The question of how to effectively reverse declining firm performance has ever been an important question for both academic scholars and business practitioners. Though a profound answer to this question seems more and more important as today’s business landscape is becoming increasingly volatile amplifying the threat of facing organizational declines, extant research is still inconclusive. Against this backdrop, this dissertation project aims to better understand how declining firm performance can effectively be reversed. Therefore, this dissertation project identifies and rigorously investigates unexplored contingencies that better explain the effectiveness of turnaround actions and also breaks with established research approaches both conceptually and methodologically. The first study of this dissertation project applies the concept of resilience (i.e., buffering volatility in declines and subsequent performance recovery) originating from psychology to an organizational context. The second study unravels two important contingencies that govern the effectiveness of workforce downsizing as one of the most prominent managerial practices in order to reverse declining firm performance. The third study of this dissertation project introduces a temporal perspective to research on organizational decline and turnaround management and thereby draws attention to turnaround duration as an important contingency. Together, the three single studies of this dissertation project complement established knowledge on how to effectively reverse declining firm performance.
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