Innovation project portfolio management (IPPM) is a key task in R&D management because this decision‐making process determines which R&D projects should be undertaken and how R&D resources are allocated. Previous research has developed a good understanding of the role of IPPM in R&D strategy implementation and of successful IPPM practices. But the fundamental orientations that drive the strategy formation and implementation process have never been investigated in the context of IPPM, and it is unclear whether successful practices are equally valid for different strategic orientations. This study, therefore, investigates the moderating impact of a firm’s entrepreneurial orientation on the relationship between strategic portfolio management practices and portfolio success. An empirical analysis of 257 firms shows that both innovativeness and risk taking as entrepreneurial orientation’s dimensions positively moderate the relationship between managerial practices and performance. Specifically, we find that firms high in innovativeness profit more from stakeholder engagement compared to firms low in innovativeness. Firms high in risk‐taking profit more from a clearly formulated strategy. With increasing innovativeness and risk‐taking propensity, firms also profit more from business case monitoring and agility in portfolio steering. The results suggest that a firm’s entrepreneurial orientation can leverage the effect of IPPM practices. Vice versa, a lacking entrepreneurial orientation can render these practices ineffective. Strategic orientation and IPPM practices should, therefore, be aligned with each other to enable firms to better implement their strategy and generate competitive advantage.

中文翻译：

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创业导向如何利用创新项目组合管理

创新项目组合管理（IPPM）是R＆D管理中的关键任务，因为此决策过程决定了应执行哪些R＆D项目以及如何分配R＆D资源。先前的研究已经很好地理解了IPPM在研发战略实施中的作用以及成功的IPPM实践。但是，从未在IPPM的背景下研究过驱动战略形成和实施过程的基本方向，而且尚不清楚成功的实践是否同样适用于不同的战略方向。因此，本研究调查了企业创业方向对战略投资组合管理实践与投资组合成功之间关系的适度影响。对257家公司的实证分析表明，创新性和风险作为企业家导向的维度都积极地缓和了管理实践与绩效之间的关系。具体来说，我们发现创新能力高的公司与利益相关者的参与相比，创新能力低的公司更多地受益于利益相关者的参与。风险承担高的公司可以通过明确制定的策略获得更多收益。随着创新能力的增强和冒险倾向的提高，企业还可以从业务案例监控和投资组合导向的敏捷性中获得更多收益。结果表明，企业的创业导向可以利用IPPM实践的效果。反之亦然，缺乏创业导向会导致这些做法无效。因此，战略方向和国际植检措施标准做法应