This work aims to resolve the debate on the multidimensionality of entrepreneurial orientation, analyzing how the dimensions of this orientation–innovativeness, risk-taking and proactiveness - impact on firm performance. The study examines the direct, indirect and moderating effects of these three dimensions to explain the performance of tourism companies. The empirical study is conducted on a sample of 238 tourism firms located in three of Peru’s World Heritage Sites (Arequipa, Cusco and Lima), using partial least squares structural equation modeling. The results show that proactiveness has a positive, significant, direct effect on firm performance, while risk-taking only has an indirect effect on firm performance through proactiveness. Furthermore, innovativeness has a positive moderating effect on the relationship between proactiveness and firm performance. The findings suggest theoretical and practical implications for tourism firms.