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Von der Insolvenzgefährdung zum Turnaround Management

Author

Listed:
  • Becker, Marco
  • Gerasimenko, Aleksandra
  • Wolf, Jakob
  • Waldmann, Leon-Ly

Abstract

Insolvenzgefährdete Unternehmen benötigen belastbare Frühwarnsysteme, um rechtzeitig den Turnaround einzuleiten. Das vorliegende Working Paper verbindet ein quantitatives Prognosemodell zur Insolvenzgefährdung mit einem strukturierten Rahmenwerk für das Turnaround-Management. Mit Hilfe eines quantitativen Modells wird ein vierstufiger Gefährdungsgrad abgeleitet, dem jeweils eine Standardstrategie zugeordnet ist. Darauf aufbauend werden typische endogene und exogene Krisenursachen sowie ein dreistufiger Turnaround-Projektplan (Liquiditätssicherung, operative Restrukturierung, strategische Neuausrichtung) vorgestellt. Als Standardstrategien dienen unter anderem die wertorientierte Steuerung (ROCE > WACC), die Turnaround BASIS-Strategie, der Fokus auf Kernaktivitäten sowie Asset Retrenchment und radikales 50%-Shrinking. Abschließend werden zentrale Erfolgsfaktoren und Misserfolgsfaktoren des Turnaround Managements gegenübergestellt.

Suggested Citation

  • Becker, Marco & Gerasimenko, Aleksandra & Wolf, Jakob & Waldmann, Leon-Ly, 2026. "Von der Insolvenzgefährdung zum Turnaround Management," EconStor Preprints 342368, ZBW - Leibniz Information Centre for Economics.
    • Handle: RePEc:zbw:esprep:342368
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    File URL: https://www.econstor.eu/bitstream/10419/342368/1/Turn-Around-Management.pdf
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    JEL classification:

    • M1 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration
    • M4 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting

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