In the digital era, organizations strategically adopt digital transformation to thrive and prosper. In particular, they allocate substantial resources to cultivate digital orientation. However, limited research has explored how digital orientation impacts the performance of small and medium-sized enterprises (SMEs). Our study sheds light on this relationship, examining it through the lens of a resource-based view (RBV) and dynamic capability (DC) perspective. We empirically quantify digital orientation and its subdimensions using textual data extracted from SME websites. Our findings unveil a U-shaped relationship: while high performance is observable at both extremes of the spectrum, an initial increase in digital orientation is associated with performance setbacks until a specific threshold of digital orientation is reached, after which performance once again begins to improve. As a result, SMEs should consider a strategic allocation of resources while pursuing digital orientation to build capabilities during their digital transformation journey.

在数字时代，组织战略性地采用数字化转型来蓬勃发展和繁荣。特别是，他们分配大量资源来培养数字化方向。然而，关于数字化方向如何影响中小企业（SME）绩效的研究还很有限。我们的研究揭示了这种关系，通过基于资源的观点（RBV）和动态能力（DC）的视角对其进行检验。我们使用从中小企业网站提取的文本数据来实证量化数字化方向及其子维度。我们的研究结果揭示了一种 U 形关系：虽然在频谱的两个极端都可以观察到高性能，但数字化方向的初始增加与性能挫折相关，直到达到数字化方向的特定阈值，之后性能再次开始改善。因此，中小企业在数字化转型过程中，应考虑战略性资源配置，同时追求数字化方向，打造能力。