Using a multi-level meta-analysis based on 75 primary empirical studies from 16 countries, we synthesize extant knowledge on business model innovation. We take a dynamic capability perspective to theorize, first, that an entrepreneurial orientation as well as a competitively intense environment drive business model innovation in organizations. We continue to argue that the assumed positive relationship between business model innovation and firm performance is contingent on firm size, industry, as well as the institutional environment. The empirical results based on HOMA, MASEM, and MARA analyses largely support our hypotheses. Our study contributes to literature on business model innovation and strategic management.