Abstract
Since the bursting of the nation's asset-inflation economic bubble, the minus or the sluggish growth continues to Japanese economy until today. During the two decades, many firms suffer from sales depression, and face to corporate turnaround phase. And, many of the distressed firms have tried to accept new capabilities through M&A in order to escape from the difficult situation.
Despite over three decades of research effort, the framework of corporate turnaround is not built up, and those researches are still ad hoc. Moreover, there are a few strategic studies concerning the acquisition of the distressed firm.
In this paper, it aims to suggest a new direction of the research of the corporate turnaround strategy in acquisition of distressed firm.
