Strategic-hybrid orientations and perceived business performance in medium/high-tech SMEs

S a egic-hyb id o ien a ions and
pe cei ed business pe o mance
in medium/high- ech SMEs
An onio Manuel Magalhães-Teixei a,Jos
e L. Rold
an and
An onio Gena o Leal Mill
an
Depa men o Business Managemen and Ma ke ing,
Facul y o Economics and Business Sciences, Uni e si y o Se illa, Se illa, Spain
Abs ac
Pu pose –This pape aims o in es iga e he di ec and combined impac s o en ep eneu ial o ien a ion
(EO) and conse a i e o ien a ion (CO) on pe cei ed business pe o mance (PBP) o small- and medium-sized
en e p ises (SMEs) unde s a egic-hyb id o ien a ion (SHO) heo y.
Design/me hodology/app oach –The da a collec ed om he SABI NEO in e na ional da abase has 90
companies in 13 medium- o-high and high- ech ac i i y sec o s. The au ho s used pa ial leas squa es
s uc u al equa ion modelling o es he esea ch model.
Findings –Business s a egies ma ch a SHO ha includes bo h o ien a ions, i.e. EO and CO. Mo eo e , as
expec ed, he au ho s ound e idence ha each o ien a ion p oduces pe o mance- ela ed sign-opposi e
significan impac s. Finally, he hypo hesis ega ding he posi i e syne gis ic e ec o bo h o ien a ions (EO
and CO) on PBP was also suppo ed.
Resea ch limi a ions/implica ions –One s ems om he s udy’s c oss-sec ional na u e, equi ing a
longi udinal app oach. Ano he one esides in he absence o u he examina ions conce ning mul ig oup
analysis. Ano he es ain is he limi edness o da a, ocused on fi ms wi h med/high- ech in ensi y. Fo las ,
while he use o esul s in he ini ial s ages o heo y de elopmen can be beneficial, i is impo an o no e ha
such esul s canno be simply ex apola ed o gene alized o o he indus ial sec o s wi hou ca e ul
conside a ion o he con ex ual ac o s a play.
Social implica ions –This s udy humbly endea ou s o con ibu e o he finali y o SMEs’mo e s eady
and p ospe ous exis ence conce ning he consciousness o he need o imp o e labou s abili y and wage
ai ness, condi ions such as equi ing a con inuous commi men .
O iginali y/ alue –In his s udy, he au ho s aimed o in es iga e he impac o SHO on SMEs’PBP. To
his end, he au ho s simul aneously used wo di e en s a egic o ien a ions (SOs): EO, which is widely
s udied in he li e a u e, and CO, which has been less esea ched. The au ho s also examined hei syne gis ic
e ec s on PBP. The au ho s’app oach is based on Venka aman’s s a egic o ien a ion o business
en e p ises model and he compa a i e pa adigm o SOs.
Keywo ds Conse a i e o ien a ion, En ep eneu ial o ien a ion, S a egic-hyb id o ien a ion,
Pe cei ed business pe o mance, S a egic o ien a ion,
S a egic o ien a ion o business en e p ises (STROBE),
Pa ial leas squa es s uc u al equa ion modelling (PLS-SEM)
Pape ype Resea ch pape
© An onio Manuel Magalhães-Teixei a, Jos
e L. Rold
an and An onio Gena o Leal Mill
an. Published
by Eme ald Publishing Limi ed. This a icle is published unde he C ea i e Commons A ibu ion
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Pe cei ed
business
pe o mance
49
Recei ed9 Sep embe 2023
Re ised 19 Feb ua y 2024
Accep ed2 Ap il 2024
Eu opean Business Re iew
Vol. 37 No. 1, 2025
pp. 49-81
Eme ald Publishing Limi ed
0955-534X
DOI 10.1108/EBR-09-2023-0272
The cu en issue and ull ex a chi e o his jou nal is a ailable on Eme ald Insigh a :
h ps://www.eme ald.com/insigh /0955-534X.h m
1. In oduc ion
Inno a ion, c ea i i y and as p ocess adap a ion a e a ibu es he ex an li e a u e
ecognises as en ep eneu ship cha ac e ising and he leading fi ms’a gumen s o dealing
wi h unp edic able, discon inuous, hype compe i i e ma ke s (Day and Schoemake , 2016;
Sa ooghi e al., 2015). Howe e , he small- and medium-sized en e p ises’(SMEs’) ulfilmen
o hese a gumen s has become challenging (P asanna e al., 2019). When in ending
s a egies o achie e en ep eneu ial cha ac e , SMEs deal wi h dis inc s a egic choices in
a way dissimila o la ge fi ms (Kuma e al.,2012). SMEs cope wi h dilemmas o hei own,
e.g. esou ce sca ci y, financial sho age o lack o benefi om scale economics due o size
insu ficiency. Whene e ac i i y is capi al-in ensi e, such as in he medium-high ech
indus ies, mos p oac i e SMEs balance hei en ep eneu ship’s di e en ia ion/inno a ion
ou comes wi h needing in e nal gains on flexibili y and ma ke eadiness imp o emen s, all
by ho ough cos managemen . Specialised li e a u e designa es “hyb id s a egy”
(Bi kinshaw and Gibson, 2004;Cao e al., 2009;Raisch e al.,2009) o s a egic-hyb id
o ien a ion (SHO) as a way o balancing en ep eneu ship wi h ano he s a egy o a
con adic i e na u e, kind o simila o cos - ocus (Po e , 1980). The SHO appea s qui e
e ec i e when main aining any compe i i e ad an age o as long as possible, al hough,
concep ually, i emains p e y poo ly held in SMEs’li e a u e.
I is common knowledge ha oday’s ma ke en i onmen s a e mos ly as -changing,
hype compe i i e, discon inuous and ola ile (Klebe and Volko a, 2017). To cope
success ully wi h such de e minis ic en i onmen s (Donaldson, 2001), he s a egic
managemen li e a u e s esses ha fi ms mus fi in o hei su oundings by becoming
e ec i e, e ficien , flexible and ocused (Smi h and Tushman, 2005). Howe e , despi e li ing
in simila en i onmen al coe ci i y, fi ms a ain di e en pe o mances om encompassing
dis inc ac ion s eps (Dess and Da is, 1984), i.e. dis inc con en op ions abou s a egies’
concei ing and deploymen . Va ious designa ions quali y hose op ions: s a egic fi ,
s a egic choice o , mo e commonly, s a egic o ien a ions (SOs) (Manu and S i am, 1996). O
he h ee me hodological app oaches SO o e s (Hakala, 2011;Ho, 2014), he compa a i e
me hod is li e a u e- ecognised o be he one mos qualified o measu ing fi ms’business
s a egy (Mu ay, 2012;Speed, 1993). By embedding he SOs’compa a i e me hod,
Venka aman’s (1989a)“s a egic o ien a ion o business en e p ises”(STROBE) model is a
mul i-dimensional cons uc ha allows disagg ega ing a fi m’s a ia ions el h ough
se e al dimensions, ecognised as essen ial o s a egic cha ac e isa ion. One o he SHO
heo y’s key holdings his s udy encloses is conside ing he STROBE model’s dimensions
conce ning wo c i ical highe -o de concep s in mode n-day SMEs: “en ep eneu ial
o ien a ion”(EO) and “conse a i e o ien a ion”(CO). The pape p o ides heo e ical
explana ions and easoning o suppo he no ion o wha some esea ch li e a u e applying
he STROBE model o SO measu ing has p e iously sugges ed - he need o dis ibu e all
STROBE dimensions acco ding o wo highe -o de SOs (e.g. Gup a and Basu, 2014), soe e
no iden i ying which o ien a ions no heo y.
