The authors conduct a meta-analysis that aggregates empirical findings from the market orientation literature. First, the study provides a quantitative summary of the bivariate findings regarding the antecedents and the consequences of market orientation. Second, the authors use multivariate analyses of aggregate study effects to identify significant antecedents of market orientation and the process variables that mediate the relationship between market orientation and performance. In addition, using regression analysis, the authors find that the market orientation-performance relationship is stronger in samples of manufacturing firms, in low power-distance and uncertainty-avoidance cultures, and in studies that use subjective measures of performance. The authors also find that the market orientation-performance correlation is stronger for both cost-based and revenue-based performance measures in manufacturing firms than in service firms. On the basis of the findings, the authors conclude with a discussion of the implications for practice and further research.

Drawing on the chain-of-effects model as a unifying framework, this meta-analysis indicates that firm innovativeness indirectly affects firm value through its effects on market position and financial position. In addition, the findings suggest that innovativeness has direct positive effects on financial position and firm value. Moreover, the metaanalysis provides evidence of reverse causality in the innovativeness-firm value relationship. Importantly, the results also reveal that the positive effects of firm innovativeness on market position and financial position are stronger for larger firms, for firms that invest more in advertising, for firms in high-tech industries, for innovativeness outputs and for radical innovations. Finally, the meta-analytic evidence also indicates that the relationship between innovativeness and firm value is stronger for smaller firms, for firms that invest more in advertising, for firms in lowtech industries, for innovativeness inputs, for innovativeness culture, and for radical innovations.

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