Journals / Mehmet Akif Ersoy Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi / 2025 / Volume: 12 Issue: 4

Assessing the Impact of Environmental Conditions on Entrepreneurial Orientation at the SME Level

Onur Yağli(MUĞLA SITKI KOÇMAN ÜNİVERSİTESİ, SOSYAL BİLİMLER ENSTİTÜSÜ)0000-0003-3983-6166
Pages
—
Publication Date
2025-12-23
🏛️Bibliographic metadata and full text access for this article are provided via DergiPark.
DergiPark Record ↗
✨

AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

These findings suggest that, while dynamic and uncertain conditions shape entrepreneurial behaviors, the type of uncertainty, which is political, economic, technological, or market-related, plays a crucial role in determining whether firms adopt innovative or conservative approaches.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:This study examines the impact of environmental characteristics, such as dynamism, hostility, and uncertainty, on entrepreneurial orientation (EO), which consists of dimensions of innovation, proactivity, and risk-taking dimensions.
📊
Key Findings & Data:The study sample comprised 172 local SMEs from various sectors, and data analysis conducted through structural equation modelling.
💡
Conclusion & Impact:These findings suggest that, while dynamic and uncertain conditions shape entrepreneurial behaviors, the type of uncertainty, which is political, economic, technological, or market-related, plays a crucial role in determining whether firms adopt innovative or conservative approaches.
🔬Design:Modeling & Simulation
📍Scope:Comprehensive Sample
⚙️Variables:Entrepreneurship Orientation · Environmental Uncertainty · Environmental Dynamism

Abstract

This study examines the impact of environmental characteristics, such as dynamism, hostility, and uncertainty, on entrepreneurial orientation (EO), which consists of dimensions of innovation, proactivity, and risk-taking dimensions. The study sample comprised 172 local SMEs from various sectors, and data analysis conducted through structural equation modelling. The findings confirm that environmental dynamism (ED) improves risk-taking and innovation tendencies, aligning with previous research. Entrepreneurs in dynamic environments are more likely to take risks and pursue innovative opportunities. On the contrary, economic uncertainty encourages more conservative strategies instead of a high EO. However, technological and market uncertainties are found to stimulate innovation. The results reveal that uncertainty, whether in products, markets, and demand (PMD) or technology, drives firms to adapt their entrepreneurial strategies by improving their innovation orientation. The study also notes that the proactivity dimension of EO is negatively affected by economic uncertainty and environmental threats, contrary to some literature. Additionally, the results on the hostility-EO relationship indicate that risk-taking behavior increases in a hostile environment. These findings suggest that, while dynamic and uncertain conditions shape entrepreneurial behaviors, the type of uncertainty, which is political, economic, technological, or market-related, plays a crucial role in determining whether firms adopt innovative or conservative approaches.

🔖

Cite This Article

Yağli, O., Şekerli, E. B. (2025). Assessing the Impact of Environmental Conditions on Entrepreneurial Orientation at the SME Level. Mehmet Akif Ersoy Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, Volume: 12 Issue: 4. https://doi.org/10.30798/makuiibf.1591299

📄 Full Text PDF Viewer

📄

PDF görüntüleyici hazırlanıyor...

References (106)