Schola ly esea ch has mainly used he EO’s app oach (e.g. Co in and Sle in, 1991)as
he pi o al amewo k o explaining fi ms’ou pe o mance (Ande son e al.,2014) when
ope a ing wi hin such an en i onmen . In ha ein, ou app oach o SME s a egy elies on
he en ep eneu ship SO (Co in e al.,2006;Lumpkin and Dess, 1996). Fu he mo e, ou
pe spec i e also ing ains ano he SO all SMEs deal wi h, he CO (By d e al.,2006;Egge s
e al.,2013;Lukas e al., 2001). This o ien a ion (Lukas e al.,2001;Venka aman, 1989b) has
no ecei ed p ope a en ion compa ed o he one gi en o EO. Howe e , a mo e p ope
causal explana ion o s eady uppe pe o mance will equi e complemen a y insigh aside
om EO, such as ha one he CO may o e while independen a iable, his sigh coinciding
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wi h he SO concep . Unde SO’s pe spec i e, no in eg a ing his conse a i e s ance will be
like conside ing any en ep eneu ial fi m in a pe manen c ea i e eupho ia, wi h he
en ep eneu ship an insula ed explana ion o he pe o mance, which impo e ishes he
explana o y abili y o models due o he incomple eness o examining causal mechanisms
(Olson e al., 2005). Mos s a egic managemen schola s’ iew abou CO s ays esea ch-
sc u inised unde wo main heo e ical app oaches, one linked o ypologies such as
Min zbe g’s“adap i e”o ganisa ion (Min zbe g, 1973) o Miles’s“de ende ”fi ms (Miles
and Snow, 1978). The o he iew elies on Co in’s en ep eneu ial li e a u e (Co in, 1991;
Co in and Sle in, 1989), which places his s a egy concep unde a con inuum anging om
conse a i e o en ep eneu ial posi ion, i.e. CO ma ches he opposi e o en ep eneu ial
pos u e. Howe e , any o hese CO iews a e p ima ily associa ed wi h high i al y ma ke s,
occasionally s agnan o unce ain, whe e fi ms end o compe e on p ice by cos -lowe ing o
de end hei ma ke sha e, a classic no ion o CO. Mo e ecen esea ch (e.g. Hel a e al.,
2007;Ma in and Ja algi, 2016) conside CO an adap i e s ance by dealing wi h he ise o
flexibili y in he alue-gene a ion p ocesses. O he schola s ela e i o imp o ing esponse
eadiness a co e-c i ical ope a ions (Wilden e al., 2013). Finally, i is also linked o
mode a ing any u he ad ancemen s on isky en u es o highly unce ain e u n
(Wiklund and Shephe d, 2005). No wi hs anding, o da e and he ex en o ou knowledge,
SME esea ch has ye o conside bo h o ien a ions’coexis ence as buil om all dimensions
o he STROBE model, a gap we in end o fill wi h his s udy.
The SHO concep we de eloped suppo s he model concep ion, which we ound amilia
among medium- o high- ech SMEs. Al hough we conside p e ious wo ks conce ning he
SHO (e.g. Anees-U -Rehman e al., 2017), he concep de eloped mainly elies on he s a egic
managemen li e a u e ela ed o he hyb id pe spec i e and he SO heo y. The “hyb idi y”
o fi ms is li e a u e-explained h oughou wo main heo e ical flows. One is he esou ce-
based ambidex e i y pa adigm (Bi kinshaw e al., 2016;Cao e al.,2009); he o he is he
hyb id s a egy pa adigm (Pe usa-O ega e al., 2009;Spanos e al.,2004;Sume and
Bay ak a , 2012). Unde he business managemen iew, he second li e a u e s eam is SHO
(Anees-U -Rehman e al.,2017). I mus enclose wo con adic ing bu ca dinal business
s a egies, e.g. EO and CO; i conside s ha pe o mance may be s eadie and mo e
s eng hened om hei syne gis ic e ec s, a conclusion confi med by mo e ecen s udies
(Alnoo e al., 2022).
Concomi an ly, de eloping EO and CO, as we did, ela es o a configu a ional pe spec i e
whose dimensions es on he STROBE model. We collapsed Venka aman’s s ands in o
wo opposi e, independen cons uc s o de ec ing and assessing SHO: EO en ails he
concep o en ep eneu ship (Shane and Venka a aman, 2000); CO comp ises adap i eness
h oughou flexibili y and p ocesses’ma ke - eadiness and isk-excessi eness a oidance
(Mille and F iesen, 1978;Mo gan and S ong, 2003).
To summa ise, we no ed se e al li e a u e insu ficiencies conduci e o aising
esea ch ques ions. Resea ch ques ions ely on he ollowing ac s: he SMEs’SHO
esea ch sca ci y, he lack o SME s udies analysing bo h he EO and CO s ands and
he COs’low a en ion gi en by li e a u e on SMEs. The fi s ques ion add esses how
EO and CO may causally impac pe o mance while independen cons uc s composing
SHO:
Q1. Wha e ec s do EO and CO ha e on he pe o mance o high- o-medium ech SMEs?
When bo h o ien a ions exis simul aneously, he syne gis ic e ec conce ns combining
hem o measu e hei esul ing causali y on fi ms’pe o mance. I has oo s in he
con ingency heo y (Donaldson and Jo e, 2014) by dealing wi h fi by mode a ion (Chan and
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Hu , 1993). The “fi by mode a ion”concep has been long es ablished by Venka aman
(1989a), among o he s, and acco ding o Chan and Hu (1993), i encloses fi (meaning
alignmen ) and mode a ion (meaning in e ac ion). By “fi by mode a ion”, he heo y
explains as being he ela ionship be ween he dependen a iable (PBP) and an independen
one (EO) ha comes con ingen upon he mode a ing e ec o a hi d one (CO) on o he said
ela ionship. The e o e, once he second a iable (CO) is aligned (o fi ed) wi h he
independen one (EO), he esul ing in e ac ion e ec can inc ease he dependen a iable’s
(PBP) p edic i e powe (R
2
) and so i s alue. The impo ance o measu ing syne gis ic
e ec s om he p esence o bo h o ien a ions (EO and CO) mus be emphasised, as i is he
p ope way o de ec and assess ex ensi ely any SHO. This app oach allows a deepe
unde s anding o SHO by including he syne gis ic e ec s o wo opposing SOs (He and
Wong, 2004;Hende son and Cla k, 1990), EO and CO. Then, he ques ion is, “Wha is he
syne gis ic e ec o he wo o ien a ions’in e ac ion on pe o mance?”.
Finally, we include a ew o he s udy’s mos ele an achie emen s, adequa ely epo ed
in he six h chap e o his pape . One o he o emos findings ela es o he impac s on PBP
acc uing indi idually om posi i e EO e ec and nega i e CO e ec , bo h essen ial o ha
join ly may gene a e a final posi i e syne gis ic e ec o cause PBP boos ing. Fu he , we
o e come he STROBE’s di ficul y wi h wo p oblema ic componen s –agg essi eness and
iskiness –gi ing bi h o a new way o he said model’s appliance. Se e al o he findings
ein o ce he heo e ical comple eness o he s udy, such as he model’s ull ou -o -sample
p edic i e powe o pe o mance gains as o en ep eneu ial beha iou when he CO is EO’s
aligned wi h (i.e. fi by mode a ion). Finally, i mus be emphasised ha SMEs’CO comes
iewed in a specific and dissimila way om he usual conse a i e way la ge fi ms
in e p e i .
The s udy p oceeds as ollows. Sec ion 2 p o ides a heo e ical backg ound and
desc ibes he esea ch model. Sec ion 3 ela es o he hypo heses o es . Sec ion 4 explains
he esea ch me hod, and Sec ion 5 p o ides he esul s. Sec ion 6 discusses he esul s, and
Sec ion 7 ends wi h s udy limi a ions and u u e esea ch s eams.
