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Turnaround management of machine building enterprises: theoretical aspects and implementation processes

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Category: Economy and management

Last Updated on 06 November 2015

Published on 06 November 2015

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Authors:

N.M. Tiurina, Cand. Sci. (Econ.), Professor, State Higher Educational Institution “Khmelnytskyi National University”, Head of the Department of Economics and Management of Industrial Enterprises, Khmelnytskyi, Ukraine.

N.S. Karvatska, Cand. Sci. (Econ.), Assoc. Prof., State Higher Educational Institution “Khmelnytskyi National University”, Senior Lecturer of the Department of Economics and Management of Industrial Enterprises, Khmelnytskyi, Ukraine.

T.V. Nazarchuk, Cand. Sci. (Econ.), Assoc. Prof., State Higher Educational Institution “Khmelnytskyi National University”, Senior Lecturer of the Department of Economics and Management of Industrial Enterprises, Khmelnytskyi, Ukraine.

Abstract:

Purpose. The development of theoretical and methodological regulation of the turnaround management and practical tools of its implementation at industrial enterprises.

Methodology. The concepts and theoretical developments of domestic and foreign scholars in the field of crisis management, methods of logic synthesis, economic and mathematical modeling served as the methodological basis for the development of the mechanism of the industrial enterprises turnaround and the model of recovery plan implementation monitoring.

Findings. The theoretical and analytical research of the industrial enterprises recovery process through sanation procedures was done. Scientific and methodological provisions of the recovery process were analyzed. Practical experience in the bankruptcy proceedings and the conditions of sanation of industrial enterprises was studied. The necessity of further development of the existing methodology of sanation procedures and strengthening of its practical adaptation to the enterprises was proved. The author’s interpretation of the concept of “enterprise sanation”, its aim and tasks were formulated. The organizational and economic mechanism of industrial enterprises sanation was suggested according to the results of the research. General approaches of management and implementation of the recovery process and the control over its implementation were defined. The model for monitoring of the sanation plan implementation at industrial enterprises was developed to achieve the goals.

Originality. Developing and deepening of the theoretical and methodological foundations of the enterprise sanation. A comprehensive effective system of enterprises sanation was elaborated. It is represented as organizational and economic mechanism. In contrast to the existing approaches, the implementation of the proposed mechanism involves the coordination of the internal priorities of the company and the external environment, balancing of internal activities, renewal of economic potential and creation of conditions for sustainable development of the enterprise in the long term. The model of monitoring of the implementation of the sanation process was developed. It is based on fixing the deviations of actual trends in the enterprise economic performance indicators from the existing standard system.

Practical value. The theoretical regulations have been brought to the level of determinate methods and recommendations intended to improve the turnaround management of industrial enterprises. These results significantly contribute to solving the problems of adaptation of industrial enterprises to the market conditions, to the improvement of their financial and economic situation, creating conditions for sustainable development in the future.

References:

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