Disaggregating Entrepreneurial Orientation: Explaining Firm-Level Antifragility in UK Businesses During COVID-19

<p dir="ltr">This study examines how individual dimensions of Entrepreneurial Orientation (EO) contribute to firm-level antifragility, performance improvement amid exogenous shock, in the context of the COVID-19 pandemic. Drawing on a sample of firms in the UK Food and Beverages Hospitality Industry (FBHI), we test five hypotheses (H1a–H1e), each linking a specific EO dimension, innovativeness, proactiveness, risk-taking, autonomy, and competitive aggressiveness, to changes in Altman Z-scores from 2019 to 2021. While prior research has focused on EO’s relationship with firm performance in stable environments, this study advances the literature by disaggregating EO and positioning antifragility as a dynamic outcome of strategic posture under extreme volatility. Our findings reveal that <i>innovativeness, autonomy</i>, and <i>competitive aggressiveness</i> are positively associated with antifragility, <i>while proactiveness </i>shows mixed results <i>and risk-taking </i>is negatively associated. These results highlight the importance of selective entrepreneurial behaviours in enabling firms to withstand and benefit from shock conditions. The study offers theoretical insights into <i>EO-performance</i> dynamics during disruption and practical implications for firm strategy and policy design.</p>