Purpose : The current research examined the combined effect of entrepreneurial orientation (EO) on enterprise performance (EP) and sought to present a comprehensive perspective of how EO influenced EP.

Methodology : Drawing on 42 studies with a total sample size of 9,523, this research assessed heterogeneity, detected publication bias using the “Trim & Fill method,” and calculated the overall effect size between EO and EP.

Findings : The analysis revealed a positive correlation between EO and EP, with an aggregated effect size of 0.63 (95% confidence interval: 0.61–0.65) and a PI of (–0.20 to 1.46). However, heterogeneity was extremely high at I² = 97.37%, indicating considerable variability among studies. Egger’s regression and the Begg & Mazumdar test were conducted to evaluate whether publication bias contributed to this heterogeneity. Both tests revealed no substantial evidence of publication bias, confirming the reliability of the findings despite the observed heterogeneity.

Practical Implications : Enterprises with higher EO, characterized by a penchant for innovation, initiative, and risk-taking, are generally more likely to perform better. A sensible approach may involve adapting EO attributes to the specific market environment and organizational resources. Additionally, businesses must balance the dimensions of EO to ensure that plans are tailored to the firm’s unique competitive landscape, thus avoiding excessive risk and resource allocation.

Originality/Value : The study offered a valuable benchmark for future research, enabling its use as a mean effect size when testing the null hypothesis. In the future, the sectoral dynamics of EO and EP should be explored, recognizing that core principles and effectiveness varied significantly across industries.

1. Aisyah, S., Musa, C. I., & Ramli, A. (2017). Effect of characteristics and entrepreneurial orientation towards entrepreneurship competence and crafts and arts SMEs business performance in Makassar. International Review of Management and Marketing, 7(2), 166–173. https://www.econjournals.com/index.php/irmm/article/view/4019
2. Al-Dhaafri, H. S., & Al-Swidi, A. (2016). The impact of total quality management and entrepreneurial orientation on organizational performance. International Journal of Quality & Reliability Management, 33(5). https://doi.org/10.1108/ijqrm-03-2014-0034
3. Ali, G. A., Hilman, H., & Gorondutse, A. H. (2020). Effect of entrepreneurial orientation, market orientation and total quality management on performance: Evidence from Saudi SMEs. Benchmarking: An International Journal, 27(4), 1503–1531. https://doi.org/10.1108/bij-08-2019-0391
4. Al-Swidi, A. K., & Al-Hosam, A. (2012). The effect of entrepreneurial orientation on the organizational performance: A study on the Islamic banks in Yemen using the partial least squares approach. Arabian Journal of Business and Management Review, 2(1), 73–84. https://doi.org/10.12816/0002244
5. Anwar, M., Clauss, T., & Issah, W. B. (2022). Entrepreneurial orientation and new venture performance in emerging markets: The mediating role of opportunity recognition. Review of Managerial Science, 16(3), 769–796. https://doi.org/10.1007/s11846-021-00457-w
6. Arabeche, Z., Soudani, A., Brahmi, M., Aldieri, L., Vinci, C. P., & Abdelli, M. E. (2022). Entrepreneurial orientation, organizational culture and business performance in SMEs: Evidence from emerging economy. Sustainability, 14(9), 5160. https://doi.org/10.3390/su14095160
7. Arellano, M. (2022). Effect of entrepreneurial orientation on enterprise performance: Basis for microenterprise community mobile app development. International Journal of Research Publications, 104(1), 1186–1204. https://doi.org/10.47119/ijrp1001041720223567
8. Arshad, A. S., Rasli, A., Arshad, A. A., & Zain, Z. M. (2014). The impact of entrepreneurial orientation on business performance: A study of technology-based SMEs in Malaysia. Procedia - Social and Behavioral Sciences, 130, 46–53. https://doi.org/10.1016/j.sbspro.2014.04.006
