Entrepreneurial Orientation and Firm Performance - Challenges for Research and Practice

Objective: The aim of the article is to critically review the body of literature exploring the nature and various contexts of EO-firm performance relationship, as well as identify contemporary challenges of this stream of research. Research Design & Methods: The article is an overview of the most important articles of the last two decades of research devoted to EO-firm performance relationship, based on the amount of citation references provided by Ebsco scholar database. The review focuses on: (i) the performance indicators applied in research, (ii) sampling and time frame of the studies as well as (iii) moderating factors of this relationship. Findings: Despite huge progress made, the review reveals important issues that have been side-lined or neglected and remain to be challenged. Implications & Recommendations: This paper presents four major suggestions for a more inclusive, broader stream of research: (i) to take inspiration from stakeholder theory, (ii) to spread the research of EO-firm performance relationship across different entrepreneurship contexts, such as social, non-profit and institutional, adjusting scales and measures, (iii) to apply a more dynamic approach to EO-firm performance relationship, and (iv) to diversify the applied research methods. Contribution & Value Added: The article serves to broaden the scope of EO-firm performance relationship. The discussion presents significant potential contributions brought to EO domain by stakeholder theory. It issues a call to identify and pursue research questions that more effectively address contemporary challenges. Not only does it outline issues and methods worthy of greater attention in future study, but more importantly, leads to extending EO research beyond its current boundaries.