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Toys are an important part of children life and also for their parents. In Indian, toys are also connected with culture and festivals, but Indian toys industries have failed to establish themselves not only globally but also locally. This paper focuses on Indian toy industries, which are ignored previously, and now the Indian government has taken multiple initiatives to boost this sector's scale. So this paper addresses the issue of the Indian toy industry with its solution. The current paper will address the problems of the Indian toys industry and propose solutions to those problems. The research is based on the field visit performed by the authors. During the visit, some interviews of toy manufacturers were performed, which helps to identify the problems related to the toy industry. This problem helps us understand why the toys industry fails in India and guide us to propose solutions for the respected issues. The data collection was done in India's Delhi/NCR region, which holds the major stakeholders of the Indian toy industries. After the data collection, the experts' team has proposed solutions. The findings of the paper suggest that India has a great potential to become a world leader in the field of toys manufacturing, but lacking due to government policies, fewer skills, high-cost technology, less variety etc. [ABSTRACT FROM AUTHOR]

The article focuses on how successive franchised store closures can spread within a franchise network through geographic and customer review proximity. Topics include the identification of paths through which failures propagate; the impact of franchisor support and contract clarity on curbing failure spread; the role of customer reviews in influencing store closure dynamics; and highlights that failures can spread via geographic and review-based proximity.

Drawing on entrepreneurial cognition and experiential learning theories, this article explores the complexities of entrepreneurial learning from business failure and its reflections on the entrepreneurial ecosystem. Qualitative research was conducted through individual in-depth interviews and focus groups, and data were subjected to content analysis using NVivo software. The analysed data relate the nature of the failure to its reflections on entrepreneurial learning and the most relevant contents used in the resurgence of the entrepreneur. How the entrepreneurial ecosystem absorbs and recycles learning from failure impacting new business creation was analysed. This study explored emerging economies' themes based on the triangulation of data from startups from different industries and maturity levels from the perspective of founding partners, directors and employees and incubator and accelerator managers. The article offers a vision of entrepreneurial learning due to exceptional failure. The results presented in this paper demonstrate that learning from a critical event profoundly impacts the performance of entrepreneurial ecosystems and influences their vocation and the accession of new ventures to the industries analysed. These results encourage research in areas such as learning to model or replicating the proposed approach in other ecosystems. In practical terms, the findings can support policymakers in identifying localised factors that can be leveraged to produce macro-level change by identifying appropriate incentives for social networks and experiential knowledge sharing. The article presents a new perspective on entrepreneurial learning. It offers evidence that micro-learning strategies adopted and developed after critical events impact the performance of the entrepreneurial ecosystem related to the creation and diffusion of new ventures. [ABSTRACT FROM AUTHOR]

Every year in the United States approximately 1% of all companies declare bankruptcy. As a result of an attempt to define the factors that lead to a company’s bankruptcy, there have been a large number of scientific papers dealing with this problem over the last few decades. A number of techniques and models for business failure prediction have also been developed in order to implement preventive measures to avoid the negative consequences of failure at the level of companies and the economy as a whole. In this context, Altman’s model is the most popular model in this area in the world. It has served as the inspiration and basis for a number of authors to develop their own models of analysis using the same statistical techniques. This paper presents the most popular model for the prediction of business failures of companies, the so-called Altman’s model of analysis. [ABSTRACT FROM AUTHOR]

In Mexico, ranked as the 14th largest economy in the world, governmental institutions had established as a development goal, the increase in the added value of exported products by including innovation as a key tool for it. Science, Technology, and Innovation's (STI) relevance for nation's development has been recognized by several local and global institutions; therefore, multiple indicators have been created to identify more than a hundred countries' level of innovation. To fully identify the innovative environment, as the engine for economic growth and prosperity, the World Intellectual Property Organization (WIPO) has developed a widely accepted indicator intended to measure innovation: Global Innovation Index The goal of this paper is to develop policy recommendations to increase Mexico's efficiency in investing in innovation policy instruments, strengthening framework conditions and improving coordination among the relevant actors of such policies. [ABSTRACT FROM AUTHOR]

