -- 4.2.2.2 Effectiveness of the Restructuring Process 73 -- 4.2.3 Restructuring Content and Effectiveness 76 -- 4.2.3.1 Conventions on Restructuring Content 77 -- 4.2.3.2 Effectiveness of Operational Restructuring 79 -- 4.2.3.3 Effectiveness of Managerial Restructuring 91 -- 4.2.3.4 Effectiveness of Portfolio Restructuring 97.

4.2.3.5 Effectiveness of Financial Restructuring 103 -- 4.2.4 Joining Restructuring Content and Process 115 -- 4.2.5 Restructuring Context 118 -- 4.2.5.1 Context Factors of Distressed Restructurings 119 -- 4.2.5.2 Causes of Financial Distress 127 -- 4.2.6 Successful Restructuring Archetypes 130 -- 4.3 Operationalization of Variables 133 -- 4.3.1 Dependent Variables 134 -- 4.3.2 Independent Variables 135 -- 4.3.3 Control Variables 139 -- 4.4 Summary Overview of Research Model 140 -- 5 Selection of Statistical Methodology 145 -- 5.1 Linkage of Methodology Choices and Empirical Results 146 -- 5.2 Choice of Sampling Approach and Scaling Properties 146 -- 5.2.1 Sampling Methodology 147 -- 5.2.2 Handling of Missing Data and Choice of Scaling Properties 148 -- 5.3 Multivariate Inferential Data Analysis Methodology 150 -- 5.3.1 Selection of Logistic Regression Analysis versus Other Methods 151 -- 5.3.2 Specification of the Logistic Regression Model 156 -- 5.3.3 Model-Building Objectives and Strategy 160 -- 5.3.3.1 Model-Building Objectives 160 -- 5.3.3.2 Model-Building Strategy 161 -- 5.3.3.3 A Note on Interaction Effects 165 -- 5.3.4 Methodology for Model Fit and Robustness Assessment 167 -- 5.3.4.1 Model Fit Assessment 167 -- 5.3.4.2 Model Robustness Diagnostics 170 -- 5.3.4.3 Cross-Validation Techniques 174 -- 5.4 Exploratory Cluster Analysis 176 -- 5.4.1 Selection of Cluster Analysis Methodology 176 -- 5.4.2 Cluster Analysis Approach 177 -- 5.5 Supplementary Analysis Techniques 179 -- 5.5.1 Selection of Univariate Testing Techniques 179 -- 5.5.2 Introduction to Testing Conventions 182 -- 6 Analysis of Empirical Results 185 -- 6.1 Sampling and Descriptive Results 186 -- 6.1.1 Sample Collection 186 -- 6.1.1.1 Data Sources 186 -- 6.1.1.2 Sample Selection Procedure 188 -- 6.1.2 Descriptive Results 192 -- 6.1.2.1 Sample Profile and Representativeness 192.

6.1.2.2 Restructuring Activities - Strategy Content Perspective 196 -- 6.1.2.3 Turnaround Trajectories - Strategy Process Perspective 202 -- 6.1.2.4 Descriptive Results on Underlying Causes of Distress 206 -- 6.2 Results of Restructuring Effectiveness and Turnaround Prediction 208 -- 6.2.1 Results of Layer III Hypotheses on Strategic Moves 210 -- 6.2.1.1 Strategic Moves Limited to Strategy Content 211 -- 6.2.1.2 Strategic Moves Combining Strategy Content and Process 212 -- 6.2.1.3 Review of Control Variables and Robustness Tests 220 -- 6.2.2 Results of Layer II Propositions on Restructuring Categories 224 -- 6.2.2.1 Explanatory Contribution by Restructuring Category 224 -- 6.2.2.2 Review of Effectiveness by Restructuring Category 227 -- 6.2.3 Results of Layer I Propositions and Turnaround Prediction 231 -- 6.2.3.1 Explanatory Contributions of Strategy Content and Process 231 -- 6.2.3.2 Results on Restructuring Effectiveness 234 -- 6.2.3.3 Results on Turnaround Prediction 236 -- 6.2.4 Robustness of Empirical Results 239 -- 6.2.4.1 Robustness of Model Specification 239 -- 6.2.4.2 Review of further Robustness Diagnostics 241 -- 6.2.4.3 Cross-Validation of Layer I Results 243 -- 6.2.5 Extension on Sub-Samples and Moderating Effects 245 -- 6.2.5.1 Preparatory Sub-Sample Analysis 245 -- 6.2.5.2 Saturated Regression Models with Moderating Effects 250 -- 6.3 Results of Successful Restructuring Archetypes 253 -- 6.3.1 Results of Cluster Analysis 253 -- 6.3.2 Alternative Solutions and Robustness of Results 260 -- 6.3.3 Concluding Discussion of Restructuring Archetypes Analysis 264 -- 7 Conclusion 265 -- 7.1 Course of Study Review 266 -- 7.2 Synopsis of Key Findings 268 -- 7.3 Implications for Managerial Practice 273 -- 7.4 Limitations and Outlook 275 -- Appendices 279 -- References 294.