Appropriately Managing Knowledge in Romanian Entrepreneurial Businesses: Finding Balance in Restructuring Companies

Decebal Dumitrescu
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Abstract

In light of the global economy transformation and the several crises affecting the world, streamlining and reorganization of companies' activities is a priority. We posit that concentration of knowledge and its use in companies for short term gains can lead to misguided economic behavior, crisis and insolvencies coupled with low probability of successful restructuring. In turn the success of restructuring is dependent on cohesive knowledge management while dispersed knowledge management can, at most, prolong the economic life of a company and not save it from demise. We analyze the impact and lack of impact that knowledge and its guided/misguided management can have on Romanian companies, ex ante and ex post insolvency procedures. We chose both an exploratory and explanatory case study approach of Romanian companies affected by economic crisis that underwent various insolvency stages, tracing the use of knowledge and its different practical deployment to the decision-making processes and their outcomes. We review the causes that lead to the economic crisis and subsequent insolvency contexts. We compare the use of knowledge by the companies’ leadership against similar cases in other jurisdictions and we identify patterns of successful and unsuccessful application of knowledge management. Next, we investigate the effects of dispersed knowledge management in the early insolvency stages, focusing on the reorganization phase identifying gaps and discussing potential solutions.  The results suggest, as they apply to the researched case studies, that both concentrated and dispersed knowledge management within distressed companies do not lead to positive outcomes and a balanced approach to knowledge management is more prone to provide effective and viable restructuring. The article explores several knowledge management theories and various academic research as they relate to the decision-making process for Romanian companies in distress and expands the academic universe as it relates to knowledge treatment in economic crisis. The results of our research and the potential solutions discussed can be further developed into a best practice guidance or a practical model to be used both by academics and practitioners as well.
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罗马尼亚创业企业的知识管理:在重组公司中寻找平衡
鉴于全球经济转型和影响世界的几次危机,公司活动的精简和重组是一个优先事项。我们认为,知识的集中及其在公司中的短期收益可能导致错误的经济行为、危机和破产,同时成功重组的可能性很低。反过来,重组的成功取决于内聚的知识管理,而分散的知识管理最多只能延长公司的经济寿命,而不能使其免于灭亡。我们分析了知识及其引导/误导管理可能对罗马尼亚公司,事前和事后破产程序产生的影响和缺乏影响。我们选择了受经济危机影响的罗马尼亚公司的探索性和解释性案例研究方法,这些公司经历了不同的破产阶段,追踪知识的使用及其对决策过程及其结果的不同实际部署。我们回顾了导致经济危机和随后的破产情况的原因。我们将公司领导层对知识的使用与其他司法管辖区的类似案例进行比较,并确定成功和不成功应用知识管理的模式。接下来,我们将研究分散知识管理在破产早期阶段的影响,重点关注重组阶段,确定差距并讨论潜在的解决方案。研究结果表明,在陷入困境的公司中,集中和分散的知识管理都不会带来积极的结果,平衡的知识管理方法更容易提供有效和可行的重组。本文探讨了几个知识管理理论和各种学术研究,因为它们涉及到罗马尼亚公司在困境中的决策过程,并扩大了学术领域,因为它涉及到经济危机中的知识处理。我们的研究结果和讨论的潜在解决方案可以进一步发展成最佳实践指南或实用模型,供学术界和实践者使用。
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