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Corporate Crisis and Sustainable Reorganization: Evidence from Bankrupt Austrian SMEs

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  • Stefan Mayr
  • Christine Mitter
  • Andrea Aichmayr

Abstract

Bankruptcy and failure continue to affect small and medium‐sized enterprises (SMEs) worldwide. Since bankruptcies are costly and disruptive, it seems useful to identify factors and resources that are essential for SMEs to overcome a crisis and to reorganize in a way that leads to a sustainable and lasting renewal. By drawing on longitudinal data, we identified essential elements of sustainable reorganization of bankrupt SMEs in Austria that ensure long‐term survival and competitiveness. The results of our study show that the pivotal factor in turnaround is repositioning, which is characterized by a unique selling proposition combined with some kind of innovation and change, and integration into networks.

Suggested Citation

  • Stefan Mayr & Christine Mitter & Andrea Aichmayr, 2017. "Corporate Crisis and Sustainable Reorganization: Evidence from Bankrupt Austrian SMEs," Journal of Small Business Management, Taylor & Francis Journals, vol. 55(1), pages 108-127, January.
    • Handle: RePEc:taf:ujbmxx:v:55:y:2017:i:1:p:108-127
    DOI: 10.1111/jsbm.12248
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    Cited by:

    1. Vivien Lefebvre, 2023. "Layoffs in SMEs: The Role of Social Proximity," Post-Print hal-04585953, HAL.
    2. Vivien Lefebvre, 2024. "Layoffs in SMEs: The Role of Social Proximity," Journal of Business Ethics, Springer, vol. 190(4), pages 801-820, April.
    3. Jiang, Cuiqing & Yin, Chang & Tang, Qian & Wang, Zhao, 2023. "The value of official website information in the credit risk evaluation of SMEs," Journal of Business Research, Elsevier, vol. 169(C).
    4. Stefan Mayr & Christine Duller & Matthias Baschinger, 2023. "Assessment of formal proceedings and out-of-court reorganisation: results from a survey among turnaround professionals in Austria," European Journal of Law and Economics, Springer, vol. 56(2), pages 325-367, October.
    5. Mehmet Civelek & Vladimír Krajèík & Vendula Fialova, 2023. "The impacts of innovative and competitive abilities of SMEs on their different financial risk concerns: System approach," Oeconomia Copernicana, Institute of Economic Research, vol. 14(1), pages 327-354, March.

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