Scholars are particularly interested in understanding effective strategies to turn around business performance as businesses experience periods of decline. As the COVID-19 pandemic has revived the importance of better understanding effective turnaround strategies within organizations, additional research is needed to support businesses as they work to recapture or exceed pre-decline performance. This dissertation's research model suggests that operational and strategic turnaround responses have a relationship with firm performance. It is empirically tested using data collected from 98 top management team members across the United States regarding the operational and strategic turnaround responses implemented to combat the decline caused by COVID-19. The results show that strategic turnaround responses positively impacted firm performance. These findings have practical as well as theoretical implications that suggest the type of turnaround response needed in times of future global phenomena.
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