Analysis of the Influence of Strategic Orientation on Entrepreneurial

Performance Based on SPSS Statistical Method:

Opportunity-Resource Integration as Intermediary

Zhenying Xu

School of Business Administration, Zhejiang Gongshang University, Hangzhou, China

Keywords: Entrepreneurial Orientation, Market Orientation, Opportunity-Resource Integration, Entrepreneurial Perfor-

mance, SPSS Statistical Method.

Abstract: Start-ups need to take reasonable strategic orientation to deal with the turbulent and complex environment

and fierce market competition, so as to obtain resources to break through the dilemma of resource constraints.

Entrepreneurial orientation and market orientation play a key role in entrepreneurial performance, but there

is a lack of research based on the perspective of opportunity-resource integration. Therefore, based on dy-

namic capability theory and opportunity-resource integration theory, this paper constructs a 'orientation-pro-

cess-performance' model to explore the mechanism of the interaction between entrepreneurial orientation and

market orientation affecting the entrepreneurial performance of start-ups through opportunity-resource inte-

gration behavior.

1 INTRODUCTION

At present, China is in a new stage of economic trans-

formation and social development. The state attaches

great importance to industrial upgrading and inde-

pendent innovation. Small and medium-sized enter-

prises have become the backbone of promoting eco-

nomic development. However, the failure rate of en-

trepreneurship is still very high. In the process of car-

rying out independent innovation activities, start-ups

are faced with the problem of how to improve entre-

preneurial performance through innovation. Studies

have shown that strategic orientation will have an im-

pact on entrepreneurial performance, especially en-

trepreneurial orientation and market orientation as the

key to independent innovation of new ventures. En-

trepreneurial orientation and market orientation are

not mutually exclusive.

They affect the competitiveness and performance

of enterprises from different perspectives. There are

more and more studies on the effective combination

of the two. Foreign scholars have realized the im-

portance of combining entrepreneurial orientation

and market orientation earlier. Both have their limita-

tions, and the combination can bring higher value.

Some studies have pointed out that the interaction be-

tween entrepreneurial orientation and market orienta-

tion has a positive effect on corporate performance,

but there is a lack of research on the mechanism of

entrepreneurial performance of start-ups.

Most of the research on entrepreneurial behavior

is based on the opportunity perspective or resource

perspective. However, the development and utiliza-

tion of opportunities and resources are two mutually

influential behaviors of enterprises in the entrepre-

neurial process, and the two are closely related. For

SMEs, continuous innovation and meeting customer

needs are the key to improving entrepreneurial per-

formance. Enterprises are driven by both technology

and market, and their entrepreneurial process is

driven by both opportunities and resources (Ge,

2020). In summary, based on dynamic capability the-

ory and opportunity-resource integration theory, this

paper constructs a 'orientation-process-performance'

model to explore the mechanism by which the inter-

action between entrepreneurial orientation and mar-

ket orientation affects the entrepreneurial perfor-

mance of start-ups through opportunity-resource inte-

gration behavior.

108

Xu, Z.

Analysis of the Inﬂuence of Strategic Orientation on Entrepreneurial Performance Based on SPSS Statistical Method: Opportunity-Resource Integration as Intermediary.

DOI: 10.5220/0012026600003620

In Proceedings of the 4th International Conference on Economic Management and Model Engineering (ICEMME 2022), pages 108-115

ISBN: 978-989-758-636-1

 2023 by SCITEPRESS – Science and Technology Publications, Lda. Under CC license (CC BY-NC-ND 4.0)

2 THEORETICAL ANALYSIS

AND RESEARCH HYPOTHESIS

2.1 Interaction Between

Entrepreneurial Orientation and

Market Orientation and

Opportunity-Resource Integration

There have been many studies on the impact of the

interaction between entrepreneurial orientation and

market orientation on corporate performance. How-

ever, there is a lack of research on the interaction be-

tween the two for the opportunity-resource integra-

tion entrepreneurial process. Opportunity-resource

integration entrepreneurial process is divided into op-

portunity-resource internal integration and oppor-

tunity-resource external integration. According to the

opportunity-resource integration theory, opportuni-

ties and resources are closely related and indispensa-

ble in the process of enterprise entrepreneurship. The

dynamic balance between the two has a profound im-

pact on the development of start-ups. Entrepreneurial

success depends on the high level of internal and ex-

ternal integration.

