Abstract

The main purpose of this study was to assess the impact of key influencing factors on four different recovery strategies such as management changes, financial restructuring, internal and external strategies. The research sample comprised 48 mature companies in Serbia. The Empirical results show that top management would select financial restructuring if inadequate financial control and policy caused acute crisis in mature company, which had medium competitive position in mature industry. The managers in all observed companies implemented internal strategies, especially divestment, regardless the key influencing factors. If competitive weakness caused crisis in a company with medium competitive position, top management would select external strategies.

Key words: Strategy, crisis, recovery, management, Serbia.