Despite the conceptual, empirical, and theoretical advances in strategy–performance research, there is little consensus regarding the nature and form of this association. As a result, several critical reviews and meta-analyses have been reported which highlight notable limitations in extant studies. In addressing certain of these, this study presents an empirical investigation of medium and large, high technology, industrial manufacturing firms. Business strategy is conceptualized as a comparative construct with six dimensions and an attempt is made to relate these characteristics of strategic orientation with firms’  business performance. The results indicate that firms’ emphasis upon analysis, defensiveness, and futurity in strategic orientation are related to business performance. Discussion is given to these findings and implications are drawn for business executives and future research.


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