The aim of this paper is to investigate the alleged effect of clusters on firm performance and the moderating influence of the specific context by conducting a meta‐analysis of the relevant empirical literature. Therefore four different performance variables from four separate publication databases are considered. The final sample of the meta‐analysis consists of 168 empirical studies. The statistical integration of the corresponding results of these empirical studies indicates that there exists relatively weak evidence for a pure firm‐specific cluster effect. Instead, it can be asserted that several variables from different levels of analysis directly or interactively moderate the relationship between clusters and firm's success.