This paper develops and empirically tests a meta-analytic structural equation model to explore how entrepreneurial orientation (EO), market orientation (MO), and learning orientation (LO) jointly and individually influence firm performance, with a focus on understanding the mediating role of innovation. Based on a comprehensive meta-analysis of 132 empirical studies encompassing 33,063 observations, I contrast two theoretical perspectives: the universalistic model, which posits that strategic orientations independently influence performance, and the holistic model, which proposes that these orientations are interrelated and affect performance through innovation. Empirical results indicate that the holistic model significantly outperforms the universalistic one, with innovation fully mediating the EO–performance link and partially mediating the effects of MO and LO. Pooled correlations reveal moderate-to-strong direct relationships between orientations and performance (ρ ≈ 0.35–0.40). Moreover, interaction effects among orientations generate synergistic performance gains, above and beyond individual orientations. Moderator analyses uncover that these synergies are particularly strong in dynamic industries. The findings support both resource-based and configuration theories and offer practical guidance: firms should adopt a bundled strategic orientation supported by innovation to maximize performance.

Keywords: Strategic Management, Meta-Analysis, Firm Performance, Entrepreneurial orientation, Synergistic Effects