9. Avlonitis, G. J., & Salavou, H. E. (2007). Entrepreneurial orientation of SMEs, product innovativeness, and performance. Journal of Business Research, 60(5), 566–575. https://doi.org/10.1016/j.jbusres.2007.01.001
10. Baker, W. E., & Sinkula, J. M. (2009). The complementary effects of market orientation and entrepreneurial orientation on profitability in small businesses. Journal of Small Business Management, 47(4), 443–464. https://doi.org/10.1111/j.1540-627X.2009.00278.x
11. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
12. Bedi, H. S. (2018). A contingency approach to proactiveness - Business performance relationship. Indian Journal of Marketing, 48(12), 34–49. https://doi.org/10.17010/ijom/2018/v48/i12/139555
13. Bermudez-Hernandez, J., Valencia-Arias, A., & Montano-Arias, W. M. (2021). Conceptual model for innovation in the approach of market - oriented strategies. Indian Journal of Marketing, 51(12), 8–25. https://doi.org/10.17010/ijom/2021/v51/i12/167217
14. Cheng, P., Wu, S., & Xiao, J. (2025). Exploring the impact of entrepreneurial orientation and market orientation on entrepreneurial performance in the context of environmental uncertainty. Scientific Reports, 15, Article no. 1913. https://doi.org/10.1038/s41598-025-86344-w
15. Cho, Y. H., & Lee, J.-H. (2018). Entrepreneurial orientation, entrepreneurial education and performance. Asia Pacific Journal of Innovation and Entrepreneurship, 12(2), 124–134. https://doi.org/10.1108/apjie-05-2018-0028
16. Cho, Y. H., & Lee, J.-H. (2020). A study on the effects of entrepreneurial orientation and learning orientation on financial performance: Focusing on mediating effects of market orientation. Sustainability, 12(11), 4594. https://doi.org/10.3390/su12114594
17. Covin, J. G., & Slevin, D. P. (1991). A conceptual model of entrepreneurship as firm behavior. Entrepreneurship Theory and Practice, 16(1), 7–26. https://doi.org/10.1177/104225879101600102
18. Criado-Gomis, A., Iniesta-Bonillo, M. A., & Cervera-Taulet, A. (2018). Sustainable entrepreneurial orientation within an intrapreneurial context: Effects on business performance. International Entrepreneurship and Management Journal, 14(2), 295–308. https://doi.org/10.1007/s11365-018-0503-x
19. Cuevas-Vargas, H., Parga-Montoya, N., & Fernandez-Escobedo, R. (2019). Effects of entrepreneurial orientation on business performance: The mediating role of customer satisfaction-A formative-reflective model analysis. SAGE Open, 9(2). https://doi.org/10.1177/2158244019859088
20. Donbesuur, F., Boso, N., & Hultman, M. (2020). The effect of entrepreneurial orientation on new venture performance: Contingency roles of entrepreneurial actions. Journal of Business Research, 118, 150–161. https://doi.org/10.1016/j.jbusres.2020.06.042
21. Fan, M., Qalati, S. A., Khan, M. A., Shah, S. M., Ramzan, M., & Khan, R. S. (2021). Effects of entrepreneurial orientation on social media adoption and SME performance: The moderating role of innovation capabilities. PLoS ONE, 16(4), Article ID e0247320. https://doi.org/10.1371/journal.pone.0247320
22. Fang, G. G., Qalati, S. A., Ostic, D., Shah, S. M., & Mirani, M. A. (2022). Effects of entrepreneurial orientation, social media, and innovation capabilities on SME performance in emerging countries: A mediated-moderated model. Technology Analysis & Strategic Management, 34(11), 1326–1338. https://doi.org/10.1080/09537325.2021.1957816
23. Farooq, R. (2014). A clever approach to measure organizational performance: An overview. Prabandhan: Indian Journal of Management, 7(5), 34–46. https://doi.org/10.17010/pijom/2014/v7i5/59321
24. Frank, H., Kessler, A., & Fink, M. (2010). Entrepreneurial orientation and business performance - A replication study. Schmalenbach Business Review, 62(2), 175–198. https://doi.org/10.1007/bf03396804
25. Hair Jr., J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2010). Multivariate data analysis (7th ed.). Pearson Prentice Hall.
26. Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. The Academy of Management Review, 9(2), 193–206. https://doi.org/10.2307/258434
27. Hughes, M., & Morgan, R. E. (2007). Deconstructing the relationship between entrepreneurial orientation and business performance at the embryonic stage of firm growth. Industrial Marketing Management, 36(5), 651–661. https://doi.org/10.1016/j.indmarman.2006.04.003
28. Jalali, A., Jaafar, M., & Ramayah, T. (2014). Entrepreneurial orientation and performance: The interaction effect of customer capital. World Journal of Entrepreneurship Management and Sustainable Development, 10(1), 48–68. https://doi.org/10.1108/wjemsd-05-2013-0030
29. Jebna, A. K., & Baharudin, A. S. (2015). The impact of entrepreneurial orientation on manufacturing SME performance with the contingent effect of e-commerce in Malaysia. Advances in Environmental Biology, 9(5), 24–27. https://www.aensiweb.net/AENSIWEB/aeb/aeb/2015/April/24-27.pdf
30. Kajalo, S., & Lindblom, A. (2015). Market orientation, entrepreneurial orientation and business performance among small retailers. International Journal of Retail & Distribution Management, 43(7), 580–596. https://doi.org/10.1108/ijrdm-04-2014-0044
31. Keh, H. T., Nguyen, T. T., & Ng, H. P. (2007). The effects of entrepreneurial orientation and marketing information on the performance of SMEs. Journal of Business Venturing, 22(4), 592–611. https://doi.org/10.1016/j.jbusvent.2006.05.003
32. Khan, M. A., Zubair, S. S., Rathore, K., Ijaz, M., Khalil, S., & Khalil, M. (2021). Impact of entrepreneurial orientation dimensions on performance of small enterprises: Do entrepreneurial competencies matter? Cogent Business & Management, 8(1), Article ID 1943241. https://doi.org/10.1080/23311975.2021.1943241
33. Khedhaouria, A., Gurau, C., & Torres, O. (2015). Creativity, self-efficacy, and small-firm performance: The mediating role of entrepreneurial orientation. Small Business Economics, 44, 485–504. https://doi.org/10.1007/s11187-014-9608-y
34. Kraus, S., Rigtering, J. P., Hughes, M., & Hosman, V. (2012). Entrepreneurial orientation and the business performance of SMEs: A quantitative study from the Netherlands. Review of Managerial Science, 6(2), 161–182. https://doi.org/10.1007/s11846-011-0062-9
35. Kusa, R., Duda, J., & Suder, M. (2022). How to sustain company growth in times of crisis: The mitigating role of entrepreneurial management. Journal of Business Research, 142, 377–389. https://doi.org/10.1016/j.jbusres.2021.12.081
36. Lee, W. L., Chong, A. L., & Ramayah, T. (2019). The effects of entrepreneurial orientation on the performance of the Malaysian manufacturing sector. Asia-Pacific Journal of Business Administration, 11(1), 30–45. https://doi.org/10.1108/apjba-06-2018-0099
37. Li, Y.-H., Huang, J.-W., & Tsai, M.-T. (2009). Entrepreneurial orientation and firm performance: The role of knowledge creation process. Industrial Marketing Management, 38(4), 440–449. https://doi.org/10.1016/j.indmarman.2008.02.004
38. Lumpkin, G. T., & Dess, G. G. (1996). Clarifying the entrepreneurial orientation construct and linking it to performance. Academy of Management Review, 21(1), 135–172. https://doi.org/10.2307/258632
39. Lumsdaine, E., & Binks, M. (2007). Entrepreneurship, from creativity to innovation: Effective thinking skills for a changing world. Trafford Publishing. https://www.trafford.com/en/bookstore/bookdetails/164442-Entrepreneurship-from-Creativity-to-Innovation
40. McGee, J. E., & Peterson, M. (2019). The long-term impact of entrepreneurial self-efficacy and entrepreneurial orientation on venture performance. Journal of Small Business Management, 57(3), 720–737. https://doi.org/10.1111/jsbm.12324
