The purpose of this study is to quantify the circumstances whereby a strategic orientation affects its performance. Prior research has shown how an organization’s orientation affects the firm’s financial performance and innovation. However, while we know that this effect varies with the circumstances, we do not know which factors affect each firm and by how much. Because the effect of a strategic orientation on its performance varies with the firm’s specific circumstances, this study will clarify the type of effect that a strategic orientation will have on its capabilities or environment due to such differences. In addition, to resolve this issue, we administered an online questionnaire survey to employees of manufacturing firms listed on the first section of the Tokyo Stock Exchange in Japan. We received responses from 2,226 employees at 391 companies, and our study used these as its sample in the quantitative analysis.