Entrepreneurial Orientation and SMEs’ Performance: The Role of Business Networks

Bruno Thomé Perugini Fernandes Penna and Renata Peregrino de Brito

RAC - Revista de Administração Contemporânea (Journal of Contemporary Administration), 2026, vol. 30(1), issue Vol. 30 No. 1 (2026): Jan/Feb - 2026, e240371

Abstract: Objective: this study examines the impact of entrepreneurial orientation (EO) on the financial and operational performance of small and medium-sized enterprises (SMEs) and investigates the role of business networks in this context. This cross-sectional study empirically analyzes SMEs’ performance and their level of EO. We propose that EO affects the performance of SMEs and that business networks influence this relationship. Theoretical approach: the study is grounded in the existing EO literature, which encompasses the firm’s propensity to engage in innovative, proactive behaviors and take risks to remain competitive. Emerging markets are relevant to the study, given the challenges posed by institutional voids and the importance of business networks in enhancing the competitiveness of SMEs. Methods: to this end, 155 SMEs were surveyed, and data were analyzed using a structural model and regression analysis. Results: EO enhances both the financial and operational performance of SMEs. However, business networks did not show a moderating effect on this relationship. Instead, additional investigation confirms the importance of business networks for SMEs’ innovativeness. Conclusions: the study extends knowledge of EO in the context of SMEs and discusses alternative interaction models for business networks and social capital in emerging economies.

Date: 2026
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