Entrepreneurial orientation reflects the attitude of

enterprises to cope with changes and risks, and is a

key strategic measure for start-ups to survive in a

fierce competitive environment (Hu, 2012). Enter-

prises with entrepreneurial orientation have higher in-

novation awareness than other enterprises. Most of

these enterprises pursue innovation, actively develop

new products and technologies, dare to face risks, and

actively influence and change the surrounding envi-

ronment. In a turbulent market environment, entre-

preneurial firms grasp new opportunities by identify-

ing and utilizing external scarce resources to achieve

external opportunity-resource integration, and inte-

grate and utilize internal resources to create new op-

portunities and achieve internal opportunity-resource

integration. Market orientation is reflected in the stra-

tegic behavior of enterprises to obtain customer and

market information. In the stage of information gen-

eration, enterprises can identify potential changes in

the market, discover and utilize new external oppor-

tunities and resources, and realize the external inte-

gration of opportunities and resources. In the stage of

information dissemination and response, enterprises

obtain new opportunities by deploying existing inter-

nal resources, and realize the internal integration of

opportunity-resources. Making full use of the role of

market orientation is reflected in the process of iden-

tifying market opportunities, which helps to enhance

the dynamic capabilities of enterprises (Zahra, 2008),

thus promoting the entrepreneurial process of oppor-

tunity-resource integration.

The study of Kumar et al. (2011) (Kumar, 2011)

shows that the interaction of multiple strategic orien-

tations is the key to the success of start-ups, and a sin-

gle orientation is difficult to maintain long-term ad-

vantages. This shows that the interaction effect of en-

trepreneurial orientation and market orientation is

better than single orientation on the opportunity-re-

source integration process. In summary, this paper

proposes the following hypothesis:

H1: The interaction between entrepreneurial ori-

entation and market orientation has a positive impact

on opportunity-resource integration.

2.2 The Interaction Between

Entrepreneurial Orientation and

Market Orientation and

Entrepreneurial Performance

The interaction between entrepreneurial orientation

and market orientation plays different roles in the de-

velopment of start-ups and affects entrepreneurial

performance from different aspects. Zahra (2008)

be-

lieves that entrepreneurial orientation and market ori-

entation reflect the complementarity of organiza-

tional capabilities, and the emphasis on market orien-

tation will strengthen the relationship between entre-

preneurial orientation and financial performance. Ah-

madi (2016) (Ahmadi, 2016) conducted an empirical

study on new technology enterprises. The results

show that the combination of entrepreneurial orienta-

tion and market orientation can produce greater utility

and improve product performance. The combination

of market orientation and entrepreneurial orientation

plays a positive role in the overall development of en-

terprises, reflected in product innovation, profitability

and customer response (González‐Benito Ó, 2009).

Entrepreneurial orientation is closely related to

the behavior of enterprises to seize market opportuni-

ties. Innovation, initiative and risk-taking are the

three main aspects of entrepreneurial orientation.

Highly entrepreneurial-oriented companies often pur-

sue progress, break through the old framework con-

straints to adapt to the new environment, and base

themselves on long-term future development (Zhu,

2018). However, too much emphasis on innovation

will bring high uncertainty and risk to enterprises.

Sun (2019) (Sun, 2019) believed that enterprises need

to combine market orientation and balance the poten-

tial risks in entrepreneurship by paying close attention

to changes in the market environment. Market orien-

tation reflects the attitude of enterprises to external

factors such as customers and government (Kohli,

Analysis of the Inﬂuence of Strategic Orientation on Entrepreneurial Performance Based on SPSS Statistical Method: Opportunity-Resource

Integration as Intermediary

109

1990), which is mainly reflected in the behavior of

enterprises to generate, transmit and respond to mar-

ket information. Enterprises that attach importance to

market orientation are more sensitive to potential

risks in market operation, and the pursuit of certainty

can reduce the uncertainty risk generated by entrepre-

neurial orientation. The comprehensive consideration

of the two is conducive to improving entrepreneurial

performance.

According to the dynamic capability theory, start-

ups need to rationally allocate and utilize various in-

ternal and external resources to cope with the rapidly

changing market to ensure their dominant position.

