How do companies adapt their strategies when they are faced with a global economic crisis? Do managers in different countries differ in the way they react to major changes in their companies environment? Is national culture influencing adaptation strategies in times of crisis? Strategic Adaptation explores the processes that are at work when companies adapt to environmental change from strategic issue diagnosis and decision-making processes (including political behaviour and conflicts) to the specific strategic actions in response to economic downturn. Based on both a qualitative and a quantitative empirical study among managers in Austria and Slovenia, this book explores how firms in the two countries strategically reacted to the 2008-09 financial and economic crisis and taking cultural differences into account how their decision processes and strategic actions in response to the crisis differed.