2. Theo e ical backg ound
The s udy’s pu pose ega ds how SHO may impac he fi ms’pe o mance. The concep o
“hyb idi y”has been o g owing in e es o he academy o qui e a while. Tha pa ly
happens because he esea ch on fi ms’cha ac e isa ion h oughou one gene ic s a egy
(Po e , 1980), ypology (Miles and Snow, 1978) o in ended beha iou (Co in and Sle in,
1989;Kohli and Jawo ski, 1990;Lumpkin and Dess, 1996;Na e and Sla e , 1990) became
inc easingly d ained when sea ching fi ms’pe o mance causa ions based on a single
s a ing s a egic assump ion. Acco ding o wha he compa a i e ad an age heo y (Hun
and Mo gan, 1995) long p oclaims, i becomes appa en ha he e a e g owing fi ms’
di ficul ies in sus aining compe i i e ad an ages, becoming inc easingly p one o
ansience. Tha leads p oac i e o ganisa ions o new o ganisa ional o ms ins illed by
dissimila s a egic concep ions, such as he “hyb id”o ganisa ional amings (Ba ilana
and Lee, 2014;Bauwens e al.,2020). F om “hyb idi y”pou wo significan concep s and
esea ch flows. The o me , named “ambidex e i y”(Bi kinshaw e al.,2016;Bi kinshaw and
Gibson, 2004), is heo e ically well g ounded by he esou ce-based heo y (Ba ney, 2001;
Pe e a , 1993;We ne el , 1984). I ega ds he s a egic managemen o bundles o
o ganisa ional capabili ies and esou ces (Luo e al., 2017) whose uniqueness/ a eness and
sca ci y cha ac e is ics, and he seemingly concu en way explo ing and exploi ing hem in
concei ing new p oduc s/p ocesses-ma ke s will gene a e causal ambigui y o compe i o s
(Ba ney, 1991;McI e and Lengnick-Hall, 2018;P iem and Bu le , 2001) besides ising
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pe o mance gains. The la e , called hyb id s a egies, acc ue om ea lie c i icisms agains
Po e ’s ypologies (Da a, 2009;Hend y, 1990;Mille and F iesen,1986b, 1986a;Sume and
Bay ak a , 2012). Li e a u e designa es hem as hyb id, mixed, in eg a ed o combina ion
s a egies (Acquaah and Yasai-A dekani, 2008;Kim e al., 2004;Lei ne and Güldenbe g,
2009;Mille and Dess, 1993). Some s udies ema k ha fi ms pu suing a di e en ia ion
s a egy may also be able o combine i wi h a low-cos posi ion h ough an inc ease in
alue-gene a ing p ocesses’e ficiencies (Acquaah and Yasai-A dekani, 2008)o by
p ocesses’agili y and flexibili y gains (Lei ne and Güldenbe g, 2009). Those la e
s uc u al a ibu es become c i ical o SMEs once hey do no dispose o scale economics
e ficiencies. The e o e, he “hyb id s a egies”ha e compelling heo e ical undamen als
long enough es ablished o be conside ed –wha we did.
This pape p oposes o ex end SO’s well-es ablished heo y by pe mea ing i wi h he
concep o hyb id s a egies, which b oadens i s applica ion scope and makes i mo e sui able
o SMEs. To achie e his, we ound i mos adequa e o conside wo opposing o ien a ions
c i ical in SME s a egic managemen : he en ep eneu ial and conse a i e o ien a ions, i.e.
EO and CO. Once EO is one o he mos s udied o ien a ions, e idenced by a g owing pile o
s udies, CO is one o he leas used in s udies ela ed o ealis ic, s able SOs success ul SMEs
may hold. As i is iewed now, CO packs in e nal adap i e s ances o he ex e nal en i onmen
(Hel a e al.,2007), flexibili y in alue-gene a ion p ocesses (Ma in and Ja algi, 2016)and
esponse eadiness a co e-c i ical ope a ions (Wilden e al.,2013), while also a oiding u he
ad ancemen s on isky en u es o highly unce ain e u n (Wiklund and Shephe d, 2005). O
he SO pa adigms, he compa a i e one (Venka aman, 1989a), which he STROBE model
elies on, allows ou s udy o cap u e s a egic ou comes om bo h EO and CO.
This chap e p oceeds wi h he heo y e iew o he model’s cons uc s and he
heo e ical easoning suppo ing he ela ions’hypo heses wi h PBP, including he
heo e ical explanandum and hypo hesis on PBP causa ion om he syne gis ic e ec s.
2.1 S a egic-hyb id o ien a ion
SHO is li e a u e-in e p e ed as esul ing om mo e p oac i e o conse a i e bu
simul aneous beha iou s (F ancis and Collins-Dodd, 2000). A ew esea ch ound he wo
o ien a ions o be su ficien ly dis inc , sugges ing hey we e sepa a e cons uc s (F ancis
and Collins-Dodd, 2000). Ei he way, by accep ing bo h o ien a ions as a con inuum o as
di e en beha iou s, one in e s a fi m can use ei he o exhibi bo h o ien a ions
concu en ly. Fo example, Mille and F iesen (1982) conside a conse a i e inno a ion
model acc uing om he EO a s a egically mo e conse a i e fi ms. O he s (e.g. Wales,
2016) conside ha some fi ms swing be ween highe and lowe EO pe iods, he la e
ela ed o occasions whe e hey benefi om emphasising CO. Some s udies highligh EO
being no homogeneous h oughou he en i e fi m once a mo e CO may u n ad an ageous
o specific o ganisa ional a eas (Wales, Monsen, e al., 2011). Hence, wha e e he app oach,
li e a u e ecognises such o ien a ions combining as hose o SHO, also e e ed o as
in eg a ed s a egy (Acquaah, 2007;Spanos e al.,2004) o combina ion s a egy (Lei ne and
Güldenbe g, 2009). Acco ding o Mille (1987), SHO’s heo y unde lines posi i e
ela ionships wi h p ofi abili y, bu only a ew empi ical s udies app oach he opic (Cla e -
Co 
es e al., 2012;Pe usa-O ega e al.,2009;Spanos e al.,2004). Fu he , any SME s udies
enclosing such o ien a ions’syne gis ic e ec s a e, o da e, unknown. By conside ing he
dimensions’co e age o he STROBE model, we will analyse i s abili y o cap u e bo h
o ien a ions –EO and CO –and so, unde he SHO‘s pe spec i e, o analyse hei
hypo hesised indi idual and syne gis ic e ec s on pe o mance.
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2.2 S a egic o ien a ion o business en e p ises model app oach
The STROBE model (Venka aman, 1989a) measu es fi ms’s a egy h ough six
dimensions one finds in any o ganisa ion (Mo gan and S ong, 2003), desc ibed nex as o
hei o iginal in e p e a ions. “Analysis” e e s o he abili y o o ganisa ional lea ning
when, unde a p oblem-sol ing pos u e (Mo gan and S ong, 2003), one finds he bes
possible solu ion (Mille and F iesen, 1978) backed by managemen echniques and con ol
sys ems (Talke, 2007). “De ensi eness”conce ns a fi m’s emphasis on e ficiency-seeking o
imp o e ope a ional s a egies’ou comes (Mille , 1989;Venka aman, 1989a), p oduc /
sys ems’quali y imp o emen s and alue-c ea ion managemen echniques (Venka aman,
1989a). “Fu u i y” ela es o fi ms’in e es in an icipa ing compe i i e condi ions and
posi ioning acco dingly (James, 2008), emphasising e ec i eness a he han e ficiency
conside a ions (G an and King, 1982;Venka aman, 1989a). “P oac i eness”is cen al o a
fi m’s inno a i e beha iou (Akman and Yilmaz, 2008;Miles and Snow, 1978) and is
conside ed an enable o compe i i e ad an age in pu suing new p oduc s/ma ke s.
“Agg essi eness” ela es o esou ce alloca ion o ma ke posi ions’imp o emen as e
han compe i o s, s ongly linked o sales and ma ke o ien a ion (Miles, 1982;Mille and
F iesen, 1984). Finally, “Riskiness”in ol es esou ce alloca ion o high- isk en u es (Mille
and F iesen, 1978;Venka aman, 1989a).
Despi e i s po en ial, esea ch-c i ical issues eme ged wi h mixed esul s o
agg essi eness and iskiness. Such snags le ou hese ai s in subsequen esea ch,
opening he pa h o ano he concep ualisa ion o business s a egy measu e – he EO –a
concep ha elapsed om he wo ks o Co in and Sle in (1991) and Lumpkin and Dess
(1996). Among o he ace s, EO conce ns inno a ion and expe imen alism (Teece, 2007),
g ow h (Sex on, 1997) and explo a ion (Shane and Venka a aman, 2000). Howe e , when
looking a each o he measu e ins umen s’desc ip i es, we find conside able
commonali ies wi h Venka aman’s ope a ionalisa ion in bo h au ho s’app oaches o EO,
which happens due o all hose concep s ha ing oo s in he same p e ious seminal wo ks
(Coope e al.,1986;Miles and Snow, 1978;D.Mille , 1987;Mille and F iesen, 1978;
Min zbe g, 1978;Min zbe g e al.,1976). Gi en ha , one mus eckon Venka aman’s model
discloses a simila abili y o EO assessmen .
