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Adaptive Strategies In Response To Economic Crisis: A Cross-Cultural Study In Two European Nations

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Executive Summary

This exploratory study builds on prior research on culture-specific differences in strategic decision-making and strategic issue analysis, and extends it to the field of strategic crisis adaptation. It was investigated whether the cultural dimensions of uncertainty avoidance and assertiveness had a direct or mediated effect on strategic directions that managers chose in response to the 2008-09 global financial and economic crisis. Building on a framework of strategic crisis responses and a quantitative survey conducted among 257 managers in Austria and Slovenia, the findings suggest that two factors affect strategic choices in response to a major economic crisis: strategic issue interpretations of economic crisis as an opportunity and/or a threat, and country differences.

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