While the notion of firm’s strategic orientation has received considerable
attention in management literature, most research has been focused on one strategic
orientation type. In this research, we investigate how multiple strategic orientations –
entrepreneurial, market and learning orientations – are both individually and jointly
related to firm performance, taking into account the peculiarities of external
environment. The analysis of 221 Finnish and Russian firms suggests that firm
performance is primarily driven by entrepreneurial orientation when strategic
orientations are viewed independently. However, when strategic orientations are
combined, their complementarity effect appeared to be larger than the individual effects
and is positively moderated by environmental hostility.