Abstract
The present study investigates strategic orientations as means through which small and mediumsized enterprises may operate during an economic crisis to benefit from available opportunities. It also examines how financial capital availability affects these relationships. We contribute to the existing literature on strategic orientations by applying an integrative approach to the phenomenon and contextualizing it in the times of crisis. The hypotheses of the study are tested empirically using a dataset of 599 Russian SMEs collected during the economic crisis in 2015–2016. Results reveal a positive relationship between entrepreneurial orientation, market orientation and performance of Russian firms in the crisis context. The study emphasizes the important role of financial capital in the firms’ ability to take advantage of the complementarity of strategic orientations during the period of economic instability.
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