Open innovation has proven to be an effective strategic tool in achieving competitive advantage. However, at the same time, the research also points to the drawbacks of open innovation practices - related to e.g. resource constraints, power imbalances between partners. Those become particularly critical in the context of small and medium-sized enterprises (SMEs), which by default are more limited in resources than large firms. Unfortunately, the success stories of open innovation are disseminated much wider than failures, which create biases in assessing and perceiving open innovation practices. That happens also because failure cases are generally less available and people are often resistant to share stories of unsuccessfulness. One specific challenge in studying OI failures is also to detach the OI failures from generally innovation and strategic failures. With this submission we share six cases of open innovation failures of SMEs from across Europe, providing insights for SMEs managers as well as policy makers on what could go 'wrong' in open innovation. This submission has implications for open innovation research as well as for strategic management literature. [ABSTRACT FROM AUTHOR]

The paper reviews theories of corporate governance with regard to financial institutions, in particular, the banking sector. The conventional theory underlying corporate governance does not suggest a differential approach to its application among different organisations. While many organisations subscribe to some form of corporate governance, the manner the principles are applied vary from one organisation to another, one sector to another and one country to another. Financial institutions are a special category of corporations because of the various services they provide to the sectors of the economy, their failure of which can be costly to society (e.g. the effects of the Global Financial Crisis, 2007-2009). The negative externalities that can affect households and firms when there is a breakdown in the provision of financial services arguably justify regulation. Thus, the governance mechanisms that safeguard the interests of shareholders in conventional corporate structures might not be adequate in the case of financial institutions. Cognisant that there is little research regarding corporate governance of financial institutions including Islamic banks, this paper reviews contemporary literature on the subject matter and provides further insights. [ABSTRACT FROM AUTHOR]

In multiple research areas, scholars try to find determinants for business performance. Especially for entrepreneurship, this is of interest as failure rates are high. Qualitative research demonstrates that a firm's business model influences its performance. However, research lacks large-scale quantitative studies to analyze if a firm's applied business model explains heterogeneity in business performance. Therefore, this research builds on a dataset of 500 startups and analyzes the relationship of their applied business model patterns and their business performance (i.e., survival as proxy). Two business model patterns are significantly correlated with a higher survival rate (i.e., Freemium and Subscription), while four patterns are significantly correlated with a lower survival rate (i.e., Cross Selling, Hidden Revenue, Layer Player, and No Frills). For literature, we enrich qualitative research with statistical evidence that business models matter for business performance and strengthen the concept's role as a useful theoretical construct in management and entrepreneurship research. For practice, the paper reinforces the importance of business models for startup success and provides clear guidance regarding which business model pattern increases the probability of startup survival. Findings provide first insights in the relationship of business models and business performance and opens up fruitful areas for future research. [ABSTRACT FROM AUTHOR]

The paper deals with the analysis of existing and perspective business restructuring opportunities in Russia by examining the main features of Russian Insolvency Law, including the conduct of insolvency proceedings, the role and methodology of financial analysis as a basis for choosing strategy and tactics of corporate rescue. Special attention is devoted to the empirical study or effectiveness of insolvency system in Russia based including recent statistical data analysis. The main factors caused prevalence of liquidation procedures over rehabilitation legal mechanisms are determined. As a result of research, the paper presents the main directions of systemic transformation of the Russian insolvency institution through legislation amendments i.e. development of professional standards for financial analysis within procedures, introducing the option for direct commencement of restructuring procedure, measures for insolvency prevention, advanced training and independent certification of business rescue managers, increase motivation of corporate rescue by changing the concept of insolvency administrators remuneration. [ABSTRACT FROM AUTHOR]

The aim of the study is to discuss the accelerated arrangement proceedings as a way to avoid declaring bankruptcy and ensure further activity of the enetrprise which is insolvent or threatened with insolvency in Polish legal system. The analysis reflects the comaprison between the accelerated arrangement proceedings and other restructuring procedures established under Polish regulations. The paper concentrates on the characteristics of the subsequent stages of the accelerated arrangement procedure and the possibilities of using different legal measures to safeguard the interests of the insolvent enterprise at each stage of the procedure. In particular, the restructuring plan, the restructuring measures and the inventory of receivable debts are in focus. The article not only pays attention to legal regulation of the abovementioned procedure but also to practical consequences and possible treaths to the wellbeing of the enterprise after issuing an application for the opening of accelerated arrangement proceedings. Subject to analysis is also the right time to initiate the accelerated arrangement proceedings and possibile consequences of not initiating it in the right time. Last part of the text concentrates on the process of concluding the agreement by the debtor with his creditors. Description of the procedures of establishing the inventory of receivable debts and convening the meeting of creditors in order to hold a vote on the arrangement is limited with the stress being put on the possibility to continue the proceedings even in case of passive attitude of some creditors. [ABSTRACT FROM AUTHOR]

