Abstract
Although much has been written on the subject of organizational turnaround, this article attempts to provide a grounded, yet comprehensive narrative in exploring the turnaround literature. In developing its theoretical framework, this paper focuses on the behavioral aspects of the organization's top management teams (TMTs) during the time of organizational challenges and decline. This primary objective of this paper is to investigate theoretical perspectives that seek to explain turnaround strategies within a wider conceptual universe. Additionally, it provides a road map to guide the future research efforts of scholars and practicing mangers through a suggested research agenda.