  1. Adomako, S., Howard Q., S., & Narteh, B. (2016), Entrepreneurial orientation, passion for work, perceived environmental dynamism and firm performance in an emerging economy. Journal of Small Business and Enterprise Development, 23(3), 728-752. https://doi.org/10.1108/JSBED-08-2015-0115
  2. Aldrich, H. E., & Wiedenmayer, G. (1993). From traits to rates: An ecological perspective on organizational founding. In. Katz, J.A. & Corbet, A.C. (Eds.), Seminal ideas for the next twenty-five years of advances (pp.61-97). Emerald Publishing Limited. https://doi.org/10.1108/S1074-754020190000021010
  3. Alexandrova, M. (2004). Entrepreneurship in a transition economy: The impact of environment on entrepreneurial orientation. Problems and Perspectives in Management, 2(2), 140-148.
  4. Bagozzi, R. P., & Yi, Y. (1991). Multitrait-multimethod matrices in consumer research, Journal of Consumer Research, 17(4), 426–439. https://doi.org/10.1086/208568
  5. Bedi, H. S., & Puri, G. (2019). Environment uncertainty – business performance relationship: Mediating effect of entrepreneurial orientation. International Journal of Recent Technology and Engineering (IJRTE), 8(4), 3816–3820. https://doi.org/10.35940/ijrte.D8177.118419
  6. Bolli, T., Seliger, F., & Woerter, M. (2020). Technological diversity, uncertainty and innovation performance. Applied Economics, 52(17), 1831–1844. https://doi.org/10.1080/00036846.2019.1679345
  7. Bonis, J. (1972). Organization and environment. International Studies of Management & Organization, 2(3), 314-343.
  8. Carter, S., & Wilton, W. (2006). Don’t blame the entrepreneur, blame government: The centrality of the government in enterprise development; lessons from enterprise failure in Zimbabwe. Journal of Enterprising Culture, 14(1), 65–84. https://doi.org/10.1142/S0218495806000052
  9. Cohen, J. (1988). Statistical Power Analysis for the Behavioral Sciences (2nd ed.). Lawrence Erlbaum Associates, Publishers.
  10. Cortina, J. M. (1993). What is coefficient alpha? An examination of theory and applications. Journal of Applied Psychology, (78), 98-104. https://doi.org/10.1037/0021-9010.78.1.98
  11. Coulacoglou, C., & Saklofske, D. H. (2017). Psychometrics and psychological assessment: Principles and applications. Oxford Academic Press.
  12. Covin, J. G., & Covin, T. J. (1990). Competitive aggressiveness, environmental context, and small firm performance, entrepreneurship theory and practice. Entrepreneurship Theory and Practice, 14(4), 35-50. https://doi.org/10.1177/104225879001400406
  13. Covin, J. G., & Lumpkin, G. T. (2011). Entrepreneurial orientation theory and research: Reflections on a needed construct. Entrepreneurship: Theory and practice, 35(5). https://doi.org/10.1111/j.1540-6520.2011.00482.x
  14. Covin, J. G., & Slevin, D. P. (1988). The influence of organization structure on the utility of an entrepreneurial top management style. Journal of Management Studies, 25(3), 217–234. https://doi.org/10.1111/j.1467-6486.1988.tb00033.x
  15. Covin, J. G., & Slevin, D. P. (1989). Strategic management in small firms in hostile and benign environments. Strategic Management Journal, 10(1), 75-87. https://doi.org/10.1002/smj.4250100107
  16. Covin, J. G., & Slevin, D. P. (1998). Adherence to plans, risk taking, and environment as predictors of firm growth. The Journal of High Technology Management Research, 9(2), 207–237. https://doi.org/10.1016/S1047-8310(98)90005-0
  17. Czakó, K., Polster, C., Setyaningsih, S., & Vasic, T. (2023). The role of the environment in entrepreneurial propensity of youngsters’ business ideas. Journal of Innovation and Entrepreneurship, 12(7), 1-19. https://doi.org/10.1186/s13731-023-00275-2
  18. Dele-Ijagbulu, O., Moos, M., & Eresia-Eke, C. (2020). The relationship between environmental hostility and entrepreneurial orientation of small businesses. Journal of Entrepreneurship and Innovation in Emerging Economies, 6(2), 347–362. https://doi.org/10.1177/2393957520931332
