Entrepreneurial orientation and firm performance: an updated meta-analysis

Purpose The purpose of this paper is to analyze the relationship between entrepreneurial orientation (EO) and organizational performance through an updated and extended meta-analytic review that includes EO, mediators, moderators and performance results. Design/methodology/approach Using Pearson correlations as effect size statistics, and based on 80 independent samples from 78 studies, with a total sample size of 19,514 cases, the meta-analysis consolidates the empirical findings of this field of research. Findings The results reveal that there is a direct and positive impact of EO on organizational performance, and this effect is stronger for multi-item measures of performance and for revenue-based performance measures. In addition, the authors found partial mediation effects of learning orientation and innovativeness on the relationship between EO and firm performance. Originality/value The work contributes to the literature by demonstrating the importance of EO to organizational performance with a meta-analysis, reporting the partially mediating variables in this relationship and seeking to explain the observed inconsistencies in preceding results, also examining methodological moderating variables. Hence, the research extends previous meta-analytic studies done in the area.