In this study, we examine the ways in which three strategic orientations associated with the firm — entrepreneurial orientation (EO), market orientation (MO), and learning orientation (LO) — affect performance. We hypothesize and test a moderated-mediation framework relating these constructs using a panel dataset of large US retail firms over five years. Our primary finding is that LO mediates the impact of MO on performance and this relationship is strengthened under the moderating influence of EO. In other words, LO acts as a conduit through which the performance effect of MO arises and EO complements MO in terms of impact on performance.