41. Miller, D. (1983). The correlates of entrepreneurship in three types of firms. Management Science, 29(7), 770–791. https://doi.org/10.1287/mnsc.29.7.770
42. Morris, M. H., & Paul, G. W. (1987). The relationship between entrepreneurship and marketing in established firms. Journal of Business Venturing, 2(3), 247–259. https://doi.org/10.1016/0883-9026(87)90012-7
43. Mudjijah, S., Surachman, S., Wijayanti, R., & Andarwati, A. (2022). The effect of entrepreneurial orientation and talent management on business performance of the creative industries in Indonesia. The Journal of Asian Finance, Economics and Business, 9(1), 105–119. https://doi.org/10.13106/JAFEB.2022.VOL9.NO1.0105
44. Musthofa, Wahyudi, S., Farida, F., & Ngatno. (2017). Effect of entrepreneurial orientation on business performance. International Journal of Civil Engineering and Technology, 8(9), 82–90. https://iaeme.com/Home/article_id/IJCIET_08_09_011
45. Peterson, R. A., & Brown, S. P. (2005). On the use of beta coefficients in meta-analysis. Journal of Applied Psychology, 90(1), 175–181. https://doi.org/10.1037/0021-9010.90.1.175
46. Rachmawati, E., Suliyanto, N., & Suroso, A. (2022). Direct and indirect effect of entrepreneurial orientation, family involvement and gender on family business performance. Journal of Family Business Management, 12(2), 214–236. https://doi.org/10.1108/jfbm-07-2020-0064
47. Rahaman, M. A., Luna, K. F., Mite, S., Islam, M., & Wafik, H. M. (2021). The effect of entrepreneurial orientation, market orientation and gender on business performance: An empirical study of SMEs in Bangladesh. The Journal of Asian Finance, Economics and Business, 8(6), 741–746. https://doi.org/10.13106/JAFEB.2021.VOL8.NO6.0741
48. Rajan, C. R., & Xavier, M. J. (2015). Marketing innovation in partnership with self help groups: A case study of a farm inputs manufacturer. Indian Journal of Marketing, 45(8), 7–17. https://doi.org/10.17010/ijom/2015/v45/i8/79914
49. Rauch, A., Wiklund, J., Lumpkin, G., & Frese, M. (2009). Entrepreneurial orientation and business performance: An assessment of past research and suggestions for the future. Entrepreneurship Theory and Practice, 33(3), 761–787. https://doi.org/10.1111/j.1540-6520.2009.00308.x
50. Real, J. C., Roldan, J. L., & Leal, A. (2014). From entrepreneurial orientation and learning orientation to Business Performance: Analysing the mediating role of organizational learning and the moderating effects of organizational size. British Journal of Management, 25(2), 186–208. https://doi.org/10.1111/j.1467-8551.2012.00848.x
51. Ringo, D. S., Tegambwage, A., & Kazungu, I. (2022). The effect of entrepreneurial orientation on export performance: Evidence from manufacturing SMEs in Tanzania. Cogent Business & Management, 9(1), Article ID 2157769. https://doi.org/10.1080/23311975.2022.2157769
52. Roux, I. L., & Bengesi, K. M. (2014). Dimensions of entrepreneurial orientation and small and medium enterprise performance in emerging economies. Development Southern Africa, 31(4), 606–624. https://doi.org/10.1080/0376835x.2014.913474
53. Sahoo, S., & Yadav, S. (2017). Entrepreneurial orientation of SMEs, total quality management and firm performance. Journal of Manufacturing Technology Management, 28(7), 892–912. https://doi.org/10.1108/jmtm-04-2017-0064
54. Sajjad, A., Ibrahim, Y., Shamsuddin, J., & Sharif, S. (2023). Impact of entrepreneurial orientation on SME performance: The moderating role of environmental turbulence. Prabandhan: Indian Journal of Management, 16(5), 18–36. https://doi.org/10.17010/pijom/2023/v16i5/172823
55. Sardana, V., Mohapatra, A. K., Singhania, S., & Chakrabarti, D. (2024). Changing dynamics of banking landscape: What do we know and what lies ahead? Prabandhan: Indian Journal of Management, 17(1), 8–23. https://doi.org/10.17010/pijom/2024/v17i1/173288
