Turning the Tide: A Systematic Review and Bibliometric Synthesis of Corporate Turnaround Strategies

Abstract

This study seeks to systematically consolidate and organize the scattered body of research on corporate turnaround strategies by combining bibliometric analysis with a systematic literature review (SLR). It traces the field’s intellectual development, highlights both established and emerging research themes, and builds an integrated theoretical perspective on how organizations recover from decline within today’s complex, unstable, and multifaceted business environments. The study adopts a structured review approach, which combines a systematic literature review with bibliometric analysis. It examines 337 Scopus-indexed articles in English language published between 1981 and 2024 to trace the evolution of turnaround research and identify major strategic themes. This is complemented by an in-depth assessment of 35 highly influential, peer-reviewed studies, which distill effective turnaround strategies across diverse contexts and industries. The findings indicate that successful corporate turnarounds hinge on matching strategic responses to the root causes of organizational decline. While cost-cutting and operational stabilization often serve as initial measures, sustained recovery requires strategic repositioning, renewed leadership, and effective resource alignment. The review also highlights the increasing strategic importance of sustainability, stakeholder engagement, and digital transformation in contemporary turnaround efforts, even though these areas remain underexplored in existing research.
This paper delivers practical strategic guidance by presenting a cohesive perspective on corporate turnaround strategies that goes beyond piecemeal approaches. It equips managers with a clear framework for determining when and how to apply retrenchment, recovery, and renewal strategies, enabling more informed decision-making during times of organizational distress.