Institutions, resources, and strategic orientations: A meta-analysis

Integrating the institution-based view and the resource-based view, this article explores the contingent effects of national institutions and firm resource bases on the relationships between strategic orientations—i.e., entrepreneurial orientation (EO) and market orientation (MO)—and firm performance. This is accomplished through a meta-analysis of 160 independent samples reported in 154 studies drawing from 35,367 organizations in 33 countries (22 developed and 11 emerging economies). Considering combined contingent effects of institutions and resource bases, we find that strategic orientations—both EO and MO—in developed economies lead to higher performance in large firms than in small firms. In emerging economies, the effect of EO and MO on performance is, in contrast, more pronounced in small firms.