This study adopts a signaling theory perspective to test the relationship between entrepreneurial orientation (EO) and market performance, and to further test theoretically meaningful boundary conditions of that relationship. We estimate our research model using an objective measure of EO among publicly traded companies from 2001-2010. Our results suggest that EO and market performance are non-monotonically related (U-shaped), and that environmental dynamism, and environmental hostility, individually and jointly influence the EO-market performance relationship.
Anderson, Brian S. PhD and McMullen, Jeffery S.
"DOES THE MARKET REWARD ENTREPRENEURIAL STRATEGIES?,"
Frontiers of Entrepreneurship Research: Vol. 32
, Article 2.
Available at: http://digitalknowledge.babson.edu/fer/vol32/iss17/2