Entrepreneurial Orientation and Business Performance: An Assessment of past Research and Suggestions for the Future

Entrepreneurial orientation (EO) has received substantial conceptual and empirical attention, representing one of the few areas in entrepreneurship research where a cumulative body of knowledge is developing. The time is therefore ripe to document, to review, and to evaluate the cumulative knowledge on the relationship between EO and business performance. Extending beyond qualitative assessment, we undertook a meta–analysis exploring the magnitude of the EO–performance relationship and assessed potential moderators affecting this relationship. Analyses of 53 samples from 51 studies with an N of 14,259 companies indicated that the correlation of EO with performance is moderately large (r = .242) and that this…