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Financial Distress and Corporate Turnaround: An Empirical Analysis of the Automotive Supplier Industry

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Since its early days, business research has paid special attention to companies in distress situations. Its main focus has always been on the question of how distressed companies can successfully turn around. This issue is of major importance to academics as well as practitioners, but has only been partially answered so far. The reasons for the sparse and inconclusive research results are manifold. On the one hand, results are frequently hampered by the lack of exhaustive data and inappropriate research designs. On the other hand, the research samples under examination are often very heterogeneous, making it impossible to draw valid conclusions.

In his dissertation, Martin Schmuck analyzes the effectiveness of restructuring measures of companies in financial distress. In order to overcome the limitations of prior studies, he focuses on a sample of automotive suppliers; a distinctive, but nevertheless highly important industry segment. The international sample also makes it possible to accommodate regional differences. One of the main contributions of this doctoral thesis is that it includes a set of healthy companies in the research sample and, thereby makes it possible to identify how individual restructuring measures contribute to the corporate success of distressed and nondistressed companies.

This dissertation is underpinned by an excellent review of existing research efforts, a carefully constructed framework of hypotheses, and an extensive data set. The empirical analysis, conducted specifically for the purpose of this thesis, is based on advanced econometric methods, as well as an extremely well-structured approach. Both the research design and research results are a valuable and innovative contribution to national and international research on corporate turnaround. Martin Schmuck’s dissertation on financial distress and corporate turnaround provides important new insights into this field, and future research workers as well as corporate decision-makers in the automotive industry will be able to significantly benefit from his work.
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Tools and Algorithms for the Construction and Analysis of Systems: 17th International Conference
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This volume contains the proceedings of the 17th International Conference on Tools and Algorithms for the Construction and Analysis of Systems (TACAS 2011). TACAS 2011 took place in Saarbr¨ucken, Germany, March 28–31, 2011, as part of the 14th European Joint Conferences on Theory and Practice of Software (ETAPS 2011), whose...

The Sci-Fi Movie Guide: The Universe of Film from Alien to Zardoz
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Tele-Visionaries: The People Behind the Invention of Television (IEEE Press Understanding Science & Technology Series)
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Tele-Visionaries: The People Behind...

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