This study investigates the longer term effects of corporate entrepreneurship (CE) on financial firm performance indicators as operating profitability, turnover growth and return on capital employed. CE is measured by the dimensions of entrepreneurial orientation (EO): innovativeness, pro-activeness and risk-taking. Main research questions are: (1) does entrepreneurial intensity in established firms lead to longer term financial performance improvement? And (2) does the effect on longer term firm performance differ in times of economic growth and downturn? Research on EO supports positive short-term performance effects, while arguments on longer-term effects are less developed. This study provides insight in the causality of the CE-performance relationship, the longer-term effects and the impact of the economic conditions on this relationship by using a longitudinal approach in a time frame that covers both economic growth and downturn.