Empirical Study on the Relationship between Entrepreneurial Strategic Orientation and Entrepreneurial Performance: The Moderating Effects of Top Management Team's Vertical Dyad Differences

This article integrates entrepreneurial strategic orientation (ESO), TMT's vertical dyad differences and entrepreneurial performance into a united theoretical framework, and empirically explores the influencing mechanisms among variables involved by adopting panel data on the listed companies of China's Small and Medium-sized Enterprises Board for the period from 2006 to 2010. The results of hierarchical regression analysiss how that ESO has differential effects on firm's growth and profitability. But the grouping regressive results further reveal that the first dimension of ESO, that is, "internal R&D" has no significant effect on growth performance; TMT's vertical dyad differences are significantly correlated with firm's growth performance and profitability as a whole, but the vertical dyad differences of age and tenure only play partially moderating effect. The findings of this study have positive managerial implications for optimizing the structures of top managers, designing the direction of entrepreneurial strategy and improving corporate governance mechanisms.