O turnaround nas empresas em recuperação judicial

Like growth, organizational decline is also part of the life cycle of organizations. In this phase, as a survival instinct, organizations carry out, sooner or later, actions with the objective of recovering their performance and activity levels, called turnaround actions. Based on the consensus that such actions need to be planned and coordinated in order to achieve a better result in combating the decline, turnaround management has gained relevance in the literature, with the emergence of several studies and models to understand and accommodate the factors that can influence the success or failure of these actions. In this path, the present study seeks to analyze how the legal remedy for judicial reorganization provided in Brazilian legislation is related to the turnaround factors identified in the literature, through a multiple case study where turnaround management actions were observed in three companies listed in the stock exchange, which used the judicial reorganization. The technique used for document analysis and the organization of evidence following the framework proposed in the literature, allowed the observation of stakeholder management as the protagonist of the solutions offered in the judicial reorganization, acting in the stabilization of the crisis through the restructuring of obligations and maintenance of operational activities. The judicial reorganization also demonstrated an impact on the asset reduction operational activities. In the stage referred to in the literature as the recovery phase, no interactions were found between the turnaround actions and the legal instrument, which allowed us to observe that there is room for approximation of judicial reorganization to theoretical models, as well as the extension of its performance in strategic measures to retake performance in the long term.