Both objective and subjective measures of dynamism are negative and statistically significant, with a straightforward linear influence on performance. As with munificence, when the coefficients are compared, subjective dynamism (−.73) has a larger influence on performance than the objective dynamism measure (−0.51). A one unit increase in subjective dynamism decreases test score perfor-mance by .73 percentage points whereas a one unit increase in objective dyna-mism decreases test scores by .51 percentage points. Thus, it appears managers’ perceptions of the rapidity and unpredictability of environmental change is more likely to destabilise an organization than the objective rate of that change. Although the substantive impact of environmental dynamism on performance is less than environmental munificence, management scholars have long argued that perceived environmental uncertainty has an especially salient influence on orga-nizational outcomes (see Duncan 1972; Emery and Trist 1965). Table 3 summarises the findings of the analysis.