The entrepreneurial CEO in context: A configurational perspective on the foundations of successful entrepreneurial behavior

Entrepreneurial orientation and ambidexterity are leading explanations for performance differences among established firms, yet neither alone convincingly explains why some firms thrive while others stagnate. Drawing on data from 145 German manufacturing and service firms, a fuzzy-set qualitative comparative analysis (fsQCA) uncovers multiple equifinal pathways linking CEO-level entrepreneurial orientation subdimensions, exploration- and exploitation-oriented innovation strategies, and contextual conditions to firm performance. The findings show that CEO entrepreneurial orientation and innovation strategies operate as complementary and equally constitutive elements of entrepreneurial behavior, but that neither inherently guarantees success. Rather, performance depends on how entrepreneurial orientations, innovation strategy, and contextual conditions such as ownership status and environmental dynamism are aligned. By integrating them within a unified configurational framework, the study advances a microfoundational perspective on ambidexterity and shows how executive-level entrepreneurial orientation shapes firms’ capacities to explore and exploit.