To en ich ou a gumen in a ou o he STROBE model’s abili y o EO and CO
assessmen , a ew esea ch (e.g. Lukas e al., 2001), suppo ed in p e ious s udies measu ing
SO (Conan e al.,1990;Dess and Da is, 1984) con ends ha such model becomes be e
cha ac e ised h ough wo p incipal o ien a ions s anding ou epea edly in s a egic
concep ualisa ions: a p ospec i e o ien a ion and a p o ec i e o ien a ion. Following Lukas
and colleagues’discussion o wo main o ien a ions, we also analysed he ai s li e a u e o
find he bes dimension combina ion o he wo p incipal o ien a ions ha be e adjus o
SMEs.
2.2.1 S a egic o ien a ion o business en e p ises’en ep eneu ial o ien a ion. The
EO’s compounds. We analysed he emaining dimensions –analysis, de ensi eness, u u i y
and p oac i eness –based on he EO concep desc ip i e p emises (Co in and Sle in, 1991;
Lumpkin and Dess, 1996;Mille , 1987;Shane and Venka a aman, 2000). Based on he
li e a u e’s sum-up o he main heo e ical and esea ch insigh s on en ep eneu ship (Basso
e al., 2009), we a gue ha while hese ou dimensions may en ail complemen a y iews o
he concep in di e en p opo ions, hey may p o ide a p ac ical app oach o EO.
Acco ding o some li e a u e (Co in and Sle in, 1989;Mille , 1983;Mille and F iesen, 1982),
“en ep eneu ship”is a mul idimensional concep encompassing he fi m’s ac ions ela ed o
p oduc -ma ke and echnological inno a ion, isk- aking and p oac i eness. Looking back
a STROBE’s dimensions defini ions, en ep eneu ship mos ly o e laps p oac i eness
EBR
37,1
54
(inno a i e beha iou , new p oduc s/ma ke s pu suance) and u u i y (boos e ec i eness
on compe i i e condi ions o o e come compe i o s). By u n, Basso and colleagues’ e iew
(2009) unde lines he Lumpkin and Dess (1996) concep ’s e aming, by which EO’s p emises
a e ex ended o he p ocesses, p ac ices and decision-making ac i i ies. Gi en hese EO’s
las mo e encompassing assump ions, we find hei ma ching on de ensi eness (me hods o
imp o e ope a ional s a egies’e ec i eness) and analysis (in e nal o ganisa ion lea ning
and endea ou ing he bes p oblem solu ion).
A e ca e ul e iew, i is e iden ha he EO concep has e ol ed o encompass a
b oade scope. Ra he han solely elying on new p oduc o e ings o al e na i e en y
poin s, EO’s p inciples now ex end o in e nal p ocesses, s a egic managemen ,
echnological inno a ion and os e ing c ea i i y and g ow h. As such, we fi mly belie e
ha he ou STROBE dimensions p o ide ample amewo k o defining and measu ing
EO.
2.2.2 S a egic o ien a ion o business en e p ises’conse a i e o ien a ion. Pas
esea ch (Gup a and Basu, 2014;Mo gan and S ong, 2003;Venka aman, 1989a) ound
mixed esul s o “agg essi eness”and “ iskiness” ai s, while he o he dimensions we e
alida ed. Some wo ks define “agg essi eness”as i al y be ween fi ms (Cla k and
Mon gome y, 1996), conno ing i wi h sales o ien a ion (Lumpkin and Dess, 1996) as a way
o sales g ow h and p ofi abili y inc ease (Co in and Sle in, 1991). O he s desc ibe
“ iskiness”as en u esome decisions on esou ce alloca ion and p oduc /ma ke choices
in ol ing subs an ial in es men (Co in and Sle in, 1991;Gup a and Basu, 2014). I seems
in ui i e o bo h iews, en ailing a fini y wi h pe o mance gains based on eac i e
compe i i eness inc ease h ough isky expansion o hei business ac i i ies –a ypical
pa h o la ge companies. So, despi e agg essi eness and iskiness being ecognised in
SMEs, hei cu en meanings will undoub edly di e om he ini ial ones desc ibed abo e:
The scope o agg essi eness. Unlike i s ini ial in e p e a ion (Cla k and Mon gome y,
1996;Co in and Sle in, 1991), we find agg essi eness ega ding an uppe
o e a ching conse a i e dimension (Ga ignon and Xue eb, 1997;Lukas e al., 2001;
Venka aman, 1989b). Ins ead o p ocesses’ igidi y and s uggling wi h
compe i o s, SMEs’li e a u e ela es agg essi eness o an adap i e s ance based on
flexibili y and esponse eadiness/agili y (Hel a e al., 2007;Ma in and Ja algi,
2016). Such ea u es ela e o imp o ing in e nal p ocesses o ulfil he ma ke ’s
equisi es, gi en a desi ed ma ke sha e expansion (Liao e al., 2003) o clien s’
needs/desi es ha bes allow e aining hem. Howe e , cos s’inc eases in he
exploi a ion o unc ional p ocesses a e likely o occu because o he icky p oblem
o he misfi be ween s a egy and he ope a ional s uc u e (Donaldson, 2001;
Donaldson and Jo e, 2014). The e o e, one may expec ad e se impac s on
pe o mance.
The iskiness ai ole. I s p ima y meaning ela es o decisions on alloca ing
subs an ial esou ces and in es men s suppo ing agg essi e beha iou s in high-
isk ma ke s (Lumpkin and Dess, 1996;Wiklund and Shephe d, 2005). So, ex an
li e a u e bonds iskiness wi h agg essi eness a he han wi h any o he o he
emaining ai s, which is confi med in he seminal esea ch (Venka aman, 1989a):
“... i is clea ha agg essi eness ... is no significan ly ela ed o he o he
dimensions, excep iskiness”(p. 956). Al hough he p opensi y o isk- aking is
associa ed wi h inno a i eness, SMEs’excessi e isk- aking exposu e may
jeopa dise sus ainabili y and e ode p ofi s in highly unce ain and hos ile
en i onmen s (K eise e al., 2002). Unde a dominan EO, he iskiness dimension
can ela e o b oade isks beyond hose such o ien a ion implies, like unceasing
Pe cei ed
business
pe o mance
55
enhancemen s o launched inno a ions, ne e -ending p oduc de elopmen o
ecu ing in es men s in modi ying p ocesses o flexibili y and agili y gains.
Hence, fi ms mus se up con ainmen measu es (i.e. conse a i e ones), such as
imposing a cu line on spending esou ces wi h in e nal p ocedu e changes and
p oduc de elopmen /enhancemen . En ep eneu ship li e a u e associa es his
endea ou wi h mode a ing any u he ad ancemen s on isky en u es o a
highe unce ain y on e u n (Lumpkin and Dess, 1996;Wiklund and Shephe d,
2005). In sum, adop ing conse a i e s a egic measu es o limi ad e se impac s
om excessi e unce ain y will no a oid pe o mance unde mining.
The CO’s compound. The SO heo y has been iewing he STROBE model’s
“agg essi eness”and “ iskiness” ai s (Mille and F iesen, 1984) as pe o mance
compensa o s (Co in and Sle in, 1991) when fi ms adop highly compe i i e
beha iou s (Cla k and Mon gome y, 1996). Thei un ela edness wi h he o he
s ands made us conside hem he only cons uc ’s componen s. Such an app oach
o di iding STROBE’s dimensions in o wo highe -o de cons uc s, one o hem as
conse a i e, has been conside ed in a ew esea ch (F ancis and Collins-Dodd, 2000;
Lei ne and Güldenbe g, 2009;Lukas e al., 2001). The e o e, conside ing iskiness
and agg essi eness unde he same cons uc makes sense, cha ac e ising such
ou comes as a CO.
2.3 Pe cei ed business pe o mance
Pe cei ed business pe o mance (PBP) ela es o he pe o mance’s subjec i e assessmen
h ough wo measu es: he fi m’s g ow h and p ofi abili y. The li e a u e ecognises an
o ganisa ion’s“business pe o mance”as a b oad concep in ol ing he fi m’sfinancial
esul s and economic con ibu ion (Ande sson e al.,2022). Howe e , disag eemen pe sis s
among schola s when i comes o e alua ing in angible esou ces, namely capabili ies
(Riggs e al.,2024).
