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

  • Li Peng
  • Yuan Li
  • Marc van Essen
  • Mike W. PengEmail author


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.


Entrepreneurial orientation Market orientation Institutions Resources Meta-analysis 



Research reported in this article is supported by the Natural Science Foundation of China (71421002 and 71711530045) and by the Jindal Chair at UT Dallas. We thank Jane Lu (Editor-in-Chief) and our two reviewers for constructive feedback.


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© Springer Science+Business Media, LLC, part of Springer Nature 2019

Authors and Affiliations

  • Li Peng
    • 1
  • Yuan Li
    • 2
  • Marc van Essen
    • 3
  • Mike W. Peng
    • 4
    Email author
  1. 1.School of ManagementXi’an Jiaotong UniversityXi’anChina
  2. 2.School of Economics and ManagementTongji UniversityShanghaiChina
  3. 3.Darla Moore School of BusinessUniversity of South Carolina and EMLYON Business SchoolColumbiaUSA
  4. 4.Jindal School of ManagementUniversity of Texas at DallasRichardsonUSA

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