An Empirical Analysis of Art Galleries

Abstract Despite the extant research on entrepreneurial orientation (EO) and its performance consequences, cultural industries have been under researched. In our paper, we examine the impact of the Entrepreneurial Orientation (EO) on performance as well as performance deviation from industry average in art galleries. The findings of our exploratory study based on responses from 113 art galleries in Istanbul showing that EO improves performance only in galleries with above industry average performance. We further find that the relationship between EO and performance deviation of galleries is U-shaped.