Treating firm size as an exogenous variable: a viable explanation for mixed EO-performance research findings

Purpose This study aims to provide a viable explanation to the mixed entrepreneurial orientation (EO)–performance findings. Design/methodology/approach A sample of 13,796 small, medium and large US public firms. Findings When firm size is treated as an exogenous variable, the shape of the EO–performance relationships is a U-shaped curve for small firms, an upward-sloping straight line for medium-sized firms, and an inverted U-shaped curve for large firms. Originality/value Treating firm size as an exogenous variable to split the sample into big, medium and small panels.