| Summary: | 碩士 === 國立東華大學 === 國際企業學系 === 100 === The purpose of this study is to delineate the relationship between characteristics of firms facing deteriorating performance and turnaround strategies these declining firms will adopt. From the perspectives of RBV (resource-based view of the firms), we use several indicators to show a firm’s characteristics including a firm’s slack as the proxy of the firm’s resource it can employ. The data set was collected from the TEJ (Taiwan Economic Journal Financial Databank), and the samples are firms in all industry in Taiwan expect financial industry covering the period from 1996 to 2010. The results indicate that during the first-time turnaround, (1) large-scale and old firms, which represent the richer resource, are likely to take retrenchment in operating turnaround; (2) firms with greater performance in the decline period or with more slacks will re-allocate resource to re-focus markets, products and/or businesses; and (3) firms, which were with poor performance in the decline period, will seek external resource to gain support for a turnaround.
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