  19. Dess, G. G., & Beard, D. W. (1984). Dimensions of organizational task environments. Administrative Science Quarterly, 29, 52–73. https://doi.org/10.2307/2393080
  20. Dunn, S. C., Seaker, R. F., & Waller, M. A. (1994). Latent variables in business logistics research: Cale development and validation. Journal of Business Logistics, 15, 145–172.
  21. Dvir, D., Sadeh, A., Pines, A. M., & Shenhar, A. J. (2009, August 2-6). Key entrepreneurial traits and their relationship to venture uncertainty and venture success [Conference Paper]. PICMET ’09 - 2009 Portland International Conference on Management of Engineering & Technology, 1812–1818. https://doi.org/10.1109/PICMET.2009.5261951
  22. Eresia-Eke, C., Dele-Ijagbulu, O., & Moos, M. (2019). The nexus of environmental dynamism and dimensions of entrepreneurial orientation in small businesses. Academy of Entrepreneurship Journal, 25(4), 1-12.
  23. Fachrozie, S. V., Rofiaty, R., & Jumahir, A. H. (2022). The influence of environmental conditions and entrepreneurial orientation on coffee shop performance mediated by innovation in post Covid-19 Pandemic (Study on Business Coffee shop in Greater Malang, Indonesia). International Journal of Environmental, Sustainability, and Social Science, 3(3), 768-783. https://doi.org/10.38142/ijesss.v3i3.346
  24. Faroque, A. R., Kuivalainen, O., Ahmed, J. U., Rahman, M., Roy, H., Ali, M. Y., & Mostafiz, M. I. (2021). Performance implications of export assistance: The mediating role of export entrepreneurship. International Marketing Review, 38(6), 1370–1399. https://doi.org/10.1108/IMR-07-2020-0141
  25. Faul, F., Erdfelder, E., Lang, A. G., & Buchner, A. (2007). G*Power 3: A flexible statistical power analysis program for the social, behavioral, and biomedical sciences. Behav Res Methods, 39(2), 175-91.
  26. Fini, R., Grimaldi, R., & Sobrero, M. (2012). Environmental dynamism, innovation, and firm growth: A longitudinal study. Journal of Product Innovation Management, 29(5), 807–823. https://doi.org/10.1111/j.1540-5885.2012.00953.x
  27. Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 18(1), 39–50. https://doi.org/10.2307/3151312
  28. Gefen, D., Rigdon, E. E., & Straub, D. (2011). Editor’s comments: An update and extension to SEM guidelines for administrative and social science research. MIS Quarterly, 35(2), iii–xiv. https://doi.org/10.2307/23044042
  29. Goll, I., & Rasheed, A. M. A. (1997). Rational decision-making and firm performance: The moderating role of environment. Strategic Management Journal, 18(7), 583–591.
  30. Hair, J. F., Black, W. C., Babin, B.J., & Anderson, R. E. (2010). Multivariate data analysis. (7th ed.). Pearson.
  31. Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2022). A primer on partial least squares structural equation modeling (PLS-SEM) (3rd ed.). Sage Publications Inc. https://doi.org/10.1007/978-3-030-80519-7
  32. Hair, J., Sarstedt, M., Hopkins, L., & Kuppelwieser, V. (2014). Partial least squares structural equation modeling (PLS-SEM): An emerging tool for business research. European Business Review, 26(2), 106–121. https://doi.org/10.1108/EBR-10-2013-0128
  33. Han, J., & Kang, R. (2020). Market uncertainty, innovation of firms in alliance and alliance partner characteristics. European Journal of Innovation Management, 24(5), 1883–1905. https://doi.org/10.1108/EJIM-05-2020-0195
  34. Hemmert, M., Cross, A. R., Cheng, Y., Kim, J. J., Kotosaka, M., Waldenberger, F., & Zheng, L. J. (2023). Environmental uncertainty and the entrepreneurial orientation–performance relationship among East Asian new technology-based firms: An institutional perspective. Asian Business and Management, 22(4), 1683-1711. https://doi.org/10.1057/s41291-023-00227-4
