Graziadio Working Paper Series


Nature or Nurture? Testing the Direct and Interaction Effects of Entrepreneurial Orientation, National Culture, and Growth Strategy on Value Creation?

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This paper tests conceptual frameworks of international entrepreneurship, focusing on the
choice of acquisitive growth strategies, firm internationalization, entrepreneurial orientation, and
national culture on wealth creation in high-growth ventures. While many of the cultural, entrepreneurial and growth factors have been examined independently, few studies consider their simultaneous effects on value creation. Using a sample of 1045 firms from 17 countries, we found that the interactions between entrepreneurial orientation, degree of internationalization, and national culture predicted changes in firm value rather than the direct effects these variables. Our findings suggest that wealth creation may not be a question of “nature or nurture” but rather “nature and nurture.”