The critical failure factors (CFFs) affecting the premature closure of microbusinesses (MBs) remain an understudied field in the scientific community. This led to the prevalent issue of rapid and continuous failure rate among MBs which necessitates the need to produce more studies to aid this sector considering its implications for employment generation, idea innovation, and an overall increase in the gross domestic product (GDP) in a country. This paper focuses on the investigation of the importance ratings of the linkage and driving CFFs across the food and clothing industry in Cebu City, Philippines. Using a Mann-Whitney U-test, the key results showed there no exist a significant difference in the importance rating of the CFFs between the two MB types. In addition, the statistical analysis showed a higher meanrank of importance rating in the food industry compared to the clothing industry. This concludes that policymakers need not to further introduce a specific government program depending on the MB type. Furthermore, more emphasis should be geared towards the food MBs considering that it establishes a higher mean-rank rating in the CFFs and are therefore more prone to premature closures. [ABSTRACT FROM AUTHOR]

Mergers and acquisitions can prevent a market exit of failing firms in declining markets such as the traditional newspaper industry. Static and dynamic merger effects can fulfil the short-term financial needs of firms in distress by restoring profitability and liquidity, and can fulfil long-term capital needs. A conceptual model is developed to analyse the effects of mergers and acquisitions (M&As) on the financing of failing newspaper publishers. Based on three such cases in Flanders (Belgium) in the mid-1990s and mid-2000s, it is argued that M&As realised a short-term financial relief but this is not sufficient to deal with a newspapers' failing performance in the long-run; investments in the business operation are crucial to enable innovation. The paper further elaborates, for one, on the implemented postmerger strategies that turned these cases into a newspaper (publisher) that lost, survived, and won the competitive battle. Second, it refects on the contribution of the conceptual model to the exisiting work on M&A performance effects. [ABSTRACT FROM AUTHOR]

As the failure rate of start-ups is high and entrepreneurs face a vast amount of challenges, it is vital to find new ways how entrepreneurs could develop their ideas faster, with better end results, and with less wasted effort. This paper presents a novel theoretical framework of the start-up venture creation process, emphasis on the opportunity development and exploitation, and preliminary findings of the empirical research. The suggested framework is used to empirically study entrepreneurial journeys and the different kinds of critical incidents and events which have forced the business idea or the opportunity to be reconfigured or possibly innovated into a new form. The research will give a deeper understanding and possible patterns of this event based process, and suggests how to improve the start-up venture development process. The research methodology is a qualitative, exploratory, event-driven, narrative study using narrative inquiry to interview digital technology start-up founders in different start-up ecosystems. Recent studies show, the opportunity development and exploitation process of start-up ventures is a complex and dynamic process, and often happening through trial and error. The developed framework draws upon the view of entrepreneurship as a process and as a journey, circumstantial to time, space, and context, and shows how opportunity development cycles that are triggered by critical incidents and can lead to the creation or abortion of the process. The framework and the choices of the research are based on models which include the review of the following literature: entrepreneurial and new venture creation process, opportunity in relevant ways, entrepreneurial growth and stages, narrative approach in entrepreneurship, reasons for failure and survival of new ventures. Preliminary findings include themes of the critical events found, the actions triggered of these incidents, the time span of the journey, and the lessons learned. [ABSTRACT FROM AUTHOR]

Many authors during the last fifty years have examined several possibilities to predict business failure. They have studied bankruptcy prediction models under different perspectives but still could not indicate the most reliable model. The aim of this article is finding a direction on how to build bankruptcy prediction models. We want to see if the companies' segmentation according to different criteria and using so-called standard financial indicators means better explanatory power while predicting bankruptcy. Considering the research objective, the following hypotheses were set: H1: The usually used financial indicators in financial analysis are the most important for bankruptcy prediction.; H2: The application of a model based on different segmentation criteria improves the reliability of bankruptcy prediction. This paper focuses on the Czech economy, specifically at small and medium-sized enterprises (SMEs). It is the ongoing research about the value of several popular bankruptcy models that are often applied, namely the Altman Z-score, the Ohlson O-score, the Zmijewski's model, the Taffler's model, and the IN05 model. We have used logistic regression and investigated around 2 800 companies, of which 642 failed during 2010 - 2017. Our findings confirm hypothesis H2 and reject hypothesis H1. Some suggestion arises from it. When we develop a bankruptcy model, it is necessary to sort companies according to different criteria. It also confirms findings of the last years literature review the closer the similarity of businesses, the greater accuracy of bankruptcy models. Further, it is required to exploit common used financial indicators with a combination of modified indicators to assess the probability of bankruptcy precisely. [ABSTRACT FROM AUTHOR]