56. Sehgal, A., Saxena, N., & Pradhan, S. (2022). Technical resilience in entrepreneurs for product innovations: An exploratory study. Prabandhan: Indian Journal of Management, 15(10), 28–46. https://doi.org/10.17010/pijom/2022/v15i10/172407
57. Setiani, Sudarmiatin, & Bidin, R. (2024). The impact of entrepreneurial orientation on performance through competence in Rattan handicraft SMEs. Asian Journal of Economics Business and Accounting, 24(6), 164–171. https://doi.org/10.9734/ajeba/2024/v24i61350
58. Sharma, S., & Goyal, D. P. (2020). Entrepreneurial marketing strategies for small businesses : An exploratory study of start-up companies in India. Indian Journal of Marketing, 50(8–9), 48–65. https://doi.org/10.17010/ijom/2020/v50/i8-9/154691
59. Simon, M., Stachel, C., & Covin, J. G. (2011). The effects of entrepreneurial orientation and commitment to objectives on performance. New England Journal of Entrepreneurship, 14(2), 9–17. https://doi.org/10.1108/neje-14-02-2011-b001
60. Singh, H., Saufi, R. A., & Hassan, A. A. (2017). Export market orientation strategy, external environment, and export performance of SMEs in Malaysia. Prabandhan: Indian Journal of Management, 10(12), 32–49. https://doi.org/10.17010/pijom/2017/v10i12/119979
61. Sridhar, G., & Murthy, G. N. (2017). Influence of perceived risk and value consciousness on attitude towards music piracy. Indian Journal of Marketing, 47(10), 19–25. https://doi.org/10.17010/ijom/2017/v47/i10/118694
62. Suder, P. M., & Molstad, A. J. (2022). Scalable algorithms for semiparametric accelerated failure time models in high dimensions. Statistics in Medicine, 41(6), 933–949. https://doi.org/10.1002/sim.9264
63. Suurmond, R., van Rhee, H., & Hak, T. (2017). Introduction, comparison, and validation of meta-essentials: A free and simple tool for meta-analysis. Research Synthesis Methods, 8(4), 537–553. https://doi.org/10.1002/jrsm.1260
64. Tang, J., Tang, Z., Zhang, Y., & Li, Q. (2007). The impact of entrepreneurial orientation and ownership type on firm performance in the emerging region of China. Journal of Developmental Entrepreneurship, 12(04), 383–397. https://doi.org/10.1142/s1084946707000733
65. Wahyuni, N. M., & Sara, I. M. (2020). The effect of entrepreneurial orientation variables on business performance in the SME industry context. Journal of Workplace Learning, 32(1), 35–62. https://doi.org/10.1108/jwl-03-2019-0033
66. Wiklund, J., & Shepherd, D. A. (2005). Entrepreneurial orientation and small business performance: A configurational approach. Journal of Business Venturing, 20(1), 71–91. https://doi.org/10.1016/j.jbusvent.2004.01.001
67. Wiklund, J., & Shepherd, D. A. (2011). Where to from here: EO-as-experimentation, failure, and distribution of outcomes. Entrepreneurship Theory and Practice, 35, 925–946. https://doi.org/10.1111/j.1540-6520.2011.00454.x
68. Yaskun, M., Sudarmiatin, Hermawan, A., & Rahayu, W. P. (2023). The effect of market orientation, entrepreneurial orientation, innovation and competitive advantage on business performance of Indonesian MSMEs. International Journal of Professional Business Review, 8(4), Article ID E01563. https://doi.org/10.26668/businessreview/2023.v8i4.1563
69. Yi, H.-T., Amenuvor, F. E., & Boateng, H. (2021). The impact of entrepreneurial orientation on new product creativity, competitive advantage and new product performance in SMEs: The moderating role of corporate life cycle. Sustainability, 13(6), 3586. https://doi.org/10.3390/su13063586
70. Zhang, Z., & Xing, Y. (2023). Impact of entrepreneurial orientation and risk sharing on organizational performance influencing role of news media and public opinion. Frontiers in Psychology, 14. https://doi.org/10.3389/fpsyg.2023.1126743