  35. Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling, Journal of the Academy of Marketing Science, 43, 115-135. https://doi.org/10.1007/s11747-014-0403-8
  36. Herani, R., & Andersen, O. (2012). Does environmental uncertainty affect entrepreneurs’ orientation and performance? Empirical evidence from Indonesian SMEs. Gadjah Mada International Journal of Business, 14(1), 1-16. https://doi.org/10.22146/gamaijb.5435
  37. Hoque, Z. (2004). A contingency model of the association between strategy, environmental uncertainty and performance measurement: Impact on organizational performance. International Business Review, 13(4), 485–502. https://doi.org/10.1016/j.ibusrev.2004.04.003
  38. Horasan, E., & Kılıçbey, E. (2023). Çevresel belirsizlik algisi ve yönetim muhasebesi ilişkisi: Kars ili konaklama işletmelerinde bir uygulama. EKEV Akademi Dergisi, 96, 62-77. https://doi.org/10.17753/sosekev.1371734
  39. Jayaram, J., Oke, A., & Prajogo, D. (2014). The antecedents and consequences of product and process innovation strategy implementation in Australian manufacturing firms. International Journal of Production Research, 52(15), 4424–4439. https://doi.org/10.1080/00207543.2013.849363
  40. Jöreskog, K. G. (1971). Simultaneous factor analysis in several populations. Psychometrika, 36(4), 409–426. https://doi.org/10.1007/BF02291366
  41. Jöreskog, K. G., & Sörbom, D. (1982). Simultaneous factor analysis in several populations. Journal of Marketing Research, 19(4), 404–416. https://doi.org/10.2307/3151714
  42. Jöreskog, K.G. (1969). A general approach to confirmatory maximum likelihood factor analysis. Psychometrika, 34, 183–202. https://doi.org/10.1007/BF02289343
  43. Karaman, D. (2016). Çevresel belirsizliğin kaynak bağımlılığı üzerine etkisi: Otel işletmelerinde bir araştırma. [Unpublished doctorate thesis]. Akdeniz University.
  44. Khandwalla, P. N. (1972). Environment and its impact on the organization. International Studies of Management & Organization, 2(3), 297–313.
  45. Khandwalla, P. N. (1977a). Some top management styles, their context and performance. Organization and Administrative Sciences, 7(4), 21-51.
  46. Khandwalla, P.N. (1977b). The design of organizations. Harcourt Brace Jovanovich.
  47. Kreiser, P. M., & Davis, J. (2010). Entrepreneurial orientation and firm performance: the unique impact of innovativeness, proactiveness, and risk-taking. Journal of Small Business & Entrepreneurship, 23(1), 39–51. https://doi.org/10.1080/08276331.2010.10593472
  48. Kreiser, P. M., Marino, L. D., & Weaver, K. M. (2002). Assessing the psychometric properties of the entrepreneurial orientation scale: A multi-country analysis. Entrepreneurship Theory and Practice, 26(4), 71-93. https://doi.org/10.1177/104225870202600405
  49. Lee, S. M., & Peterson, S. J. (2000). Culture, entrepreneurial orientation and global competitiveness. Journal of World Business, 35(4), 401-416. https://doi.org/10.1016/S1090-9516(00)00045-6
  50. Lee, T., & Chu, W. (2013). How entrepreneurial orientation, environmental dynamism, and resource rareness influence firm performance. Journal of Management & Organization, 19(2), 167–187. https://doi.org/10.1017/jmo.2013.33
  51. Lee, Y., & Cho, Y. (2022). The effect of entrepreneurial orientation on new product performance of Korean exporting SMEs: The moderating role of technological uncertainty. East Asian Journal of Business Economics, 10(3), 17–26.
  52. Li, H., & Atuahene-Gima, K. (2001). Product innovation strategy and the performance of new technology ventures in China. The Academy of Management Journal, 44(6), 1123–1134. https://doi.org/10.2307/3069392
  53. Liang, C., Lee, P. K. C., Zhu, M., Yeung, A. C. L., Cheng, T. C. E., & Zhou, H. (2024). The bright side of being uncertain: The impact of economic policy uncertainty on corporate innovation. International Journal of Operations & Production Management, 44(11), 1918-1945. https://doi.org/10.1108/IJOPM-05-2023-0386
