Entrepreneurial Orientation (EO), Learning Orientation (LO), and Firm Performance Dr. Catherine L Wang, Brunel University, Uxbridge, United Kingdom Abstract: EO is a key factor for firm success. However, examining the direct effect of EO on performance provides an incomplete picture. This study finds that LO mediates the EO-performance relationship, and the EO-LO-performance link is stronger for prospectors than analyzers. LO is an important dimension to distinguish prospectors from analyzers. Introduction: EO refers to processes leading to new entry. EO is associated with improved performance in today's business environment. However, Smart and Conant did not find a significant EO-performance relationship, and Hart argued that entrepreneurial strategies may lead to poor performance. Past findings indicate that examining the direct EO-performance relationship provides an incomplete picture. Future research should consider internal and external contingent factors. Recent studies have found that EO's effect on performance is influenced by firm size, national culture, access to financial resources, network capability, and strategic processes. However, LO has been a missing link in the EO-performance relationship. Theoretical Framework and Hypotheses: EO is conceptualized as four dimensions: market proactiveness, competitive aggressiveness, firm risk-taking, and firm innovativeness. LO is conceptualized as three values: commitment to learning, open-mindedness, and shared vision. LO underpins firms' internal self-renewal and is an important aspect of strategizing activities. This study hypothesizes that LO mediates the EO-performance relationship. Methods: Data from 213 medium-to-large UK firms were collected via a mailed survey. The sample included 213 usable responses. ANOVA tests were performed to examine non-response bias. The data analysis followed a two-step procedure: assessing measurement models using confirmatory factor analysis (CFA), followed by assessing path relationships using structural equation modeling (SEM). The study used the Miller/Covin and Slevin scale for EO and the Sinkula et al. scale for LO. Performance was measured using three subjective indicators. Analysis and Results: The study found that LO mediates the EO-performance relationship. The strength of the EO-LO-performance relationship varied between prospectors and analyzers. Shared vision had the highest correlation with firm performance. The results support the hypothesis that LO is an important mediating factor in the EO-performance relationship. Discussion: The study found that LO is an important mediating factor in the EO-performance relationship. Shared vision is a crucial element in the mediating role of LO. The results reinforce the message that LO is an important dimension to distinguish Miles and Snow's strategy types. Research Limitations and Practical Implications: The study has limitations, including the use of self-reported data and the potential for common method variance. However, the findings support the importance of LO in the EO-performance relationship. Practical implications include the need for firms to develop a shared vision and to foster a learning-oriented culture.Entrepreneurial Orientation (EO), Learning Orientation (LO), and Firm Performance Dr. Catherine L Wang, Brunel University, Uxbridge, United Kingdom Abstract: EO is a key factor for firm success. However, examining the direct effect of EO on performance provides an incomplete picture. This study finds that LO mediates the EO-performance relationship, and the EO-LO-performance link is stronger for prospectors than analyzers. LO is an important dimension to distinguish prospectors from analyzers. Introduction: EO refers to processes leading to new entry. EO is associated with improved performance in today's business environment. However, Smart and Conant did not find a significant EO-performance relationship, and Hart argued that entrepreneurial strategies may lead to poor performance. Past findings indicate that examining the direct EO-performance relationship provides an incomplete picture. Future research should consider internal and external contingent factors. Recent studies have found that EO's effect on performance is influenced by firm size, national culture, access to financial resources, network capability, and strategic processes. However, LO has been a missing link in the EO-performance relationship. Theoretical Framework and Hypotheses: EO is conceptualized as four dimensions: market proactiveness, competitive aggressiveness, firm risk-taking, and firm innovativeness. LO is conceptualized as three values: commitment to learning, open-mindedness, and shared vision. LO underpins firms' internal self-renewal and is an important aspect of strategizing activities. This study hypothesizes that LO mediates the EO-performance relationship. Methods: Data from 213 medium-to-large UK firms were collected via a mailed survey. The sample included 213 usable responses. ANOVA tests were performed to examine non-response bias. The data analysis followed a two-step procedure: assessing measurement models using confirmatory factor analysis (CFA), followed by assessing path relationships using structural equation modeling (SEM). The study used the Miller/Covin and Slevin scale for EO and the Sinkula et al. scale for LO. Performance was measured using three subjective indicators. Analysis and Results: The study found that LO mediates the EO-performance relationship. The strength of the EO-LO-performance relationship varied between prospectors and analyzers. Shared vision had the highest correlation with firm performance. The results support the hypothesis that LO is an important mediating factor in the EO-performance relationship. Discussion: The study found that LO is an important mediating factor in the EO-performance relationship. Shared vision is a crucial element in the mediating role of LO. The results reinforce the message that LO is an important dimension to distinguish Miles and Snow's strategy types. Research Limitations and Practical Implications: The study has limitations, including the use of self-reported data and the potential for common method variance. However, the findings support the importance of LO in the EO-performance relationship. Practical implications include the need for firms to develop a shared vision and to foster a learning-oriented culture.