The paper deals with the SME's, that find themselves in a totally different situation from the great enterprises. In the situation where banks have become extremely reluctant in granting short term current activity loans, the SME's have rapidly and in quite large numbers reached the dangerous situation of cash crisis. To be able to cope with the ever growing paying pressures, the management must be permanently concerned with generating cash - because, in times of recession or stagnation(as we have seen in the recent years) an accentuated supplier nervousness is manifested, whether we are talking about raw material suppliers or cash suppliers. SME's are bound to make their management of cash on a day-today basis which was (and still is) more critical than ever. This paper suggests an angle to approach this topic and some lines of action to reduce the objectively statistic low odds to overcome such adversities. [ABSTRACT FROM AUTHOR]

The term financial health indicates the company's ability to maintain a balance of changing ambient conditions and also in relation to all who are involved in the business. We are talking about the financial health of the company, if the company maintains its own existence and is able to assess the invested capital to the extent that is required by shareholders. For bankruptcy we consider the situation when the company is not able to reverse their poor financial health and this situation is in accordance with the legislation in force in the country. These technical terms are also used as "business, business failure, failur". The aim of this paper is to construct an empirical model of 27 financial ratio indicators of companies in the automotive industry for the period 2003-2012 by using discriminant analysis. We analyze the possibility of predicting the financial situation of companies in the automotive industry by using datasets processed by SPSS software. Database of companies we divide into two groups on basis of the achieved rating level by Moody's rating agency. The empirical model we verify on the data of companies in the automotive industry for the same monitored period and we compare the results of classifying companies with Altman model. [ABSTRACT FROM AUTHOR]

Lately, many have observed that organizations of all sizes can and have failed. Although these failures are shocking, these failures are predictable. We observe that despite a wealth of cautionary tales, organizations make similar mistakes again and again. And these organizations making such mistakes are often industry leaders, including companies such as Wal-Mart, General Motors, and MacDonald's, a subject of our discussions. Why do organizations continue to make such blunders? We review the relevant literature, draw connections between these literature streams. Further, we discuss three cases studies conceptually, drawing on data from case analysis by senior level management undergraduates. This data is used to support our theoretical observations and conceptual model development. We proceed to show how across the three cases there are similar issues of each organization, having the wrong balance of entrepreneurial and managerial skills, compared to the organization's needs. Finally we discuss implications of these findings for how we understand and explain organizational actions. Building upon the insights of the Resource Based View, Dynamic Capabilities Approach, and incorporating insights from different bodies of knowledge this paper looks for underlying commonalities is less than lack luster performance of Walmart, General Motors and McDonald's. Utilizing focus groups consisting of graduating business students over a period of five years, we look at these three - otherwise different companies - and seek evidence of commonalities issues and observations. This paper seeks existence of major commonalities that can explain why such failures happen. We seek to generate greater knowledge by combining knowledge from Resource Based View literature (Armstrong & Shimizu, 2007; Barney, Wright, Ketchen, 2001; Kraaijbrink, Spender, & Groen, 2010), the organization capabilities literature (Barreto, 2010; Eisenhardt et al. 2000;Winters, 2003), an extension of the Competing Values model (Quinn, 1988) by Todorovic (2007), and product life cycle theory (Kuratko & Hodgetts, 2004; Leavitt, 1965; Rink et al., 1999) to describe how organizations can often make significant blunders due to not recognizing changing stages in the lifecycle or organizational needs and abandoning or weakening important resources crucial to success. To our surprise, we observed a rather consistent failure of management to maintain simultaneous balance between entrepreneurial emphasis and managerial emphasis in favor of profit maximization. In other words, in our opinion the management of these companies, and by extension, possibly many other companies, failed to exercise a BALANCE of entrepreneurial (innovative) emphasis and managerial emphasis in favor of immediate, often short term, rewards of profit maximization. We named this phenomenon a "Problem of Executive Diffusion". Problem of Executive Diffusion is defined as a failure of management to maintain simultaneous balance between entrepreneurial emphasis and managerial emphasis in favor of profit maximization. [ABSTRACT FROM AUTHOR]

This paper examines how reactions to service failure can be minimized through the inclusion of corporate social responsibility and social connectedness. [ABSTRACT FROM AUTHOR]

The article focuses on the attribution of service failures on online retail-based multi-sided platforms (MSPs) like Amazon. It explores the impact of governance type, failure type, and failure frequency on customers' attribution of failures to MSPs and their subsequent repurchase intention. The study finds that customers attribute failures more to MSPs under centralized governance for both process and product failures.

