Market orientation has been known as an efficient managerial tool to assist in sustaining the performance of organisations. Market orientation has three dimensions, namely customer orientation, competitor orientation and inter-function coordination. This paper evaluates how corporate governance influences the three dimensions of market orientation within Iran's upscale hotels. The impacts of the three dimensions of market orientation on the hotels' social and financial performance are also examined to determine if market orientation mediates the relationships between corporate governance and performance. Partial least squares structural equation modelling (PLS-SEM) is used to analyse the survey data collected from the executives of four- and five-star hotels in Mashhad, Iran. Results show that corporate governance positively influences the three dimensions of market orientation, while overall market orientation influences financial and social performance. Specifically, customer orientation and inter-function coordination significantly reinforce such mediation, whereas the influence of competitor orientation is limited to financial performance.

以市场为导向是一种有效的管理工具，可帮助维持组织的绩效。市场导向具有三个维度，即客户导向，竞争对手导向和部门间协调。本文评估了公司治理如何影响伊朗高档酒店内部市场导向的三个方面。还研究了市场导向的三个维度对酒店社会和财务绩效的影响，以确定市场导向是否能够调解公司治理与绩效之间的关系。偏最小二乘结构方程模型（PLS-SEM）用于分析从伊朗马什哈德四星级和五星级酒店高管那里收集的调查数据。结果表明，公司治理对市场导向的三个维度产生积极影响，而总体市场导向则对财务和社会绩效产生影响。具体来说，以客户为导向和职能部门之间的协调会大大加强这种调解，而竞争者导向的影响仅限于财务绩效。