  54. Liem, V. T., & Hien, N. N. (2020). Exploring the impact of dynamic environment and CEO’s psychology characteristics on using management accounting system. Cogent Business & Management, 7(1), 1-20. https://doi.org/10.1080/23311975.2020.1712768
  55. Linton, G. (2019). Innovativeness, risk-taking, and proactiveness in startups: A case study and conceptual development. Journal of Global Entrepreneurship Research, 9(1), 1–21. https://doi.org/10.1186/s40497-019-0147-5
  56. Loehlin, J. C. (2004). Latent Variable Models (4th ed.). Erlbaum Publishing.
  57. Löfsten, H., & Lindelöf, P. (2005). Environmental hostility, strategic orientation and the importance of management accounting—an empirical analysis of new technology-based firms. Technovation, 25(7), 725–738. https://doi.org/10.1016/j.technovation.2004.01.007
  58. Lou, Z., Chen, S., Yin, W., Zhang, C., & Yu, X. (2022). Economic policy uncertainty and firm innovation: Evidence from a risk-taking perspective. International Review of Economics & Finance, 77(1), 78-96. https://doi.org/10.1016/j.iref.2021.09.014
  59. Lumpkin, G. T., & Dess, G. G. (1996). Clarifying the entrepreneurial orientation construct and linking it to performance. The Academy of Management Review, 21(1), 135–172. https://doi.org/10.2307/258632
  60. Lumpkin, G. T., & Dess, G. G. (2001). Linking two dimensions of entrepreneurial orientation to firm performance. Journal of Business Venturing, 16(5), 429–451. https://doi.org/10.1016/S0883-9026(00)00048-3
  61. Marino, L., S., K., Steensma, H. K., & Weaver, K. M. (2002). The moderating effect of national culture on the relationship between entrepreneurial orientation and strategic alliance portfolio extensiveness. Entrepreneurship Theory and Practice, 26(4), 145-160. https://doi.org/10.1177/104225870202600409
  62. McGee, J. E., & Rubach, M. J. (1997). Responding to increased environmental hostility: A study of the competitive behavior of small retailers. Journal of Applied Business Research, 13(1), 83–94. https://doi.org/10.19030/jabr.v13i1.5774
  63. Messeghem, K. (2003). Strategic entrepreneurship and managerial activities in SMEs. International Small Business Journal, 21(2), 197-212. https://doi.org/10.1177/0266242603021002004
  64. Miller, D. & Friesen, P. H. (1978). Archetypes of strategy formulation. Management Science, 24(9), 921-933, https://doi.org/10.1287/mnsc.24.9.921
  65. Miller, D. & Friesen, P. H. (1982). Innovation in conservative and entrepreneurial firms: Two models of strategic momentum. Strategic Management. Journal, 3(1), 1-25. https://doi.org/10.1002/smj.4250030102
  66. 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
  67. Miller, D., & Friesen, P. H. (1983). Strategy-making and environment: The third link. Strategic Management Journal, 4(3), 221–235. https://doi.org/10.1002/smj.4250040304
  68. Miller, D., & Le Breton-Miller, I. (2011). Governance, social identity, and entrepreneurial orientation in closely held public companies. Entrepreneurship Theory and Practice, 35(5), 1051-1076. https://doi.org/10.1111/j.1540-6520.2011.00447.x
  69. Milliken, F. J. (1987). Three types of perceived uncertainty about the environment: State, effect, and response uncertainty. The Academy of Management Review, 12(1), 133–143. https://doi.org/10.2307/257999
  70. Mintzberg, H. (1973). Strategy-making in three modes. California Management Review, 16(2), 44-53. https://doi.org/10.2307/41164491
  71. Mirza, S. S., Ahsan, T., Al-Gamrh, B., Majeed, M. A., & Muhammad, F. (2023). The impact of economic policy uncertainty on corporate innovation in China: The role of family ownership and political connections. Applied Economics, 56(59), 8586-8605. https://doi.org/10.1080/00036846.2023.2291414
