This study attempts to integrate compatible, yet fragmented research streams, related to the association among environmental change, managerial characteristics, strategic orientation, and organizational performance. By combining a variety of theoretical perspectives, an integrated framework is developed that examines these interrelationships. The results show that managerial perception of environmental change influences the strategic adaptive response of the organization and the selection of top managers. Further, it was found that organizations that are able to achieve the alignment among perceived environmental change-strategic adaptive response-managerial characteristics exhibit superior performance in terms of a variety of performance outcomes as compared to organizations where such alignment is lacking. Keywords: Managerial characteristics, Strategic adaptation.