The con en ional assessmen o business pe o mance emphasises p ofi abili y (Mo gan
and S ong, 2003), measu ed by e u n on in es men as he ul ima e es o success (Reese
and Cool, 1978). Sha p c i icisms o ha measu e’s alidi y as he sole indica o (Jacobson,
1987) led esea ch o use al e na i e financial indica o s. Howe e , some au ho s ha e
obse ed he mul idimensional na u e o business pe o mance and he misleading
accoun ing measu es due o inadequa e in angibles handling and sou ces sub-e alua ing
compe i i e ad an age (Bha adwaj e al.,1993), sugges ing assessmen s based on
companies’g ow h (Cla k, 1999). Rega ding SMEs, he e is no ag eemen on measu ing
pe o mance (Day and Wensley, 1988), hough he e is a p e e ence o subjec i e measu es
(R. Gup a and Basu, 2014). One being awa e o SMEs’subjec i ism, he fi ms’pe o mance
assessmen mus include p ofi abili y and g ow h pe cep ions. Thus, he pe o mance
measu emen by Venka aman (1989a) was applied.
3. Hypo heses
3.1 Rela ionship be ween en ep eneu ial o ien a ion and pe cei ed business pe o mance
Pe o mance is he mos c i ical dependen a iable o in e es (Wales, Gup a, e al.,2011),
closely ela ed o he s a egic e ec i eness o managemen me hods (Basso e al.,2009),
making i c ucial o EO’s esea ch (Gup a and Wales, 2017). Backed up by a ious s udies,
inhe en li e a u e gene ically suppo s he EO’s posi i e con ibu ions o pe o mance
(Rauch e al.,2009;Zah a and Co in, 1995).
EBR
37,1
56
Some schola s, e.g. Dess e al. (1999), emphasise ha he ad an ages o any
en ep eneu ial s a egy suppo ing inno a ion a e no immedia ely appa en . So, due o
endogenous limi a ions, no all SMEs achie e a s able, balanced o e lap wi h he successi e
mos c i ical new en i onmen al equi emen s. Tha led esea che s o collec , a imes,
nega i e esul s on pe o mance (F ank e al., 2010;Wiklund and Shephe d, 2005), no
significan impac s (Hughes and Mo gan, 2007;Messe smi h and Wales, 2013) o a ou able
ou comes in one o he pe o mance dimensions (e.g. g ow h) (Lee e al.,2001) while
becoming ad e se in ano he (e.g. p ofi abili y) (Chak a a hy, 1986). Howe e , Mille and
F iesen (1982), among o he s, ound ha EO a ou s fi ms’p ofi s/o e all pe o mance,
mainly hose ope a ing in highly unce ain en i onmen s wi h sho ened li e cycles in
p oduc s/business models (Rauch e al., 2009).
In conclusion, we concei ed EO as a highe -o de mul idimensional cons uc composed
o se e al dimensions (Co in and Wales, 2011;Mille , 1983) co esponding o ou STROBE-
specific ai s (analysis, de ensi eness, u u i y and p oac i eness), which ha e shown
heo e ical consis ency and significan posi i e impac s on pe o mance o e ime (Ho, 2014;
Laukkanen e al., 2013;Pou and Asa ian, 2019). The SMEs’li e a u e ou lines he posi i e
di ec e ec s on PBP esul ing om en ep eneu ial p opensi y, especially ega ding g ow h
and p ofi abili y (He a h and Mahmood, 2014;Walke e al.,2015). The e o e, i is expec ed
o EO o be posi i ely ela ed o pe o mance. Acco dingly, we s a e ha :
H1. The EO posi i ely impac s he PBP.
3.2 Rela ionship be ween conse a i e o ien a ion and pe cei ed business pe o mance
Resea ch ackling CO, specifically wi hin he SMEs’SO li e a u e, is undeniably scan . A
ew esea ch (Egge s e al., 2013;F ancis and Collins-Dodd, 2000) signal ha a CO
concep ualised as an independen cons uc will, a bes , be benign. The esul s o bo h
s udies suppo he hypo hesis ha CO nega i ely impac s pe o mance, and such
conclusions coincide wi h he ones we a e looking o . This s udy akes CO as an
independen cons uc om EO, comp ising he “agg essi eness”and “ iskiness”
dimensions. Ma ching oday’s iew, SMEs’agg essi eness conce ns he adap i eness o
in e nal esou ces/p ocesses o become flexible, ensu ing esponse eadiness/agili y gains
enough o allow expansion on ma ke s and cus ome e en ion. Despi e he changes/
imp o emen in he alue chain’s s uc u e owa ds such pu sued gains, he con ingency
li e a u e (Luo and Donaldson, 2013) s esses he nega i e sho - e m impac on
pe o mance om he in e nal eo ganisa ion. Such co esponds o a ha dly su moun able
imbalance be ween s uc u e and con ingency, i.e. he s uc u e’s di ficul y in eaching a
sa is ac o y quasi-fi enough o ma ch he s a egy con ingency’s le el. In o he wo ds, a
company may no ully o se inc eased explo a ion cos s om s uc u al and p ocess
changes aiming o gains in flexibili y and agili y o imp o e ma ke e ec i eness.
The esea ch li e a u e indica es ha in he con ex o SME’s iskiness dimension, a
fi m’s exposu e p opensi y is o en associa ed wi h inno a i eness, an essen ial aspec o
en ep eneu ial beha iou . This associa ion ex ends beyond he ypical isks fi ms ace,
highligh ing he inhe en link be ween agg essi eness and isk (Venka aman, 1989a). I is
wo h no ing ha en ep eneu ial SMEs o en bea excessi e isk due o a misma ch
be ween he e ec i eness o hei esou ces when wan ing o adjus o he equi emen s o
he inno a ion p ocess, i.e., hey end o wo sen ope a ions’ine ficiencies om echnological
p ocess changes. The e o e, he isk becomes an undeniable ac o he SME mus con end
wi h. Unde isk-excessi eness, SMEs will se up conse a i e con ainmen measu es by
imposing es ic ions on in e nal p ocess changes and u he esou ce in es men s. On he
Pe cei ed
business
pe o mance
57
Table 3.
Cons uc eliabili y
and alidi y
Cons uc /dimension/indica o Weigh s Loadings
Jö eskog’s
ho_C
Con e gen
alidi y AVE
EO (MC) (composi e mode A) 0.893 0.676
Analysis (composi e mode A) 0.325 0.880 0.785 0.558
In o ma ion sys ems p o ide suppo o
decision-making
0.261 0.647
When con on ed wi h a majo decision, we
usually y o de elop a ho ough analysis
0.180 0.620
Wo k o ce planning and pe o mance
app aisal o senio manage s
0.771 0.933
De ensi eness (composi e mode A) 0.247 0.807 0.881 0.713
Use o cos con ol sys ems o moni o ing he
pe o mance o alue-gene a ing ac i i ies
0.218 0.797
Use o p oduc ion managemen echniques o
alue-gene a ion ac i i ies
0.372 0.840
Emphasis on p oduc quali y h ough he use
o quali y ci cles
0.576 0.892
Fu u i y (composi e mode A) 0.334 0.838 0.811 0.598
We emphasise basic esea ch o p o ide us
wi h u u e compe i i e edge
0.603 0.893
Fo mal acking o significan gene al ends 0.105 0.534
Fo ecas ing key indica o s o ope a ions 0.481 0.843
P oac i eness (composi e mode A) 0.310 0.759 0.833 0.633
Usually. he fi s ones o in oduce new
b ands o p oduc s/se ices in he ma ke
0.432 0.844
Cons an ly on he lookou o businesses ha
can be acqui ed
0.611 0.926
Ope a ions in la ge s ages o he li e cycle a e
s a egically elimina ed
0.120 0.575
CO (MC) (composi e mode A) 0.712 0.552
Agg essi eness (composi e mode A) 0.673 0.744 0.876 0.703
Cu ing p ices o inc ease ma ke sha e 0.449 0.875
Se ing p ices below he compe i ion 0.308 0.737
Seeking ma ke sha e posi ion a he expense
o cash flow and p ofi abili y
0.424 0.895
Risklessness (composi e mode A) 0.672 0.743 0.870 0.769
We seem o adop a a he conse a i e iew
when making majo decisions
0.610 0.895
A endency o igge o suppo p ojec s
whe e he expec ed e u ns a e mo e eliable/
ce ain
0.529 0.858
PBP (MC) (composi e mode A) 0.923 0.857
G ow h (composi e mode A) 0.581 0.937 0.902 0.756
Sales g ow h posi ion ela i e o compe i ion 0.413 0.885
Sa is ac ion wi h sales g ow h a e 0.263 0.771
Ma ke sha e gains ela i e o compe i ion 0.458 0.943
P ofi abili y (composi e mode A) 0.499 0.914 0.889 0.800
Sa is ac ion wi h e u n on sales 0.610 0.915
Ad an ageous financial liquidi y posi ion
ela i e o compe i ion
0.506 0.873
No es:
C¼composi e eliabili y. AVE ¼a e age a iance ex ac ed. MC ¼mul idimensional cons uc
Sou ce: Table by au ho s
EBR
37,1
64

he sa u a ed model’sfi by measu ing he ex e nal alidi y o i s p ima y cons uc s (EO
and CO). The p oceedings ela e o a wo- ailed boo s ap o he assessmen o HI95 and
HI99 pe cen iles o SRMR (s anda dised oo means squa ed esidual), d_ULS (unweigh ed
leas squa es disc epancy) and d_G (geodesic disc epancy). Resul s poin ou ha he
measu emen model canno be ejec ed as hei fi s a e lowe han HI95 and HI99, meaning
ha composi es ac wi hin a nomological ne a he han as indi idual mani es a iables
(Hensele , 2017) (see Table 5).
