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Adaptive Strategies in Response to the Economic Crisis: A Cross-Cultural Study in Austria and Slovenia

Author

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  • Dietmar Sternad

    (Carinthia University of Applied Sciences, Austria)

Abstract

This 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. Taking an upper echelons perspective, it is investigated whether the cultural dimension of uncertainty avoidance had an effect on strategic directions that managers chose in response to the 2008–2009 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 strategic issue interpretations of the economic crisis as well as country differences influence whether firms are using externally versus internally-directed strategic responses, and pro-active versus retrenchment strategies. The differences in strategy deployment between the two countries, however, could not be consistently traced to differences in the cultural dimension of uncertainty avoidance, thus suggesting that other country-specific factors like institutional or social differences also play an important role.

Suggested Citation

  • Dietmar Sternad, 2012. "Adaptive Strategies in Response to the Economic Crisis: A Cross-Cultural Study in Austria and Slovenia," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 10(3 (Fall)), pages 257-282.
  • Handle: RePEc:mgt:youmgt:v:10:y:2012:i:3:p:257-282
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    File URL: http://www.fm-kp.si/zalozba/ISSN/1581-6311/10_257-282.pdf
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    References listed on IDEAS

    as
    1. H Kevin Steensma & Louis Marino & K Mark Weaver, 2000. "Attitudes Toward Cooperative Strategies: A Cross-Cultural Analysis of Entrepreneurs," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 31(4), pages 591-609, December.
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    4. Dimitratos, Pavlos & Petrou, Andreas & Plakoyiannaki, Emmanuella & Johnson, Jeffrey E., 2011. "Strategic decision-making processes in internationalization: Does national culture of the focal firm matter?," Journal of World Business, Elsevier, vol. 46(2), pages 194-204, April.
    5. N/A, 2009. "On the Recession," Local Economy, London South Bank University, vol. 24(3), pages 253-253, May.
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    7. Pearce II, John A. & Michael, Steven C., 2006. "Strategies to prevent economic recessions from causing business failure," Business Horizons, Elsevier, vol. 49(3), pages 201-209.
    8. Lee, Seung-Hyun & Beamish, Paul W. & Lee, Ho-Uk & Park, Jong-Hun, 2009. "Strategic choice during economic crisis: Domestic market position, organizational capabilities and export flexibility," Journal of World Business, Elsevier, vol. 44(1), pages 1-15, January.
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    More about this item

    Keywords

    adaptation; crisis; uncertainty avoidance; Austria; Slovenia;

    JEL classification:

    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General

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