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Abstract Institutional investors can improve the corporate governance effect, and then positively affect performance. However, these studies are based on the context of mature enterprises, ignoring the specificity in context of new ventures. Based on context of new ventures, we construct a moderated mediation model to explain the effect of institutional investors, entrepreneurial orientation and environmental dynamics on firm performance and boundary conditions of institutional investors on firm performance from the perspective of strategic decisionmaking. The results show that institutional investors negatively impact entrepreneurial orientation, which has positive effect on firm performance, and entrepreneurial orientation mediates the effect of institutional investors on firm performance. In addition, environmental dynamism negatively moderates the relationship between entrepreneurial orientation and firm performance, and also positively moderate mediation effect of entrepreneurial orientation. The conclusions help to understand the mechanism and boundary conditions of institutional investors on firm performance.
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| Fund:国家自然科学基金项目（71572075；71272108） |
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