Market orientation can improve enterprises ' under-

standing of the market, clarify the direction of enter-

prises ' efforts, reduce enterprises ' excessive risk-tak-

ing behavior, and reduce the possibility of risks

caused by wrong decisions. Firms that adhere to en-

trepreneurial orientation actively identify potential

opportunities in the environment and promote busi-

ness change through innovative behavior can avoid

the lag and structural inertia of market orientation.

The interaction between the two is conducive to im-

proving entrepreneurial performance. In summary,

this paper proposes the following hypothesis:

H2: The interaction between entrepreneurial ori-

entation and market orientation has a positive impact

on entrepreneurial performance.

2.3 Opportunity-Resource Integration

and Entrepreneurial Performance

Entrepreneurship is a complex process. Start-ups

want to gain a foothold in the market, need to interact

with the internal and external environment, and adapt

to environmental changes by constantly learning to

actively adjust their behavior (Day, 2011). Enter-

prises want to gain a competitive advantage in a com-

petitive business environment to win long-term de-

velopment, is inseparable from the efficient develop-

ment of opportunities and resources. Some scholars

explain the relationship between the two from the per-

spective of opportunity recognition. They believe that

the identification of opportunities is the beginning of

entrepreneurship, enterprises in the process of entre-

preneurship demand for resources. When they obtain

resources, they will screen them and explore new op-

portunities (Cai, 2011; Eckhardt, 2003). The organi-

zation ' s internal resources flow with the opportunity

to selectively attract external resources, especially

some scarce resources (Ardichvili, 2003). Therefore,

the identification of opportunities and resource iden-

tification of mutual coordination, together contrib-

uted to new business opportunities for product devel-

opment or service upgrade laid the foundation. Some

scholars have studied from the perspective of the re-

lationship between opportunity utilization and re-

sources, and concluded that opportunity utilization

requires effective resource matching. Hills et al.

(1995) (Hills, 1995) consider the use of opportunities

and resources as a process of matching needs and re-

sources between unnoticed opportunities and un-

derutilized resources. Opportunity utilization and re-

source allocation at the same time, in order to realize

the opportunity, the integration of existing resources,

while the development of new resources, promote the

development of opportunities, and ultimately the out-

put of new products and new services, enhance entre-

preneurial performance. In Gaoyang et al. (2019)

(Gao, 2019), through research, it is concluded that op-

portunity-resource integration will have a positive ef-

fect on corporate entrepreneurial performance. The

internal integration and external integration of oppor-

tunity-resource are not independent of each other.

The two are complementary and both are conducive

to improving corporate performance. Li et al. (2021)

(Li, 2021) conducted an empirical study on 274 new

ventures, and concluded that the interaction of oppor-

tunity-resources internal integration and opportunity-

resources external integration has a positive effect on

entrepreneurial performance. The flexible allocation

of resources is conducive to opportunity develop-

ment, enhancing the competitiveness of enterprises

and bringing higher entrepreneurial performance

(Hitt, 2001). Previous studies have confirmed that

there is a positive correlation between opportunity-re-

source integration and corporate performance. Sys-

tematically balancing opportunities and resources is

conducive to start-ups to cope with risks in entrepre-

neurship and improve entrepreneurial performance

more comprehensively. When the enterprise imple-

ments the opportunity-resource integration strategy,

the internal and external integration reaches a high

level. The two can promote each other and comple-

ment each other, and work together to improve the

entrepreneurial performance of the enterprise. In

summary, this paper proposes the following hypothe-

sis:

H3: Opportunity-resource integration has a posi-

tive impact on entrepreneurial performance.

2.4 The Mediating Role of

Opportunity-Resource Integration

There are many studies on the impact of the interac-

tion between entrepreneurial orientation and market

orientation on corporate performance, but there are

ICEMME 2022 - The International Conference on Economic Management and Model Engineering

110

few studies on the mediating role of opportunity-re-

source integration. The strategic orientation of enter-

prise capability will not automatically bring better

performance, but through the enterprise internal val-

ues and beliefs cause behavior change and then affect

the performance of enterprises (Zhou, 2005). Sarkar

et al. (2016) (Sarkar, 2016) found through research

that strategic orientation is a necessary condition for

long-term success of enterprises, but it is not a suffi-

cient condition, and it needs to be combined with

other behaviors or capabilities to play a role. Boso

(2018) (Boso, 2018) believes that entrepreneurial ori-

entation and market orientation do not have a direct

impact on corporate performance alone or together.

