This dissertation has several limitations that should be discussed and considered when interpreting its results and suggesting avenues for future research.
5 Discussion and conclusions 84
First and foremost, the data on strategic orientations and firm performance were collected in a single point of time, which restricts the ability to make inferences about causality. Moreover, the study relied on self-reported questionnaires and subjective assessment of independent and dependent variables by single key informants, which creates concerns about common method variance. A growth-based performance indicator was used for most empirical studies, and so the beneficial types of strategic orientations to attain performance goals may differ depending on the nature of the dependent variable. Hence, application of a single performance indicator limits the ability to make conclusions about overall performance, and the effects of strategic orientations should be considered for particular performance measures. Although the testing of common method bias was performed, further research is encouraged to include alternative measures of firm performance based on objective data. Moreover, a longitudinal design should be applied to determine the performance effects of strategic orientations from a long-run perspective and assess possible changes in the relationships between strategic orientations over time as a part of the developmental process of the firm.
Furthermore, the dissertation is limited to the investigation of SMEs, which creates a particular context for this study; however, this does not allow comparing and theorizing about the role of firm size and/or liability of smallness for determining a firm’s strategy and its relationship with performance. The analysis of and theorizing about both small, medium, and large firms in future studies would provide much needed comparative insights. In particular, because of their limited research and development facilities, usage of less marketing research, and simpler coordinating mechanisms, strategic orientations may act on performance differently for SMEs as compared to larger organizations.
Moreover, this study is mainly based on a sample of firms collected from Finland and Russia, which limits the generalizability of the results to other countries. Future research will benefit from replications conducted on different samples to enhance the external validity of the results and identify potential contextual peculiarities. A cross-country exploration of strategic orientations and their combinations may extend the application of results obtained in this study to other countries and better specify the nature of strategic orientations-performance relationship in different macro contexts.
For the GUESSS dataset, while it provides rich data on entrepreneurial activity in many countries, the survey was distributed to students from universities and for studying the firm-level phenomenon, it does not allow determining and verifying which entities were exactly being understood and described as firms. Therefore, to verify the results further examination of EO across various institutional contexts is suggested.
For building future models that integrate multiple strategic orientations, this study suggests to further analyze configurations of EO, MO, and LO to reveal the different types of orientations, which are more pronounced and beneficial under various environmental conditions. However, the observed interrelatedness and complementarity of strategic orientations does not mean that future studies should not focus on
investigating a particular orientation in isolation. Nevertheless, when doing so and if the data permit, it might be useful to compare and control for other orientations to provide a more robust analysis and increase confidence in the strength of the study’s results.
Furthermore, in addition to analyzing whether or not and under which circumstances complementarities exist, an interesting question to investigate is through which mechanisms they work. Addressing the numerous calls for mediation research (Wales, 2016), future studies are encouraged to examine mediating influences that translate the effects of strategic orientations into firm performance. Moreover, further understanding of “how and why” of strategic orientations can be provided by qualitative studies that may follow the emergence, manifestation, and attenuation of strategic orientations within firms. Additionally, a potential avenue for future studies would be investigation of antecedents of strategic orientations to determine which factors lead to the formation of different types of orientations at a firm. These studies could provide deeper explanations of why firms differ in their strategic orientations and effectiveness of their orientations, as well as reveal the ways and practices of how to nurture and implement strategic orientations to improve firm performance.
Future studies may also consider adopting a more holistic perspective to firms’ strategic behavior by including other types of strategic orientations in the analysis (Grinstein, 2008; Sainio, Ritala and Hurmelinna-Laukkanen, 2012). Moreover, they may examine the role of other aspects of the external environment such as competitive intensity, market and technological turbulence, political instability, and/or cultural characteristics, which may specify the relationship between strategic orientations and firm performance.
In addition to the external environment, the role of the internal environment, such as organizational structure, leadership style, and/or managerial networking may be of importance when analyzing performance outcomes of strategic orientations. Examining these environmental aspects may further improve our understanding of the contextual determinants of strategic orientations-performance relationships and help provide new insights to the question of boundary conditions for these relationships.
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