  72. Monsen, E. (2005). Employees do matter: Autonomy, teamwork and corporate entrepreneurial culture. [Doctoral dissertation, University of Colorado]. ProQuest Dissertations & Theses.
  73. Moreno, A. M., & Casillas, J. C. (2008). Entrepreneurial orientation and growth of SMEs: A causal model. Entrepreneurship Theory and Practice, 32(3), 507-528. https://doi.org/10.1111/j.1540-6520.2008.00238.x
  74. Murray, J. A. (1984). A concept of entrepreneurial strategy. Strategic Management Journal, 5(1), 1–13. https://doi.org/10.1002/smj.4250050102
  75. Naldi, L., Nordqvist, M., Sjöberg, K., & Wiklund, J. (2007). Entrepreneurial orientation, risk taking, and performance in family firms. Family Business Review, 20(1). https://doi.org/10.1111/j.1741-6248.2007.00082.x
  76. Nunnally, J.C. (1978). Psychometric theory (2nd ed.). McGraw-Hill. Okpara, J. O. & Kabongo, J. D. (2009). The entrepreneurial export orientation and performance of small firms in a developing economy, International Journal of Globalisation and Small Business, 3(3), 288-305.
  77. Özkoç, A. G., & Kendir, H. (2012). Çevresel belirsizlikler karşısında örgütler ve yöneticiler: Türk turizm sektörü eksenli bir araştırma. 1. Uluslararası İşletme Yönetimi ve Kurumsal Sosyal Sorumluluk Kongresi (pp. 525–535).
  78. Pala, F. (2023). Girişimcilik yönelimi, inovasyon kapasitesi ve finansal performans arasındaki ilişkide çevresel faktörlerin moderatör etkileri üzerine bir araştırma. [Unpublished master's thesis]. Gümüşhane University.
  79. Price, L. R. (2023). Confirmatory factor analysis: Foundations and extensions (4th ed.). Elsevier. https://doi.org/10.1016/B978-0-12-818630-5.10016-8
  80. Ran, J., Yu, X., & Ran, D. (2020). Research on the entrepreneurial environment element system of the deeply impoverished area in Northeast Chongqing. Modern Economy, 11(4), 965–976. https://doi.org/10.4236/me.2020.114071
  81. Rauch, A., Wiklund, J., Lumpkin, G. T., & 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
  82. Robertson, C., & Chetty, S. K. (2000). A contingency-based approach to understanding export performance. International Business Review, 9(2), 211-235. https://doi.org/10.1016/S0969-5931(99)00037-2
  83. Ruiz-Ortega, M. J., Parra-Requena, G., Rodrigo-Alarcón, J., & García-Villaverde, P. M. (2013). Environmental dynamism and entrepreneurial orientation: The moderating role of firm’s capabilities. Journal of Organizational Change Management, 26(3), 475-493. https://doi.org/10.1108/09534811311328542
  84. Stam, W. & Elfring T. (2006, August 11-16). Entrepreneurial orientation and new venture performance: The mediating effect of network strategies. [Conference presentation]. Academy of Management Best Paper Proceedings, Atlanta, Georgia, USA. https://doi.org/10.5465/ambpp.2006.22898260
  85. Syarief, E. (2021). The role of market uncertainty in fostering innovation and green supply chain management on the performance of tourism SMEs. Uncertain Supply Chain Management, 9(3), 617–624. https://doi.org/10.5267/j.uscm.2021.5.009
  86. Tabash, M. I., Farooq, U., Al-Absy, M. S. M., Albzour, O. F., & Mahmoud, O. A. (2023). How does economic policy uncertainty influence the innovation activities: Empirical evidence from BRICS. Journal of Open Innovation: Technology, Market, and Complexity, 9(4), 1-8. https://doi.org/10.1016/j.joitmc.2023.100164
  87. Tan, D. (2023). The road not taken: technological uncertainty and the evaluation of innovations. Organization Science, 34(1). https://doi.org/10.1287/orsc.2021.1567
  88. Tarabishy, A., Solomon, G., Fernald, L. W., & Sashkin, M. (2005). The entrepreneurial leader’s impact on the organization’s performance in dynamic markets. The Journal of Private Equity, 8(4), 20–29.