They must first recombine corporate resources and

processes to improve performance. Shane (2000)

(Shane, 2000) studied the relationship between op-

portunities and resources, and found that the develop-

ment of enterprises depends on the acquisition and

utilization of opportunities and resources, and the

continuous integration of resources is a necessary

condition for mining new opportunities. Facing the

complex and changeable market environment, start-

ups need to do their best to integrate opportunity-re-

sources to achieve higher entrepreneurial perfor-

mance. Therefore, the opportunity-resource integra-

tion theory will affect the interaction between entre-

preneurial orientation and market orientation on en-

trepreneurial performance. Therefore, this paper pro-

poses the following hypothesis:

H4: Opportunity-resource integration plays an in-

termediary role between entrepreneurial orientation,

market orientation interaction and entrepreneurial

performance.

In summary, the mechanism between the interac-

tion of entrepreneurial orientation and market orien-

tation and the entrepreneurial performance of start-

ups is basically determined, in which opportunity-re-

source integration is a mediating variable. The re-

search model of this paper is as follows:

Figure 1: Theoretical model of the study.

3 RESEARCH DESIGN

3.1 Sample and Data

Affected by the local epidemic situation, this study

mainly collects data from the respondents by sending

WeChat links and filling in questionnaires. The re-

search objects are start-ups with a history of no more

than 8 years. A total of 235 questionnaires were dis-

tributed in this study. After filtering and screening,

215 valid questionnaires were obtained, with an ef-

fective recovery rate of 91%. The personnel of the

surveyed enterprises are mainly concentrated in the

Yangtze River Delta region of China with relatively

high entrepreneurial activity.

3.2 Variable Measurement

The questionnaire on the impact of entrepreneurial

orientation, market orientation and opportunity-re-

source integration on entrepreneurial performance of

start-ups has 28 items, including entrepreneurial ori-

entation, market orientation, opportunity-resource in-

tegration and entrepreneurial performance. The ques-

tionnaire uses the Likert 5-level scale, and the re-

spondents choose to score from 1 to 5 according to

Analysis of the Inﬂuence of Strategic Orientation on Entrepreneurial Performance Based on SPSS Statistical Method: Opportunity-Resource

Integration as Intermediary

111

the actual situation. Among them, 1 means very disa-

gree and 5 means very agree. The design of various

items is based on literature research and pre-analysis

data, which has been modified and improved. The en-

trepreneurial orientation scale adopts the three-di-

mensional scale of entrepreneurial orientation of

Covin and Slevin (1989) (Covin, 1989) and Li Xuel-

ing et al. (2010) (Li, 2010), which is measured from

three aspects: innovation, initiative and risk-taking,

with a total of 9 items. The market orientation scale

refers to the market-oriented behavior scale of Jawor-

ski and Kohli (1993) (Jaworski, 1993) and Zhou et al.

(2008) (Zhou, 2008). It is measured from three as-

pects: the generation, dissemination and response of

market information. There are 7 items. According to

the research scale of Gao Yang et al. (2019), the de-

gree of opportunity-resource integration is measured

from two aspects of internal and external integration,

with a total of 6 items. In addition, based on the scale

of Spanjer and Van (2017) (Spanjer, 2017), the entre-

preneurial performance of start-ups is measured from

the two aspects of profitability and growth, with a to-

tal of 6 items. In terms of control variables, it is con-

sidered that enterprise age and enterprise size are the

influencing factors of entrepreneurial performance of

start-ups, as variables to control organizational sce-

narios, in order to obtain stable research conclusions.

3.3 Reliability and Validity Analysis

This study used SPSS25.0 software to measure relia-

bility and validity. This paper tests the reliability of

each scale by Cronbach's α coefficient test. As shown

in Table 1, the α values of each variable and its di-

mensions are greater than 0.7, indicating that the sta-

bility and internal consistency of the scale are good.

