In this study, we investigated the possible moderating effects of environmental dynamism, environmental complexity, and environmental munificence on the relationships between changes in top management teams and board of directors and firm performance in the case of young entrepreneurial firms. The results showed that the three dimensions of environment do not moderate the relationship between the rate of change in top management teams and firm performance. On the other hand, the negative relationship between the rate of change in board of directors and firm performance is exacerbated by environmental complexity and munificence. The implications of these findings are discussed in the article.