Researchers have advocated various perspectives on the relationship between strategic consistency and organizational performance. This inconclusive debate has created an inadequate theoretical foundation in strategic consistency literature. Therefore, the present study uses strategic planning, strategic change, upper echelons theory, and other literature as the theoretical foundation to empirically examine the moderating roles of organizational slack, environmental dynamism, and top management team attributes in the relationship between strategic consistency and organizational performance. Using 439 electronics companies in the Taiwanese stock market as sample data, the empirical results show that organizational slack, environmental dynamism, top management team tenure, and top management team tenure heterogeneity moderate the relationship between strategic consistency and organizational performance.

Chinese new ventures have two principal approaches to resource integration: the stabilizing approach, which makes minor changes to a firm's current resource bundles, or the pioneering approach, which creates new capabilities. Two characteristics of Chinese entrepreneurial environment are distinct: environmental dynamism (uncertain markets, unstable institutions and the rapid technology upgrading) and munificence (the degree of competitive intensity and resource abundance). This study suggests that environmental dynamism and environmental munificence moderate the relationships between resource integration approaches and competitive advantage. Results based on a study of 410 Chinese new ventures show that both stabilizing and pioneering approaches to resource integration positively influence new ventures’ competitive advantage under the condition of low environmental dynamism and either high or low environmental munificence. However, neither stabilizing nor pioneering approaches have a significant effect on new ventures’ competitive advantage under the condition of low environmental munificence and high environmental dynamism. Only the pioneering approach has a positive effect on new ventures’ competitive advantage under the condition of high environmental munificence and high environmental dynamism.

Prior studies on strategic management and entrepreneurship have argued that entrepreneurial orientation (EO) is positively associated with performance when firms face certain contingencies, specifically, the dynamism of the external environment and the attributes of resources/capabilities owned by the firm. However, the current empirical evidence is inconclusive. This study advances the argument that the interactive effects of EO, environmental dynamism, and the rareness of resource–capability (rareness) combinations positively influence firm performance. By combining data collected via a secondary database and a questionnaire survey from 237 public firms in Taiwan, this study finds that EO positively influences firm performance. The EO–performance relationship is further moderated by the rareness of resource–capability combinations and environmental dynamism. It is also found that firm performance is collectively determined by the three-way interactions of EO, rareness, and environmental dynamism. That is, when firms own rare resources and are located in a dynamic environment, EO will lead to improved performance.