Research on effectuation is moving from an early to a more mature phase. Thus, it is important to better understand the appropriate dependent variables for effectuation research. Although researchers are currently developing unique dependent variables in their empirical work, there has not yet been a discussion – let alone a consensus - of the appropriate variables. Rather, research appears to be following a somewhat arbitrary path, which makes building a cumulative body of knowledge difficult. We theoretically discuss and empirically measure the effects of effectuation and causation on firm-level performance in both the short- and long-run. Implications for future research are discussed.