5.2 S uc u al model
The s udy o he s uc u al model co esponds, in ac , o wo models. The fi s one (Model 1
o “ he model”) is sequen ial o he gene ic model and an essen ial equi emen o Model 2,
he la e con empla ing he syne gis ic e ec o in e ac ion be ween he CO and EO
cons uc s. Thus, once s uc u al Model 1 is ully alida ed, Model 2 ex ensi ely exp esses
he SHO heo y applied o SMEs we in end o es . Rega ding g aphical ep esen a ion, we
only display Model 2.
Acco ding o he li e a u e (Beni ez e al., 2020;Hensele , 2021), we assessed he
es ima ed model’sfi by epea ing equi alen p oceedings as applied o he sa u a ed
measu emen model’sfi assessmen . Table 5 shows ha he es ima ed model canno
Table 5.
Model fi
Value HI95 HI99
Sa u a ed model
SRMR 0.051 0.074 0.085
dULS 0.173 0.362 0.481
dG 0.079 0.143 0.183
Hypo hesised model (Es ima ed)
SRMR 0.054 0.074 0.086
dULS 0.195 0.366 0.484
dG 0.082 0.143 0.183
No e: I ega ds model 1
Sou ce: Table by au ho s
Table 4.
Cons uc s’
assessmen –
disc iminan
alidi y*
(HTMT
1
and Fo nell–La ke c i e ion)
EO CO PBP AGE SIZE TEC.INT
EO 0.822 0.312 0.499 0.118 0.150 0.151
CO 0.018 0.743 0.768 0.307 0.163 0.238
PBP 0.423 0.312 0.926 0.041 0.062 0.097
AGE 0.110 0.080 0.012 n.a. 0.296 0.128
SIZE 0.142 0.008 0.060 0.296 n.a. 0.043
TEC.INT 0.132 0.104 0.085 0.128 0.043 n.a.
No es: *Abo e diagonal: HTMT a io (in i alics) o all cons uc s. Down unde diagonal (included):
Fo nell–La ke c i e ion o all cons uc s. n.a. ¼non-applicable;
1
HTMT 0.85 h eshold acco ding o
F anke and Sa s ed (2019),Hai e al. (2017),Hensele e al. (2014), I ega ds model 1
Sou ce: Table by au ho s
Pe cei ed
business
pe o mance
65
equally be ejec ed as hei fi s a e lowe han HI95 and HI99. As he es ima ed model
accomplishes such p e- equi emen , we can equally in e , as be o e o he sa u a ed model,
ha he composi es ac wi hin a nomological ne a he han as indi idual mani es
a iables (Hensele , 2017).
Fo measu ing he s uc u al model, he specified s eps ensued by he li e a u e
we e ollowed (Hai e al., 2022), fi s ly looking o po en ial collinea i y issues
h ough he VIF es ha may occu when any o he an eceden a iables o he
endogenous cons uc shows a alue su passing he 3,3 h esholds. Table 6 shows
ha he highes VIF a ains 1.064 (1.068 a Model 2), confi ming he absence o any
collinea i y issues.
The nex s ep was accomplished by measu ing he explained a iance (R
2
)(Falk
and Mille , 1992) o he endogenous cons uc PBP, he hypo hesised di ec e ec s and
he syne gis ic e ec in he model. As can be no iced (see Table 6 and Figu e 2), EO is
he main con ibu o o PBP a iance (Model 1–19.3%; Model 2–19.8%). Hypo heses
we e measu ed by a one- ailed boo s ap o 10,000 subsamples, p o iding - alues and
confidence in e als o assess he ela ionships’s a is ical significance (Rold
an and
S
anchez-F anco, 2012). The wo hypo hesised di ec ela ionships (H1 and H2)we e
suppo ed in bo h models. The exogenous a iables (EO and CO) ha e mode a e and
small e ec s on PBP in Model 1, as s a ed by he
2
alue ep esen ing he e ec size o
la en a iables ac ing o e he dependen cons uc s (Cohen, 1992), as well in Model 2.
We also es ed Model 2 o he significance o H3 conce ning he in e ac ion e ec s o bo h
s a egy dimensions o e PBP. Following he cu en li e a u e ecommending he wo-s ep
app oach o he in e ac ion assessmen (Hai e al.,2022) conce ning i s significance, we
conduc ed a one- ailed boo s ap confi ming he alidi y and significance o said hypo hesis
a he 0.05 p
alue
le el. I s s eng h, e alua ed by Cohen’s es o he e ec size (Cohen, 1988),
shows a alue o 0.063 which is conside ed small (0.02#
2
<0.15).
The explana o y powe o ou model was equally assessed by one examining he le el o
he coe ficien o de e mina ion (R
2
Model 1: 0.299; Model 2: 0.341), esul ing ha wi h
in e ac ion e ec s, R
2
inc eases by abou 14% becoming a piece o wo hy in o ma ion o
he suppo ing a gumen s o he SHO heo y up he e exhibi ed. Fu he mo e, we es ed he
model using PLS
p edic
o assess he model’s p edic i e pe o mance. Li e a u e (Shmueli and
Koppius, 2011) poin s ou ha a model needs o be es ed ou -o -sample o de ec p edic i e
powe . Fo he assessmen , all p ocedu es used in p io esea ch (Rold
an e al., 2018)we e
ollowed by applying he said algo i hm (Shmueli e al.,2019). As shown in Table 7 below,
he h ee s eps we e ulfilled, esul ing in bo h models’high p edic i e powe confi med by
PBP dimensions GRW and PRF.
6. Discussion
This s udy analyses how SHO impac he fi ms’PBP. The STROBE model’s ull dimensions
allowed us o define he EO and CO, wo highe -o de cons uc s essen ial o SHO’s buil -
up. Unsa is ac o y esul s om se e al s udies a e Venka aman led esea che s o
discha ge some o he dimensions (Basu and Gup a, 2013;Mo gan and S ong, 2003) o he
STROBE model i sel , while o he s applied a ew dimensions as a measu ing ins umen o
en ep eneu ship (Gup a and Wales, 2017;Wales, Gup a, e al., 2011) al e na i e o Co in/
Sla in o Lumpkin/Dess app oaches. Howe e , beyond some wo ks on ambidex e i y (He
and Wong, 2004;Hende son and Cla k, 1990), s udies ha e ye o be disco e ed using
STROBE dimensions’whole se configu ing an SHO app oach by wo highe -o de
opposing o ien a ions.