This study aims to determine the impact of empowering employee performance on the Covid-19 pandemic and knowing the methods of empowering employee performance against the Covid-19 pandemic. In the methodology there are 8 steps to achieve the results according to the research objectives, these steps include: formulate the problem, develop and validate the review protocol, search the literature, screen for inclusion assess quality, extract data, analyze and synthesize data and report findings. The research results show that Covid-19 has had a very bad impact on the economy, including in the employee performance sector. In the short term, many countries implement strict quarantine policies, economic activity becomes very limited. The long-term consequences of this pandemic lead to many layoffs, so that mass unemployment and business failures will occur, this triggers the emergence of psychological disorders that can disrupt the mental health of individual employees so that it also affects employee performance. The fact is that it shows a linear pattern between economic instability and the increasing level of psychological disorders felt by individuals. Many companies implement work from home, which is a change in work activities experienced by all companies during the Covid-19 pandemic, this change is proven through the work system of employee performance which is strongly influenced by work facilities and infrastructure factors, employee monitoring in operating online applications and the accuracy of the collection of work results in accordance with the plan. If the company optimizes employee performance results, then the company's system is likely to experience no operational disruptions and company revenues. [ABSTRACT FROM AUTHOR]

An abstract of the article "Project Suspensions and Failures in New Product Development: Returns for Entrepreneurial Firms in Codevelopment Alliances " by Yansong Hu and others is presented.

Tech startups bring innovative products and services to the market, and entrepreneurs manage numerous challenges across startups' lifecycle stages. More than 90% of the startups experience failure despite the support from a startup ecosystem, and therefore, it throws open the following research questions. Why do tech startups fail? What are the causal attributes of startup failure across the lifecycle stages? What are the causal attributes that differentiate a failed tech startup from a successful one? Against this backdrop, this comprehensive study explored the causal attributes of startup failures in India, with the following two specific objectives: (i) Do causal factors vary within the lifecycle stage? and (ii) What are the attributes that differentiate a failed tech startup from a successful one? We gathered primary data from 151 cofounders and analyzed using binomial logistic regression and identified causal attributes of startup failures. The startup's lifecycle stage plays a significant role and implies how entrepreneurs prioritize and allocate resources to maximize their returns. The other causal attributes that are statistically significant are revenue, product market fit, product roadmap, market promotion, conflict with investors, level of confidence at execution, extent of focus on current startups, and entrepreneur's experience level. [ABSTRACT FROM AUTHOR]

The SMEs (small and medium-sized enterprises) constitute 98% of the Moroccan economics. They represent the real nerve center of our economy with 40% of production and 31% of exports. They are present in all sectors of Moroccan economic activity; however, an alarming report from inforisk notes an 8% increase in business failure in 2018, compared with only 1% of corporate default growth worldwide. Indeed, 40% of the failures of the Moroccan companies are due to unpaid bills, and 70% of our companies support delays of payment higher than 90 days. In a context of recession and economic crisis, banks are increasingly reluctant to grant credit, not having or having very few assets, such as machines, premises and vehicles. The SMEs cannot access to conventional financing except at quasi-prohibitive rates, which makes late payments very difficult for the latter to absorb. The purpose of our study is to understand through system dynamics causal loop diagram, the impact of late payments on the financial health of the supply chain by considering two variables, namely the cash in hand and the inventory. As we applied our model to a Moroccan distribution firm, the study showed that large firm absorbs delay in payment. [ABSTRACT FROM AUTHOR]

The investigation of startup failures has gained much interest as startups are a driver of growth and most tend to fail. The aim of this study is to identify the patterns of startup failure by developing a process model of the different phases involved. By analyzing over 200 post-mortem reports, critical events can be identified and classified. Further, an identification and comparison of the patterns of failure will allow a deeper insight into the process of startup failures and allows us to understand the events leading to this failure. [ABSTRACT FROM AUTHOR]

