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Corporate Rejuvenation

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  • John M. Stopford
  • Charles Baden‐Fuller

Abstract

This article examines six British manufacturers that have recovered from imminent disaster to create sustained and profitable growth in four mature, European industries. Their record is contrasted with that of less successful rivals. Rejuvenation was achieved by making a series of ‘holistic’ changes in structure, systems, process and strategy affecting the entire organization. Rejuvenation is shown to be much more than a ‘turnaround’, which concentrates on finance and efficiency. Innovation in ‘emergent’ strategies was critical and was based on chief executives’beliefs in opportunities that could not be sustained by ‘rational’ strategy calculations. A model of the sequence of change is developed to show how these beliefs were translated into action. The behavioural aspects of the process highlight the importance of both the role information plays in shaping how problems and opportunities are perceived, and the ability of teams to manage the dilemmas inherent in these markets. Both attributes determine much of an organization's capacity to learn. The evidence challenges conventional prescriptions of strategy for mature firms.

Suggested Citation

  • John M. Stopford & Charles Baden‐Fuller, 1990. "Corporate Rejuvenation," Journal of Management Studies, Wiley Blackwell, vol. 27(4), pages 399-415, July.
    • Handle: RePEc:bla:jomstd:v:27:y:1990:i:4:p:399-415
    DOI: 10.1111/j.1467-6486.1990.tb00254.x
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    Cited by:

    1. Muhammad Zubair Alam & Nadia Nasir & Ch. Abdul Rehman, 2020. "Intrapreneurship concepts for engineers: a systematic review of the literature on its theoretical foundations and agenda for future research," Journal of Innovation and Entrepreneurship, Springer, vol. 9(1), pages 1-21, December.
    2. Hilton Barrett & Art Weinstein, 1998. "The Effect of Market Orientation and Organizational Flexibility on Corporate Entrepreneurship," Entrepreneurship Theory and Practice, , vol. 23(1), pages 57-70, October.
    3. Hanna Maria Sievinen & Tuuli Ikäheimonen & Timo Pihkala, 2020. "The advisory role of non-family board members: a case-based study of a family firm," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 24(4), pages 871-903, December.
    4. Satish C. Pandey & Pramod Verma, 2005. "Organizational Decline and Turnaround: Insights from the Worldcom Case," Vision, , vol. 9(2), pages 51-65, April.
    5. Jeffrey G. Covin & Morgan P. Miles, 1999. "Corporate Entrepreneurship and the Pursuit of Competitive Advantage," Entrepreneurship Theory and Practice, , vol. 23(3), pages 47-63, April.
    6. R. Duane Ireland & Jeffrey G. Covin & Donald F. Kuratko, 2009. "Conceptualizing Corporate Entrepreneurship Strategy," Entrepreneurship Theory and Practice, , vol. 33(1), pages 19-46, January.
    7. Jing Zhou & Yunwen Jiang & On Kit Tam & Wei Lan & Silin Ye, 2021. "Success in completing cross‐border acquisitions by emerging market firms: What matters?," The World Economy, Wiley Blackwell, vol. 44(7), pages 2128-2163, July.

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