Strategic Orientation and Performance of SMEs in Malaysia

Wan Mohd Nazdrol Wan Mohd Nasir · Abdullah Al Mamun · John Breen

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Entrepreneurship Studies and Influences Business Strategies and Innovation Innovation and Knowledge Management

Abstract

The primary objective of this study is to critically examine the effect of strategic orientation on the performance of small and medium enterprises (SMEs) in Malaysia. Three most comprehensive constructs, namely, entrepreneurial orientation, market orientation, and interaction orientation were adopted to present a holistic picture of the effect of strategic orientation on firm performance. This study adopts a cross-sectional design and uses the stratified random sampling method to select the potential respondents. The complete data were collected from 473 entrepreneurs who operate in the service sector in Malaysia. Findings of this study show that entrepreneurial and market orientations have a positive effect on superior firm performance. As entrepreneurial orientation is shown to be the construct sharing a positive relationship with all the other constructs in the model, it has been identified as the most significant strategic orientation. SMEs in Malaysia should therefore focus on adopting strategies in market orientation by appropriate marketing efforts, and in entrepreneurial orientation where the entrepreneur needs to adopt a proactive stance to counter challenges in the market of new products and changing customer preferences.

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References

1999Cutoff criteria for fit indexes in covariance structure analysis: Conventional criteria versus new alternatives 1996Clarifying the Entrepreneurial Orientation Construct and Linking It To Performance 2009Entrepreneurial Orientation and Business Performance: An Assessment of past Research and Suggestions for the Future 2017European Journal of Business and Management 2000A Resource-Based Theory of Strategic Alliances 1994Does Competitive Environment Moderate the Market Orientation-Performance Relationship?1998Market Orientation and Organizational Performance: Is Innovation a Missing Link?2001Entrepreneurship in the large corporation: a longitudinal study of how established firms create breakthrough inventions

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