EBR
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66
Model 1 Di ec e ec p- alue - alue BCCI Suppo VIF Explained a iance %
2
PBP (R
2
¼0.299/Q
2p edic
¼0.163)
5% 95%
H1 (þ): EO 0.456 0.000 5.829 [0.329 ; 0.585] Yes 1.064 19.3 0.279 medium
H2 (): CO 0.316 0.000 3.365 [0.462 ; 0.160] Yes 1.021 9.9 0.140 small
Con ol a iables: 2.5% 97.5%
SIZE 0.037 0.667 0.431 [0.220 ; 0.116]
AGE 0.085 0.447 0.760 [0.147 ; 0.292]
TEC.INT 0.216 0.267 1.110 [0.620 ; 0.138]
Model 2 (wi h syne gis ic e ec s)
PBP (R
2
¼0.341/Q
2p edic
¼0.185)
5% 95%
H1 (þ): EO 0.469 0.000 5.848 [0.341 ; 0.605] Yes 1.068 19.8 0.313 medium
H2 (): CO 0.289 0.001 3.145 [0.434 ; 0.139] Yes 1.040 9.0 0.122 small
H3 (þ): CO EO 0.216 0.015 2.183 [0.016 ; 0.342] Yes 1.060 4.7 0.063 small
Con ol a iables: 2.5% 97.5%
SIZE 0.042 0.628 0.484 [0.223 ; 0.116]
AGE 0.046 0.686 0.404 [0.179 ; 0.269]
TEC.INT 0.217 0.255 1.137 [0.625 ; 0.119]
No es: EO ¼en ep eneu ial o ien a ion; CO ¼conse a i e o ien a ion, TEC.INT ¼ echnological in ensi y. BCCI bias-co ec ed confidence in e al
Boo s apping, based on n¼10,000 subsamples. Hypo hesised e ec s we e assessed by applying a one- ailed es o a s uden dis ibu ion (CI 90%). E ec s
om he con ol a iables we e e alua ed by applying a wo- ailed es (CI 95%)
Sou ce: Table by au ho s
Table 6.
S uc u al models
assessmen
Pe cei ed
business
pe o mance
67
A he ime, he STROBE model seemed o sugges o mos esea che s/p ac i ione s he
exis ence o a whole se o dimensions ha , o some deg ee and pu oge he , would boos
pe o mance. I made sense in he las cen u y, he 90s, when la ge fi mswe e he
p o agonis s o economic ele ance by joining p ocesses’e ficiency h ough scale
economics and ma ke e ec i eness h ough di e en ia ion’s uniqueness. The u n-down
Figu e 2.
S uc u al model 2
0,469***
[0,341 : 0,605]
2= 0,313
ENTREPRENEURIAL
ORIENTATION
EO
CONSERVATIVE
ORIENTATION
CO
PERCEIVED BUSINESS
PERFORMANCE
PBP
R2= 0,341
SYNERGISTIC
EFFECTS
CO x EO
SIZE
AGE
TEC.INT
-0,289**
[-0,434 : -0,139]
2= 0,122
0,216*
[0,016 : 0,342]
2= 0,063
– 0,042ns
0,046ns
– 0,217ns
No es: *p < 0,05; **p < 0,01; ***p < 0,001; ns = non-signi ican , based on (9999), one- ailed
es . A wo- ailed es assessed he con ol a iables’ signi icance
Sou ces: Figu e by au ho s.
Table 7.
Models’ou -o -
sample p edic i e
powe
PLS-P edic
ou -o -sample Q
2
p edic Skewness
PLS-SEM_
RMSE
LM_
RMSE E o di .
Model 1
GRW 0.166 0.395 0.934 0.970 0.036
PRF 0.101 0.380 0.960 1.018 0.058
1s . S ep: Q
2
all posi i e
2nd. S ep: jskewnessj<
1!RMSE o he wise
MAE
3 d. S ep: PLS-SEM <LM
o bo h indica o s
Model 2
GRW 0.186 0.551 0.922 0.970 0.048
PRF 0.113 0.436 0.954 1.018 0.064
1s . S ep: Q
2
all posi i e
2nd. S ep: jskewnessj<
1!RMSE o he wise
MAE
3 d. S ep: PLS-SEM <LM
o bo h indica o s
No es: GRW ¼economic g ow h; PRF ¼financial pe o mance
Sou ce: Table by au ho s
EBR
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68
o he 21s cen u y dic a ed success’s c i ical ac o s o en ep eneu ship, inno a ion,
p ocesses’flexibili y and ma ke eadiness, legi ima ing SMEs as new leading
p o agonis s. By such a co ne s one, we un olded a s a egic model’s a gumen s o
explain why SMEs ope a ing in dis up i e, as -changing en i onmen s pe o m
success ully by combining en ep eneu ial beha iou , adap i e flexibili y, p ocesses’
esponse eadiness and p o ec i e conduc agains highe - isk unce ain y inno a ion.
To ha , we ein e p e ed isk and agg essi eness, finding a guing o an explanandum
abou how he de ensi e beha iou o he CO sums up.
To ca ch SHO’s essence a SMEs, we de eloped EO and CO cons uc s ep esen ing bo h
he en ep eneu ial and opposi e app oaches. Ou esul s show he ex eme significance o
he impac o exogenous highe -o de cons uc s, EO and CO, on PBP, wi h opposi e e ec s,
suppo ing hypo heses H1 and H2. Howe e , ha ing appa en con adic ing s a egic
e ec s on pe o mance does no quali y a fi m as a hyb id s a egy pe o me ; he sum-up o
bo h s a egies’ esul s mus gene a e benefi s inc ease. To his ex en , he measu emen o
SHO’s e ec i eness should necessa ily comp ise bo h s a egic cons uc s’in e ac ion, CO 
EO, ac ing on PBP. In he a e ma h, he inhe en H3 hypo hesis was alida ed, meaning
he e occu s fi enough be ween CO and EO o aise pe o mance, as demons a ed by he
inc ease o PBP’s p edic i e powe .
6.1 Theo e ical implica ions
This s udy o e s essen ial con ibu ions o a managemen heo y applied o SMEs. A
comp ehensi e assessmen o heo e ical easons and empi ical e idence iden ifies fi e key
heo e ical de elopmen s.
Fi s ly, we assessed and alida ed all SO s ands by ein e p e ing he “agg essi eness”
and “ iskiness”dimensions (Gup a and Basu, 2014;Venka aman, 1989a). Fu he , a
heo e ical comp ehensi e easoning in suppo ing a new STROBE configu a ion ha
cap u es he EO and CO composing is o e ed, hose being he wo c i ical SOs wi h which
mos p oac i e SMEs deal.
Secondly, he new configu a ional app oach (Deu sche e al.,2016) o he STROBE
model and he heo e ical easoning buil up om he con ingency heo y allow he
un eiling o SMEs’SHO h ough syne gis ic in e ac ion o fi by mode a ion (Donaldson
and Jo e, 2014). We success ully es ed he SHOs’exis ence (Cla e -Co 
es e al., 2012;Hill,
1988;Lukas e al., 2001;Spanos e al.,2004), which come om indi idual e ec s o bo h
dimensions on PBP added o hei syne gis ic in e ac ion.
A hi d con ibu ion o mo e confi ma o y use ulness acc ues om wha EO’s in ensi y
allows conce ning he inno a i e p ocesses/p oduc s. Resul s e idence ha a high- ech
in ensi y sec o s, EO om SMEs ope a ing shows being he leading dimension a he co e o
s a egic beha iou , which, acco ding o en ep eneu ship li e a u e, emains ocused on he
ma ke s su ounding, i.e. con ingen ly de e mined (Gup a e al.,2013). I s p oac i eness
a ou s inno a ion and expe imen alism, significan ly impac ing pe o mance despi e a
isk-o ien ed escala ion. Tha means he highe he EO, he highe he isk- aking; such a
conclusion aligns wi h mos o he esea ch on EO (Cacciola i and Lee, 2016;Mo gan and
S ong, 2003;Sa ooghi e al.,2015;Zhou and Li, 2010).
Ou ou h con ibu ion eme ges om he finding, no epo ed ill now, o he
coexis ence o ano he s a egic dimension CO, composed o agg essi eness and isk
con ainmen o ien a ion, emaining essen ially ocused on ma ke -adap i e compe i i eness
h ough be e balancing he p ocesses’flexibili y and he ma ke - eadiness. The
co ne s one is no allowing ine ficiencies o scale up wildly, comp omising cos gains
ga he ed in c i ical asks. A he same ime, one expec s economic g ow h enough om
Pe cei ed
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69

inno a i eness o mo e han pay o he con ingen inc ease in p ocesses’cos s. The ha m ul
una oidabili y o CO was ully suppo ed by H2 alida ion. Ou heo e ical build-up o
suppo ing his dimension’s exis ence is based on pas wo k (Hel a e al.,2007;Lukas e al.,
2001;Ma in and Ja algi, 2016), and empi ical esul s also go wi h p e ious esea ch (Lei ne
and Güldenbe g, 2009;Pa nell e al., 2004;Wu e al.,2007). On he o he hand, he collec ed
in e ac ion esul s discussed below help explain how SMEs may success ully u n he CO
dimension’s ad e se e ec s in o posi i e ones.
