The international business environment is both dynamic and turbulent. Accordingly, a new venture’s strategic orientation (SO) and ability to undertake strategic renewal (SR) are of great importance to its survival, growth and international performance. Building on the dynamic capability perspective, we explore how SR capability mediates the relationship between SO and the performance of mature born global firms (BGFs). In particular, we examine the direct and indirect interplay between the SO of BGFs and their performance outcomes. We use a sample of 195 export-oriented BGFs, derived from the Bangladeshi apparel industry. We use a hierarchical regression analysis technique to test the direct effects. The mediation effect is examined using three statistical tests – Baron and Kenney’s (1986) causal steps approach, the Sobel test, and the Hayes indirect effect with bootstrapping method – to ensure the validity and reliability of our findings. The results reveal a positive association between SO and the performance of BGFs, and that this relationship is mediated by the firms’ SR capability. We contribute to a greater understanding of the drivers of mature BGFs’ international performance by demonstrating a direct link between their SO and SR capability, which in turn affects their performance outcomes.

国际商业环境既充满活力又动荡。因此，新企业的战略定位（SO）和进行战略更新（SR）的能力对其生存、成长和国际业绩至关重要。基于动态能力视角，我们探讨了 SR 能力如何调节 SO 与成熟的全球化企业 (BGF) 绩效之间的关系。我们特别研究了 BGF 的 SO 与其绩效结果之间的直接和间接相互作用。我们使用来自孟加拉国服装行业的 195 个出口导向型 BGF 样本。我们使用层次回归分析技术来测试直接效果。使用三种统计检验来检验中介效应 - Baron 和 Kenney（1986）的因果步骤方法、Sobel 检验、以及采用自举法的海耶斯间接效应——以确保我们研究结果的有效性和可靠性。结果表明，SO 与 BGF 绩效之间呈正相关，并且这种关系是由公司的 SR 能力调节的。我们通过展示成熟 BGF 的 SO 和 SR 能力之间的直接联系（进而影响其绩效结果），帮助更好地理解成熟 BGF 国际绩效的驱动因素。