Organizational research has historically been dominated by a focus on those factors associated with organizational growth and survival. Yet, in order to gain a comprehensive understanding of organizations, researchers must also examine an alternative outcome-organizational failure. Filing for bankruptcy protection provides an explicit case of formal organizational failure; consequently, bankruptcy offers what may be the definitive organizational performance indicator. Unlike alternative performance measures which are more readily manipulated by management, a bankruptcy filing is a discrete event. This paper explores the contributions of the behavioral, environmental, financial/accounting, and legal approaches to bankruptcy. The challenge currently facing organizational researchers is the integration of these diverse perspectives, particularly as they apply to strategic studies.
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