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.