In terms of validity, many scholars have tested the

content validity of the scale for many times, so the

measurement scales used in this paper are relatively

mature, so the content validity of the scale is good. In

view of the structural validity, this paper uses the fac-

tor analysis method to test. Through the calculation of

SPSS25.0 data analysis software, the KMO values of

the measurement scale are all greater than 0.7. The

Bartlett spherical test sig values of the three variables

were all equal to 0.000, indicating that the signifi-

cance level was reached. Thus, the study sample data

is suitable for factor analysis, the variable measured

items have common factors and can be extracted. In

this paper, the principal component method is used to

extract the common factors of the pre-test data varia-

bles by setting the eigenvalue range of the extracted

factors to be greater than 1, and the factors are orthog-

onally rotated by the maximum variance method.

Then by observing the rotated factor loading matrix,

the number of common factors extracted from each

scale is consistent with the division of each variable

dimension in this study. Therefore, the structural va-

lidity of each scale is also good. The specific values

of the reliability and validity test are shown in Table

Table 1: Reliability and validity analysis.

Variable Cronbach'sα Sig value KMO value

Entrepreneurial orienta-

tion

0.841

0.000

0.904

Market orientation

0.815 0.000 0.857

Opportunity-resource in-

tegration

0.770

0.000

0.843

Entrepreneurial perfor-

mance

0.752

0.000

0.758

4 EMPIRICAL ANALYSIS

4.1 Main Effect Test

In this study, the hierarchical regression analysis

method is used to test the research hypothesis, and the

regression model shown in Table 2 is obtained. The

specific analysis is as follows: model 1 is the regres-

sion model of control variables on opportunity-re-

source integration, and model 2 is the interaction be-

tween entrepreneurial orientation and market orienta-

tion on opportunity-resource integration. The results

show that the regression coefficient of entrepreneurial

orientation*market orientation to opportunity-re-

source integration is 0.620 (p<0.01), hypothesis 1 is

verified. Model 3 is the regression model of control

ICEMME 2022 - The International Conference on Economic Management and Model Engineering

112

variables on entrepreneurial performance. Model 4

adds the impact of entrepreneurial orientation*market

orientation on entrepreneurial performance on the ba-

sis of model 3. The results show that the interaction

between entrepreneurial orientation and market ori-

entation has a positive impact on entrepreneurial per-

formance (β=0.590, p<0.01), and hypothesis 2 is es-

tablished. The results of Model 5 show that oppor-

tunity-resource integration has a significant impact on

entrepreneurial performance of new ventures

(β=0.609, p<0.01), and Hypothesis 3 is verified.

4.2 Mediation Effect Test

By comparing the data of Model 4-6 and combining

the analysis results of Model 2, it can be seen that the

preconditions for the establishment of the mediating

effect have been met. According to model 6, when the

independent variables and mediating variables are

added to the regression equation, the interaction be-

tween entrepreneurial orientation and market orienta-

tion is still positively correlated with the innovation

performance of new ventures (β=0.347, p<0.01), and

the opportunity-resource integration positively af-

fects the entrepreneurial performance of new ventures

(β=0.392, p<0.01). This shows that opportunity re-

source-integration plays a partial mediating role be-

tween the interaction of entrepreneurial orientation

and market orientation and the entrepreneurial perfor-

mance of new ventures. According to the above anal-

ysis hypothesis 4 is verified.

Table 2. Regression model and results

Variable

Opportunity-resource integration Entrepreneurial performance

Model 1 Model 2 Model 3 Model 4 Model 5 Model 6

Enterprise age 0.075 0.034 0.164

0.124

00.118

0.111

Enterprise

scale

0.093 0.049 -0.061 -0.103

-0.118

-0.122

EO*MO 0.620

0.590

0.347

Opportunity-

resource inte-

ration

0.609

0.392

0.020 0.399 0.033 0.377 0.396 0.469

0.010 0.391 0.024 0.368 0.388 0.459

F-value 2.122 46.781

***

3.619

42.506

***

46.182

***

46.384

***

Note:

p<0.05,

p<0.01,

***

p<0.001.

5 CONCLUSIONS

5.1 Research Conclusions

Due to the large number of small and medium-sized

enterprises, they have become the main driving force

of our country 's economic development. However,

due to the new weakness, new enterprises are con-

strained in terms of resources, capabilities and so on.