Ou las con ibu ion s ems om he in e ac ion s udy, in which CO EO collusion
e ec s o e he PBP a e significan . The li e a u e on s a egy has named hyb id s a egies,
o SHO, o he agg ega e impac s o bo h con adic i e s a egic dimensions (Acquaah and
Yasai-A dekani, 2008;Cla e -Co 
es e al.,2012;Spanos e al., 2004), o which we add now
hei syne gis ic in e ac ion which con o ms a aluable con ibu ion o he s a egy
li e a u e. SHO’s oo s belong o he app oach o fi ms’compe i ion om he hyb id s a egy
pa adigm (Hakala, 2011;Pe usa-O ega e al., 2009;Sume and Bay ak a , 2012). Acco ding
o he ex an esea ch, hyb id s a egies may de elop in dynamic en i onmen s whe e
ex e nal p essu es and compe i ion o ce o ganisa ions o abandon he dominance o
mechanis ic o ms o become flexible h ough mo e o ganic s uc u es (Schilling and
S eensma, 2001;Uo ila, 2017). When conside ing he syne gis ic e ec s on PBP, he findings
e eal inc eased in-sample p edic i eness powe (R
2
) and ou -sample p edic i eness powe
(PLS
P edic
). Tha means ha by p e ailing EO as he p ima y o ien a ion and despi e he
nega i e CO’s e ec , he impac o EO wi h he CO mode a ion join ly yields an inc ease in
pe o mance a g ow h and p ofi abili y le els, besides confi ming he us ulness o he
model o applying o o he da a (companies/sec o s). To conclude, one ound enough
e idence o he exis ence o SHO in en ep eneu ial SMEs, and we disclosed he ele an
impac o he EO CO syne gis ic combined e ec .
6.2 Implica ions o p ac i ione s
A se o ecommenda ions is disclosed. We add ess SME manage s needing o e-o ien
fi ms o new di ec ions, u ning hem in o mo e p oac i e, inno a i e and pe o man ones
h ough he ise o alue gene a ion, which p o ides g ow h, and by inc easing added- alue
e aining, which amplifies p ofi abili y.
Fi s ly, inno a ion gene ally pays o a he p ocess le el and h ough new p oduc
gene a ion. EO is he bes s a egy o espond con incingly o as -changing/ ola ile
ma ke s. I mus cons i u e he dominan endea ou o an SME o succeed and p og ess.
Secondly, when he ma ke en i onmen is consis en ly mo e as -changing, dis up i e
and ola ile, i will equi e imp o ed capaci ies o s eamline flexibili y gains wi h he
esponse eadiness a co e-c i ical ope a ions ha gene a e mos o he alue-added.
Imp o ing he p ocesses’agili y will con ey esponse eadiness and highe ap i ude o
ma ke s’ equi emen s, whe he B2B o B2C. Tha may mo e han compensa e e ficiency
losses om he absence o economic scale.
Finally, imp o emen s in in e nal p ocesses aiming o agili y gains mus be conside ed
only in a way ha suppo s he fi m’s main endea ou - he EO. This ai mus be ca e ully
conside ed conce ning i s syne gy wi h EO, which may capi alise o hampe pe o mance.
Suppose he managemen iew p ima ily elies on a disc e iona y sho - e m conse a i e
beha iou by p io i ising ope a i e cos s con en ion upon flexibili y and ma ke - eadiness
equi emen s. In ha case, CO may become a se e e con ingency o EO due o he binding o
in es men s o a spend con ainmen c i e ia, which de-co ela es i om EO. Tha way, ROI
may be se e ely hampe ed by one no eaching a co e ed ebalance on he e ec i eness o
he new p ocesses because he gains a he ma ke ’s ope a ions le el only pa ially
EBR
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compensa e o he ise o he cos s o he new ope a i e p ocesses. On he o he hand, a CO
p ima ily headed on g an ing all en ep eneu ial equi emen s may equally hampe
pe o mance. Tha is because o he pe manen c ea i e eupho ia ha en ep eneu ship may
cause by gene a ing in e nal p ocesses’sunk cos s due o he ne e -ending exploi a ion o
p oduc s/p ocesses’be e men . Wha will become a genuinely well-balanced ela ionship
be ween EO and CO, enabling hem o capi alise on pe o mance by upli ing i , is he EO
p imacy as he fi m’s p ima y cha ac e ising. Tha will de e mine he need o flexibili y
imp o emen s and p ocesses’agili y gains ha CO mus g an . One adds ha he CO’s isk
con ainmen s and mus ollow up ho oughly on cos escala ion in ha p ope p e-
planning abou expendi u e limi s mus exis o se up he EO’s bo de .
6.3 Implica ions o socie y
Finally, we also add ess socie y. F om a sociological pe spec i e, i is undeniable ha
schola s belonging o such a hinking s and inc easingly apply he e m pos -indus ialism,
ela ed o a concep which defines he cu en shi s socie ies a e expe iencing in he e-
configu a ion o capi alism and class (S e ens, 2019). O he app oaches (Mu phy, 2017)o a
mo e egional na u e, i.e. Ame ican, ad oke he exis ence o wha hey call “au o-
indus ialism”as he defining e m o socie ies’p esen way o li ing as esul ing om he
DIY-capi alism (i.e. do-i -you sel capi alism). Defini ions apa , wha may cha ac e ise he
concep is he consciousness o a eali y, ne e expe ienced, o a g owingly complex wo ld,
whe e he g owing esou ce sca ci y due o i s fini ude con as s wi h he human soa ing
abili y o mo e complex p oblem-sol ing each ime in wha allows an inc ease o esou ce-
using e ficiency (Tain e , 1988). All his leads us o he Je ons pa adox (i.e. he g ow h o
esou ce sca ci y despi e i s mo e e ficien use). In sum, conce ning fi ms and socie y,
asymme ies among coun ies’ egions and be ween people ep esen ing capi al and labou
keep g owing (Ghe hes, 2018), d i ing he inc ease o wo k p eca i y (S e ens, 2019) and
po e y (Boulding, 1980).
The e o e, o a emp o in e such a dismal and dys opic u u e p ognosis om
sociological schola s, he managemen sciences ha e significan challenges in p o iding
eliable solu ions o suppo fi ms’ esilience and wel a e. This s udy humbly endea ou s o
con ibu e o he finali y o SMEs’mo e s eady and p ospe ous exis ence conce ning he
consciousness o he need o imp o e labou s abili y and wage ai ness, condi ions such as
equi ing a con inuous commi men . The co ne s one o ou a ionale he e es s on he
owne s’/manage s’liabili ies o socie y in measu ing wha each wo k placemen will
ep esen , he oppo uni y o wel a e-li e imp o emen o in ol ed people. Be e fi ms ha
h i e h ough manage s’s eady ac ions may mo e ai ly edis ibu e en s and concede
labou s abili y, allowing be e li ing condi ions o wo ke s and amilies unde hei
esponsibili y. We hope o ha and encou age us o sha e his s udy.
6.4 Limi a ions and u u e esea ch
We men ion some limi a ions o conside when ex apola ing conclusions. One s ems om
he s udy’s c oss-sec ional na u e, equi ing a longi udinal app oach. Ano he one esides
in he absence o u he examina ions conce ning mul ig oup analysis. Ano he es ain is
he limi edness o da a, ocused on fi ms wi h med/high- ech in ensi y. Though
ad an ageous in he ea ly s ages o heo y de elopmen , esul s canno be eely
ex apola ed o gene alised o o he indus ial sec o s. Finally, we ecommend cau ion a he
ime o ex apola e conclusions o o he coun ies due o he economic specifici ies o he
coun y (Po ugal) om whe e da a was collec ed.
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71
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Co esponding au ho
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