Using a novel financial data-set which covers an extensive time period between 1995 to 2012, we test for the impact of currency denomination of bonds on Asian firms' survival probabilities. Our data span two financial crises: the 1997-98 Asian crisis and the 2007-09 global financial crisis. We find that during the former crisis firms with foreign currency denominated bonds face a higher probability of failure compared to firms with domestic bonds. On the other extreme, we find no notable differences between the 2007-09 financial crisis and tranquil times for both domestic and foreign issuers. [ABSTRACT FROM AUTHOR]

This manuscript is presenting the conceptual framework for research of the factors which are influencing the failure of SMEs. The manuscript is just the starting base for the larger research that will address the analysis of the most important factors that lead to closure of SMEs in different regions of the Europe. Basic factors of interest, which can be segmented as the individual characteristics of the entrepreneur or non-individual characteristics of the SMEs, are based on wide literature review. Based, on the combination of different factors, which were assessed and published in research work of different authors, starting qualitative model for assessment of the most important factors which can lead to failure of SMEs was developed. Based on the conceptual qualitative model, initial questionnaire form was developed, to assess the opinion of the real entrepreneurs who suffered the failure of their previous businesses. The developed questionnaire will be used as the measurement scale for the future quantitative analysis of the issues defined in the qualitative model. The idea of the research is to develop adequate measuring scale, which will be used to measure the potential failure of the existing SMEs, based on the rates developed in accordance to the factor which leaded to the failure of the real SMEs in the past. [ABSTRACT FROM AUTHOR]

This study examines the five year survival pattern of new firms that were created during difficult economic times, and how this rate might compare to earlier research, given the macro-climate economic conditions and utilizing a more comprehensive measure of births. We also examined one industry sector, restaurants, and compared it to the overall survival rate of our sample. We discuss the implications of our findings in light of definitional issues in past studies, our more inclusive sample, and whether the macro-climate impact is now different given the 2008 recession. [ABSTRACT FROM AUTHOR]

Research Question How should a firm respond effectively to a service failure in which a large group of stakeholders are victimized? How do a firm's investors evaluate recovery efforts that are offered publicly to a large group of stakeholders who were victimized as a result of a failure? Method and Data To address these questions, this study seeks to examine the relationship between different strategies of service crisis recoveries and changes in the firm-idiosyncratic risk, a popular measure of firm value that projects the firm-specific stock volatility over a long-term period. Recovery strategies are classified as distributive, procedural and interactional justice. Firm-idiosyncratic risk is measured by Fama-French four-factor model within the year after the announcement of recoveries. We constructed our dataset using announcements of information privacy breaches as the main service crisis and subsequent recoveries as service crisis recovery strategies. The announcements of information privacy breaches were collected from the Privacy Rights Clearinghouse database.1We randomly selected 160 weeks from 2001 to 2013 and we collected events that happened during those weeks. Recovery announcements were collected from the Factiva database. Two independent judges did the content analysis to code the offered recoveries into three groups of distributive, procedural and interactional justice. After following standard practice and removing irrelative cases, we were left with 212 cases. Required data to compute control variables were gathered from COMPUSTAT database. Data to compute firmidiosyncratic risks were obtained from CRSP and Kenneth R. French data-bases. Summary of Findings Examining three hypotheses, through M-estimation robust linear regression method, we find that firms that offer distributive justice (tangible redresses such as a free credit monitoring) or procedural justice (actions to improve organizational processes such as a promise to improve information protection policies) show less idiosyncratic risk over the year after the announcement of these recoveries. Interestingly, firms that offer interactional justice such as regrets or apologies, display increased idiosyncratic risk. This finding is explained by the close link between the expression of apologies or regrets and admission of liability by the firm, which could devalue the reputation of the firm and raise the risk of litigation against the firm. Key Contributions From a theoretical perspective, this study contributes to service recovery literature by introducing the concept of service crisis recovery (i.e., a group-based recovery to the group of victimized stakeholders simultaneously), and shedding light on market level consequences of these recoveries. Additionally, this study contributes to marketing-finance interface by developing service crisis recovery strategies as the resource-based potential of a firm affecting its stock return performance. This contribution is accomplished through transposing justice theory from the individual level to the market level. From a managerial perspective, this research adds insights into the effectiveness of different strategies of service crisis recovery when firms are confronted with service crises. Our study suggests managers that to protect the shareholder value they should invest on distributive or procedural justice rather than interactional justice following a service crisis. [ABSTRACT FROM AUTHOR]