Full-text resources of CEJSH and other databases are now available in the new Library of Science.
Visit https://bibliotekanauki.pl


2015 | 4(25) | 102-110

Article title

Categorization of instruments used in turnaround processes under conditions of financial distress


Title variants

Kategoryzacja instrumentarium wykorzystywanego w procesach dostosowawczych w warunkach zaburzeń finansowych

Languages of publication



The objective of this article was to analyze and categorize the instruments implemented by enterprises recognized as being financially distressed, used in response to such distress. The instruments were implemented in the turnaround process. In order to achieve the research objective, the following research hypothesis was verified: depending on the size of the enterprise (small or medium), various instruments are assessed as being effective and thus they can be subjected to the categorization process. The study encompassed a total of 259 small and 138 medium-sized enterprises from Poland, the Czech Republic, Slovakia, Hungary, Romania and Ukraine.





Physical description


  • Campbell J.Y., Hilscher J., Szilagyi J., 2008, In search of distress risk, The Journal of Finance, Vol. LXIII, No. 6.
  • Faulhaber P., Landwehr N., 2011, Turnaround management w praktyce. Jak wykorzystać kryzys w przedsiębiorstwie, by odrodziło się na nowo, CeDeWu, Warszawa.
  • Geroski P.A., Gregg P., 1996, What makes firms vulnerable to recessionary pressures?, European Economic Review, Vol. 40, Iss. 3-5.
  • Jahur S.M., Quardir N.M., 2012, Financial Distress in Small and Medium Enterprises of Bangladesh: Determinants and Remedial Measure, Economic Management, Vol. 15, No. 1.
  • Kaplan S.N., Stein S.T., 1993, The evolution of buyout pricing and pricing and financial structure, Quarterly Journal of Economics, Vol. CVIII, Iss. 2.
  • O’Neill, H., 1986a, An analysis of the turnaround strategy in commercial banking, Journal of Management Studies, Vol. 23.
  • O’Neill, H., 1986b, Turnaround and recovery: What strategy do you need?, Long Range Planning, Vol. 19.
  • Ozkan A., Ozkan N., 2004, Corporate cash holdings: An empirical investigation of UK companies, Journal of Banking and Finance, Vol. 28, No. 9.
  • Porada-Rochoń M., 2013, Modele decyzji finansowych MŚP w wybranych krajach Europy Środkowo-Wschodniej w warunkach zaburzeń finansowych, Polskie Towarzystwo Ekonomiczne, Szczecin, p. 60.
  • Pretorius M., 2009, Defining business decline, failure and turnaround: A content analysis, SAJESBM NS, Vol. 1, Iss. 1.
  • Slatter S., Lovett D., 2001, Restrukturyzacja firmy, WIG-Press, Warszawa.
  • Suszyński C.,1999, Restrukturyzacja przedsiębiorstw. Proces zarządzania zmianami, PWE, Warszawa.

Document Type

Publication order reference


YADDA identifier

JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.