  89. Utomo, H. S., & Susanta, S. (2022). Environmental uncertainty as a moderator of entrepreneurship orientation and innovation capability during the pandemic: A case of written batik SMEs in Yogyakarta. F1000Research, (10), 1-9. https://doi.org/10.12688/f1000research.53433.2
  90. Venkatraman, N. (1989). Strategic orientation of business enterprises: The construct, dimensionality, and measurement. Management Science, 35(8), 949-962.
  91. Wickham, P. A. (2006). Strategic entrepreneurship. Prentice Hall.
  92. Wiklund, J. & Shepherd, D. (2003) Knowledge-based resources, entrepreneurial orientation, and the performance of small and medium-sized businesses. Strategic Management Journal, 24, 1307-1314. https://doi.org/10.1002/smj.360
  93. Wiklund, J. (1999). The sustainability of the entrepreneurial orientation performance relationship. Entrepreneurship Theory & Practice, 24(1), 37-48. https://doi.org/10.1177/104225879902400103
  94. Xue, J., Zeng, S., Meng, X., & Peng, Y. (2018). Does risk‐taking promote new product development performance? An environmental dynamism perspective. Asia-Pacific Journal of Financial Studies, 47(3), 381–400. https://doi.org/10.1111/ajfs.12215
  95. Yalçın, A. (2018). Uluslararası girişimcilik yöneliminin yenilikçilik boyutu: Küresel doğan işletmeler üzerine nitel bir çalışma [Unpublished doctorate thesis]. Gazi University.
  96. Yıldırım Ö., Erdoğan, İ., Calabrò, A., & Kiratlı, O. S. (2023). Effect of environmental dynamism on entrepreneurial orientation in family firms: The moderating role of informal institutions. Journal of Family Business Management, 13(4), 1277–1305. https://doi.org/10.1108/JFBM-11-2022-0128
  97. Yıldırım, A. (2018). Örgütsel değişimin yönetilmesi bağlamında "çevre - uyum ilişkisi." Yeni kurumsal kuram ile kaynak bağımlılığı kuramları arasında karşılaştırmalı bir değerlendirme. SDÜ Fen-Edebiyat Fakültesi Sosyal Bilimler Dergisi, (44), 89-102.
  98. Yoo, J., & Kim, J. (2019). The effects of entrepreneurial orientation and environmental uncertainty on Korean technology firms’ R&D investment. Journal of Open Innovation: Technology, Market, and Complexity, 5(2), 1–13. https://doi.org/10.3390/joitmc5020029
  99. Yu, A., Lumpkin, G., Praveen Parboteeah, K., & Stambaugh, J. E. (2019). Autonomy and family business performance: the joint effect of environmental dynamism and national culture. International Small Business Journal: Researching Entrepreneurship, 37(2), 153–185. https://doi.org/10.1177/0266242618811893
  100. Yu, L., Tang, X., & Huang, X. (2023). Does the business environment promote entrepreneurship? Evidence from the China household finance survey. China Economic Review, (79), 1–18. https://doi.org/10.1016/j.chieco.2023.101977
  101. Yusuf, A. (2002). Environmental uncertainty, the entrepreneurial orientation of business ventures and performance. International Journal of Commerce and Management, 12(3/4), 83–103. https://doi.org/10.1108/eb047454
  102. Zahra, S. A. (1993). Environment, corporate entrepreneurship, and financial performance: A taxonomic approach. Journal of Business Venturing, 8(4), 319–340. https://doi.org/10.1016/0883-9026(93)90003-N
  103. Zahra, S. A. (1996). Governance, ownership, and corporate entrepreneurship: The moderating impact of industry technological opportunities. The Academy of Management Journal, 39(6), 1713-1735. https://doi.org/10.5465/257076
  104. Zahra, S., (1991). Predictors and financial outcomes of corporate entrepreneurship: An explorative study. Journal of Business Venturing, 6(4), 259-285. https://doi.org/10.1016/0883-9026(91)90019-A
  105. Hair, J. F., Black, W. C., Babin, B.J., & Anderson, R. E. (2010). Multivariate data analysis. (7th ed.). Pearson.
  106. Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2022). A primer on partial least squares structural equation modeling (PLS-SEM) (3rd ed.). Sage Publications Inc. https://doi.org/10.1007/978-3-030-80519-7