Therefore, new ventures need to pay close attention

to market changes and adopt a variety of strategic ori-

entations to efficiently develop and utilize opportuni-

ties and resources, so as to improve entrepreneurial

performance. This paper reveals the mechanism of

the interaction between entrepreneurial orientation

and market orientation on entrepreneurial perfor-

mance of start-ups, and explores the mediating role of

opportunity-resource integration. Through empirical

analysis, the following conclusions are drawn: First,

the interaction between entrepreneurial orientation

and market orientation has a positive and significant

impact on entrepreneurial performance and oppor-

tunity-resource integration of start-ups. Therefore,

new enterprises need to combine the two strategic ori-

entations to promote the efficient development of op-

portunities and resources, and give full play to the

complementary role of the two on business perfor-

mance. Secondly, opportunity-resource integration

has a significant positive impact on entrepreneurial

performance of start-ups. It shows that in the context

of resource constraints, new enterprises need to coor-

dinate and integrate opportunities and resources, cob-

ble together internal resources to create new opportu-

nities, identify external resources to find new oppor-

tunities, and bring higher performance to enterprises

through high integration of internal and external.

Third, opportunity-resource integration plays an in-

termediary role between the interaction of entrepre-

neurial orientation and market orientation and entre-

preneurial performance of start-ups. This conclusion

shows that, on the one hand, start-ups enhance their

Analysis of the Inﬂuence of Strategic Orientation on Entrepreneurial Performance Based on SPSS Statistical Method: Opportunity-Resource

Integration as Intermediary

113

awareness of the environment and promote the devel-

opment and utilization of opportunities and resources

by combining entrepreneurial orientation and market

orientation. On the other hand, the improvement of

opportunity-resource integration of start-ups helps to

improve entrepreneurial performance.

5.2 Research Significance

From the perspective of academic research, firstly,

this paper enriches the research on opportunity-re-

source integration. Most of the existing studies on op-

portunities and resources are based on a single per-

spective of opportunities or resources (Fan, 2021).

The existing research on opportunity-resource inte-

gration is mainly based on concept and dimension

discussion, and lacks in-depth research on oppor-

tunity-resource integration entrepreneurial behavior.

Secondly, it enriches the existing theoretical system

of entrepreneurship research. By sorting out the exist-

ing literature and analyzing the actual situation of

start-ups, this paper studies the impact of strategic ori-

entation interaction on start-up entrepreneurial per-

formance through opportunity-resource integration

by constructing the theoretical model of ' orientation-

process-performance ' of start-ups.

From a practical point of view, through the study

of the impact of the interaction between entrepreneur-

ial orientation and market orientation on the entrepre-

neurial performance of start-ups, start-ups are guided

to make strategic choices. Secondly, through the

study of the mediating effect of opportunity-resource

integration, this paper explores the mechanism of the

interaction between entrepreneurial orientation and

market orientation on the entrepreneurial perfor-

mance of start-ups, guides start-ups to pay attention

to the characteristics of dual channels of opportunities

and resources, and coordinates and integrates the two,

so as to win competitive advantages and achieve

high-quality development of enterprises.

5.3 Research Limitations

Although this study reveals the mechanism of the in-

teraction between entrepreneurial orientation and

market orientation, opportunity-resource integration

on the relationship between entrepreneurial perfor-

mance of start-ups, the proposition is novel and inno-

vative, but there are still some shortcomings.

First, the nature of data is limited. This paper is a

study of cross-sectional data, and the sample size is

relatively small, there are some defects in the support

of causality. If longitudinal large sample data can be

obtained, it can provide more powerful empirical sup-

port for the interaction between entrepreneurial orien-

tation and market orientation, the relationship be-

tween opportunity-resource integration and entrepre-

neurial performance of start-ups; second, the limita-

tions of research variables. This paper only focuses

on enterprise-level factors such as strategic orienta-

tion and opportunity-resource integration behavior,

and does not examine the impact of external environ-

mental dynamic factors such as market volatility,

competition intensity, and technological changes.

Therefore, the determinants of entrepreneurial perfor-

mance cannot be completely excluded.

ACKNOWLEDGEMENT

This research was supported by the National Natural

Science Foundation of China under Grant

(72172142).

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Analysis of the Inﬂuence of Strategic Orientation on Entrepreneurial Performance Based on SPSS Statistical Method: Opportunity-Resource

Integration as Intermediary

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